subject: Mortgage Industry: Types Of Mortgage Careers In Washington D.c. [print this page] Aside from the lender and the borrower, there are other players involved in loan processing. These are professionals who can work for either the lender or the borrower and paid a salary plus commission or commission alone. These professionals may also work with one another or with other professionals in the loan industry such as real estate agents and other third parties. Take a look at the different types of DC mortgage careers.
To become a mortgage advisor means to have people skills and persistence. People who are looking for residential mortgage may seek the service of a mortgage advisor whose tasks involve dealing with real estate agents, keeping up to date with the market, and educating clients regarding the different types of mortgages available. DC mortgage advisors working for a lending institution have full time work schedules, while independent advisors can work part time. Salaries for this position depend on the company and the amount of commission the advisor can get per mortgage application.
Also known as loan officers, mortgage loan originators are hired to sell mortgage-backed home loans. Some loan officers are paid with salary plus commissions, while others are paid through commissions only. Employers usually hire only those who are licensed and those who have knowledge on networking and marketing. Loan officers are also required to attend different functions such as real estate sales meetings and seminars for first-time loan applicants.
Although closing dates can be arranged by a loan processor upon approval of a loan, some lenders may hire a mortgage loan closer who specializes in closing of sales and closing documents. He assembles and verifies all the closing documents prior to the closing date. Loan closers ensure that all of the last-minute loose ends of a sale are tightened for a smooth transaction. Some of the skills required in this position include attention to details, good communication skills, and sense of organization.
Unlike other mortgage careers, mortgage brokers work as independent third parties. They work for an individual who is in search of a loan and a lender. There is no required education background when it comes to this career. Brokers, however, must have knowledge on the market and laws associated with mortgage loans. They must also obtain license in order to legally work in the mortgage industry.
Among the DC mortgage careers, that of the mortgage processor is the most multifaceted. The tasks performed by an originator, closer, broker, and advisor can also be performed by a mortgage processor. Instead of hiring different specialists, some lending companies choose to hire a mortgage processor who will perform duties from pre-application to finishing the process.
