Landing an Entry-Level Job in the Wholesale Mortgage Industry

The mortgage industry has been incredibly strong over the past couple of years, and the need for staffing is at an all-time high. This includes a wide array of entry-level mortgage jobs such as loan officers, loan officer assistants and loan processors, particularly on the wholesale side of the industry with mortgage brokerages.

While the demand for these jobs is hot, the pool of applicants is also growing. Many have taken time during the pandemic to reassess their careers and passions, so competition for these entry-level positions has increased.

Let’s take a look at some of the top entry-level positions in the wholesale mortgage industry and what skill sets you’ll need to stand out during the application process.

1. Mortgage Loan Officer

Mortgage loan officers are the primary point of contact for a borrower – you are their advisor and their advocate. This means strong communication skills are necessary. After all, it’s your responsibility to educate and advise potential borrowers throughout the entire loan process, helping to determine eligibility for a mortgage loan based on each individual’s situation. The mortgage loan structure is subject to change based on each borrower’s risk and credit, so you need to be able to clearly walk the borrower through these changes and ensure they know you’re looking out for their best interests and are working hard to find a loan that is right for them.

2. Mortgage Loan Officer Assistant

Mortgage loan officer assistants (LOAs) typically work under a loan officer and are largely responsible for ensuring loan applications are completed in a timely and accurate manner. As an LOA, you’ll assist with initial and follow-up phone calls, and will be responsible for gathering all documents and information needed for the initial underwriting of a loan. In this role, you’ll be handling everything from reviewing documents, to preparing cost estimates and addressing any concerns as an additional resource for borrowers when they have questions regarding the loan process. This requires patience and empathy. The overall mortgage loan process can be confusing and overwhelming for borrowers, so it’s up to you to make the process as smooth and simple as possible for your loan officers and clients.

3. Mortgage Loan Processor

Loan processors are in charge of reviewing mortgage applications and documents, and ensuring all required paperwork is included, accurate and up-to-date. As a loan processor, you’ll be in charge of submitting documents to lenders and banks. This means you’ll need to be extremely organized, as sending over incorrect documents or forgetting to send a document could result in penalties for your employer. Before submitting a loan to a lender, you’ll need to proofread each document that comes across your desk. Having a keen attention to detail and the ability to catch errors and miscalculations is essential for this role.

There are different licensing and training requirements for each of these roles, but whether you have experience in the mortgage industry or are just starting out, there are ample opportunities to take advantage of, especially from an entry-level standpoint. As long as you have the skills and interests outlined above, you can excel in your mortgage career.

Are you ready to jump-start your career in the mortgage industry? Our team at BeAMortgageBroker.com is here to help you every step of the way.