General Job Description
Mortgage bankers are typically loan officers who work in banks and specialize in mortgage products.
The work of a mortgage banker must not be confused with that of a mortgage broker – the former represents the work of one organization while the latter shops at different organizations to look for the perfect loan product for his client.
As a mortgage banker, it is imperative that you understand what services the organization is providing. The types of offered loan products and solutions should be on your fingertips.
Usually requiring a background in finance or business, the work of a mortgage banker is challenging to say the least.
Typical Work Day
A typical day in the work-life of a mortgage banker involves many telephone calls and meetings. Prospecting clients and following up with generated leads is the norm for a mortgage banker.
Personality Traits and Skills
Since mortgage bankers spend a majority of their time meeting people, they need to have certain personality traits to make them successful in this work.
These include exceptional communication skills, patience and ability to follow up properly.
Also, since they work for banks, they need to be exceptionally well-versed in handling customer services so that client satisfaction is ensured.
Typical work duties of a mortgage banker include:
Mortgage Banker Duties, Tasks, Roles and Responsibilities
1. Confer with clients to determine their mortgage banking needs.
2. Determine clients’ financial backgrounds to determine their mortgage eligibility.
3. Assist clients in determining types of mortgage plans according to their specific requirements.
4. Provide clients with assistance in filling out mortgage application forms.
5. Collect required documents from clients and convert them into paperless formats.
6. Submit mortgage applications and ensure that proper follow-up is conducted to expedite the process.
7. Engage in marketing activities to collect leads and referrals to prospect new business.
8. Make telephone calls and send emails to referrals and leads in a bid to convert them into business-providing clients.
9. Develop marketing tools to introduce products to individuals and groups.
10. Provide suggestions and advice to clients regarding refinancing options and procedures.
11. Stay abreast of new types of loan products offered by competition by performing detailed research on industry trends.
12. Set credit policies and lines in conjunction with the procedures outlined by the bank.
13. Create and maintain liaison with underwriters to aid in resolving mortgage application issues.
14. Follow up with clients to ensure mortgage loan payments in a timely manner.
15. Arrange for the liquidation of delinquent properties when following up measures fail.
16. Review loan agreements to ensure that they are complete and accurate according to the standards set by the bank.