Jobs In The Mortgage Industry

Foreclosures and short sales dominate the real estate market in many U.S

. cities; although, the numbers seem to be evening out in certain areas. It takes manpower to process the increased workload for the mortgage industry and many companies are hiring. Not only does the lending industry need people to handle the new workload, there are various levels of employment required to run companies in the mortgage industry.

It is impressive how many different types of businesses are involved in the mortgage trade. Several related venues include banking and finance, mortgage and lending, credit unions, escrow companies and real estate agencies. Property appraisers, home inspectors and title companies are also involved in the mortgage industry. Survey and insurance companies play a part in the mortgage approval process.

Mortgage Process

If you want to logically figure out the different jobs that work in mortgage, it would be helpful to understand the mortgage process. In many circumstances, a mortgage begins when someone wants to buy a home. In a typical home buying situation, a buyer contacts a real estate agent to buy a home. The agent often will have the buyer become pre-approved for a home loan through a mortgage company, bank, credit union or some other lending institution prior to hunting for a home. After the pre-approval letter is received, the agent helps the buyer find a home.

When the buyer finds a home he wants to purchase, usually the next step is for the buyer to choose an escrow company that will secure the down payment until closing. Sometimes the title company is also the escrow company. The buyer is, then, responsible for selecting a title company to conduct closing on the home, a home insurance provider, home inspector and any other inspectors required by the lender. The chosen lender will initiate an appraisal and survey on the home, inspections will transpire and the buyer will eventually close on the home.

Job Requirements and Qualifications

As you can see from the process, there are a variety of groups that conduct work in the mortgage industry. Regardless of the area in which you choose to work, you need to find out what qualifications are necessary to apply. A certain level of education may be mandated or a specific certification. Real estate agents, brokers and professionals are almost always required to obtain a license to operate in a specific state. To obtain a state license, they must take and pass specific type classes and pay for a license and access to a multi-listing service, along with maintaining a certain amount and type of continuing education credits.

If you decide to work in a bank as a loan officer, you may have to start as a bank teller and work your way up. Title company managers may have a degree, some higher education or training in financial or legal matters. Assistants that work for title companies don't always have to have specific education. It all depends on the requirements set forth by the title company. Home inspectors, surveyors and appraisers often have to have a license from the state in which they work, which may include taking specific trade classes and serving a certain number of years as an apprentice.

Determine the job(s) in which you are interested in the mortgage industry, and make inquiries at specific businesses for which you are interested in working. Ask the businesses what the requirements are for the positions you are interested in. Tailor your education and future experience based on the information you are provided, and you will be well on your way to obtaining a job in the mortgage industry.

by: Ki Gray

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