Mortgage Finance

I have been in the mortgage industry since 1996. I commenced working as a receptionist for a small mortgage broker in Phoenix, Arizona and worked my way up in the company over the passage of time. After being engaged as a receptionist for about one year I was assigned into mortgage processing section, where my duties mainly entailed clerical work like filing and preparing loan documentation to be forwarded to in-house loan office. I enjoyed this position and then became the Senior Loan Processor for the company. I remained working for this company till June of 2000.

In June of 2000 I moved to Yuma, Arizona a small town southwest of Phoenix. I was hired at the local Wells Fargo in the mortgage division as the Loan Processor. Being a similar job that I had in Phoenix, I quickly managed to get used to the company’s systems and work on my own initiative. I worked with Wells Fargo Home Mortgage for approximately nine months and then had a major car accident in San Diego, which necessitated me to stop working for one year. Despite such psychical hardships, in February of 2001 I moved to Minneapolis, was hired by Mortgage Elite Incorporated.

I have been with Mortgage Elite now for 7 years and 5 months and love my position with the company. I started as the second loan processor for the company and soon found myself second in command as VP of Operations. My responsibilities increased drastically mainly encompassing the completion of mortgage loan processing, acquire all the necessary information in order to take loan decisions, review loan system documentation and input pertinent information in such system and process customer loan payments. I was also involved in the supervision of subordinate staff.

The shift from a broker to a banker provided a richer experience in the mortgage and finance area. Indeed I consider this change as a critical pivot of my career. I have successfully managed a warehouse line of 8 million with zero loses for over five years and also significantly helped in the survival of the sub prime meltdown. The average annual salary for Mortgage Brokers is around $60,500 according to Payscale, www. payscale. com. This ranges from approximately $30,000 earned the first year to over $100,000 annually with gained experience.

A Mortgage Broker’s earnings are commission-based and can also vary in accordance to the effort put by the broker. Such feature is very interesting for a highly driven and committed person like me. Along with loan officer jobs, Mortgage Broker jobs grew by 11% from 2006 to 2016, according to www. bls. gov. It is not usually mandatory for a Mortgage Broker to have a college degree, but many do have a Bachelor of Business Administration in Finance, Economics or a similar area of study.

Such technical knowledge serves as a backbone for the duties necdessary for a Mortgage Broker. Education and certification requirements for licensing vary by state. Certification is available from the National Association of Mortgage Brokers and can significantly increase a Mortgage Broker’s earnings. Different levels of certification are available to entry-level Mortgage Brokers and to those who have more experience.