Summary: These surefire steps will make building a mortgage career much simpler.
- Understand the Mortgage Loan Origination Industry
- Explore Career Opportunities in the Mortgage Industry
- Gain Experience and Education in the Mortgage Loan Origination Industry
- Craft a Standout Resume and Cover Letter
- Ace the Interview and Stand Out as a Candidate
Understand the Mortgage Loan Origination Industry
Choosing a career is one of the most important decisions you will make in your life. If you're interested in a mortgage career, you should first get the lay of the land to understand what it’s actually like before diving in.
The best way to start is through basic research. Visit websites that discuss the mortgage industry. Pay attention to news stories about interest rates, the housing market, and any regulatory changes. Finally, educate yourself on both national goings on in the industry as well as any local trends happening in your area.
Explore Career Opportunities in the Mortgage Industry
Although people usually talk about mortgage loan originators, loan officers, and mortgage brokers, the mortgage industry has many different career tracks you can pursue. While positions and job descriptions across the mortgage industry may vary, the focus on providing exceptional service for homebuyers remains the same.
And remember: just because you enter the industry under a certain title doesn’t mean that you’re stuck in that position. Starting out as a mortgage loan originator, for example, is a great way to familiarize yourself with different mortgage career paths all while on your journey to your dream position.
One of the best parts about the mortgage industry is that many roles do not require advanced education, experience, or licensure.
For example, a mortgage loan coordinator is an invaluable part of the team. They are responsible for scrubbing the prospective borrower’s file before it is submitted to underwriting. They ensure that bank statements, tax forms, and all other documentation needed for a successful outcome are present before going through the final approval process. This position generally does not require a college degree or previous experience in the financial sector.
Gain Experience and Education in the Mortgage Loan Origination Industry
While anyone with any experience level can enter the mortgage industry, the knowledge you learn in college-level courses can provide a strong background once you begin your career. If a 4-year degree does not appeal to you, try enrolling in a few courses at a local community college to educate yourself in the finer points of finance and business.
In the meantime, finding entry level work is an optimal way to ease into the field. When it comes to practical experience, try contacting local banks or mortgage companies and inquire about training opportunities such as internships or apprenticeships. This will help you learn while making key connections through professional networking opportunities. Since a significant factor in a successful mortgage career is garnering clientele, this step will help you sharpen the communication skills you’ll need to get ahead.
And finally, pursue your MLO license. Although all positions in the mortgage industry don’t require a license, many do, and a license can be your golden ticket to higher-earning occupations in the field. While getting your MLO license requires federally-mandated action items and state obligations, including an examination, it is well worth the effort in the long run.
Craft a Standout Resume and Cover Letter
Once you have the education, experience, and license, it’s time to find work. Keep in mind that how you present yourself to potential clients is just as important as how you sell yourself to potential employers while job hunting.
The first step to finding employment is to have a notable resume and cover letter. Your cover letter should be succinct, but also tell potential employers enough about you, your background, and your reason for pursuing the position to really pique their interest.
On your resume, be sure to list your internships, apprenticeships, and work experience. You should also include your education and licenses. It’s important to demonstrate how much you know about the industry by using relevant industry keywords and terms.
Another feature of a strong resume is expressing how your experience has allowed you to practice the soft skills most utilized in the mortgage industry, such as strong communication skills, being detail oriented, and excelling at time management.
When you’re finished, let a professional mentor in the field look over it and offer suggestions.
Ace the Interview and Stand Out as a Candidate
Your resume is only a preliminary introduction to the companies where you’re applying. The interview, on the other hand, is your opportunity to bring who you are to life. Although you should do some preliminary research on companies before you apply, once your interview is scheduled, visit the company’s website and dig a little deeper. What is their culture? What is the company’s mission statement? Who are their competitors?
Role playing is also a good way to practice your answers to questions you may be asked. As you practice, remember that your goal is to show how what you bring will help the company with its goals. Express not only your experience, but your passion for the mortgage industry.
Understanding what you're getting into is the first step in any career decision, but the process will pay off.
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