One may wonder whether it is still a good option to choose to become a loan officer in the harsh economic times of today. Yes it is still possible to have a career in banking as a loan officer and more so in the mortgaging sector. No matter how harsh the times might get the number of real estate development are increasing by the day. As populations increase more and more people need places to live, offices to work in and space to rent. There is lucrative business in mortgage banking careers and here is what you need to be successful in the sector as well as learning ways in which you can donate career clothing.
Obviously you will need to have the right qualifications for job. If seeking employment in a small town where there is little competition then a high school diploma will suffice. If fishing in a bigger pond you will need to upgrade your skills by earning a degree in banking economics or finance. It is important to note that the rules of the game in this career path change with each passing day. Therefore to remain in touch with the changes you should get your hands on good reading materials related to the job.
Most states will require you to have a license in order to practice as a mortgage banker or loan officer. This will require you to apply for the license from the federal government. You will be subjected to a background check and thereafter sit for an exam which upon passing you will get your license.
To boost your credentials it is advisable to get certification as a licensed officer. You can get this certification from various banking professional associations. You either can get certification as a certified mortgage banker or a certified loan review officer. This helps you to advance your career by getting a bigger job with big reputable companies as opposed to working for a bank only.
Technology today has transformed how business is done in many fields. Most major financial firms use financial and underwriting software. It is therefore wise to get acquainted with computers and use of such software.
An everyday skill required is analyzing whether a client is credit worthy and therefore suitable to be given a loan. This skill determines whether your employer will makes profit or loss hence you need to have a good sense of judgment and a keen eye. Although a skill acquired over time through experience, you can teach yourself how to analyze cash flow. This helps you judge beyond the figures presented.
You will also be required to make business by contacting people and selling to them your loan offers. Being a good sales person and having interpersonal skills will come in handy at this point. The more sales you make the higher your pay as most job are on a commission basis.
Dealing with loans is not something most people desire and despite the unfavorable nature of the job to making new friends, you will need to make the right contacts in other fields such as real estate to ensure you have a thriving business.
Obviously you will need to have the right qualifications for job. If seeking employment in a small town where there is little competition then a high school diploma will suffice. If fishing in a bigger pond you will need to upgrade your skills by earning a degree in banking economics or finance. It is important to note that the rules of the game in this career path change with each passing day. Therefore to remain in touch with the changes you should get your hands on good reading materials related to the job.
Most states will require you to have a license in order to practice as a mortgage banker or loan officer. This will require you to apply for the license from the federal government. You will be subjected to a background check and thereafter sit for an exam which upon passing you will get your license.
To boost your credentials it is advisable to get certification as a licensed officer. You can get this certification from various banking professional associations. You either can get certification as a certified mortgage banker or a certified loan review officer. This helps you to advance your career by getting a bigger job with big reputable companies as opposed to working for a bank only.
Technology today has transformed how business is done in many fields. Most major financial firms use financial and underwriting software. It is therefore wise to get acquainted with computers and use of such software.
An everyday skill required is analyzing whether a client is credit worthy and therefore suitable to be given a loan. This skill determines whether your employer will makes profit or loss hence you need to have a good sense of judgment and a keen eye. Although a skill acquired over time through experience, you can teach yourself how to analyze cash flow. This helps you judge beyond the figures presented.
You will also be required to make business by contacting people and selling to them your loan offers. Being a good sales person and having interpersonal skills will come in handy at this point. The more sales you make the higher your pay as most job are on a commission basis.
Dealing with loans is not something most people desire and despite the unfavorable nature of the job to making new friends, you will need to make the right contacts in other fields such as real estate to ensure you have a thriving business.
About the Author:
You can visit www.wisewomenscenter.org for more helpful information about Mortgage Banking Careers: How To Donate Career Clothing.
No comments:
Post a Comment