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Mortgage Banking Jobs - Finding Mortgage Banking Jobs - Quick Links

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Mortgage banking jobs offer competitive salaries for those with the requisite education and financial experience.

A mortgage banker, or mortgage loan officer, is not the same as a mortgage broker. A mortgage broker has no capital of his own; they connect borrowers to lenders and receive a fee for the transaction. Mortgage companies like Lending Tree employ brokers, while direct lenders like Wells Fargo employ bankers.

Selling loans is different than selling lenders, as well. Mortgage bankers deal with fewer people on a day to basis, focusing on closing individual mortgage loans instead of efficiently organizing introductions. Mortgage bankers are a powerful arm of any bank, and most work on commission. The more money lent, the more money earned.

Mortgage banking jobs are also more exclusive and difficult to find than mortgage brokering jobs. In some states, a mortgage broker’s license is as easy to get as a fishing license (admittedly, other states have stricter requirements). Mortgage banking, however, requires a degree in banking or finance. From there, most would-be mortgage bankers get lower-level jobs in their banks, building the expertise and credentials necessary to pursue real mortgage banking jobs.

If the business/finance degree has already been obtained, then the would-be mortgage banker must locate banks to which they can apply. Most colleges offer higher-level job search resources like Experience which can help locate jobs. A few public websites such as Contemporary Services Inc. also connect job-seekers to business jobs.

More direct job searching is also possible, especially when a job is being sought in a certain location. Lastly, online mortgage banking firms like Wells Fargo maintain a broad enough national presence that a job can usually be found at least within one’s state.

Jobs can also be pursued via networking. The Mortgage Bankers Association tracks all major mortgage bankers’ conferences, where would-be bankers can learn more of their trade while meeting more established members of their field.

After the job is secured, earnings will range from about $40,000 for beginning loan officers to over $100,000 for their most skilled senior colleagues.

Quick Links

Contemporary Services, Inc.
1701 E Woodfield Road, Suite 1030, Schaumburg, IL 60173

Mortgage Bankers Association
1717 Rhode Island Avenue, Suite 400, NW, Washington, DC 20036
(202) 557-2700.

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