There are approximately 316,200 loan officers (including those who specialize in mortgages) in the United States. They primarily work for commercial banks, savings institutions, credit unions, and mortgage and consumer finance companies. Opportunities are available throughout the country, but are best in large cities.
Many mortgage bankers break into the field after first obtaining experience in lower-level mortgage positions, including mortgage associate. Participating in an internship or co-operative educational experience is a good first step to getting a full-time position. Many banks provide information on such programs at their Web sites. Others enter the field after working as mortgage brokers.
The Mortgage Bankers Association’s Career Center (https://www.mba.org/conferences-and-education/mba-education/mba-career-center) is an excellent resource for prospective and current mortgage bankers. Those who register at the Web site can create a profile, search for job openings, receive job alerts, and get tips on the job search. The association also offers virtual and in-person career fairs.
Other job-search strategies include utilizing the services provided by one’s college career center, attending job fairs on campus, working with recruiters, and networking on LinkedIn and other social media sites.
Mortgage bankers with a successful track record may be recruited by a search firm to move to a competitor offering better commissions or bonuses, or a higher base salary. Experienced mortgage bankers with management potential can move into the executive suite, eventually to the positions of chief operating officer, bank president, or chief executive officer.
Tips for Entry
Visit the following Web sites for job listings:
Attend the Mortgage Bankers Association’s Annual Convention & Expo (https://www.mba.org/store/events/conferences-and-conventions/annual-convention-and-expo) to network and participate in continuing education opportunities.
Try to gain experience and excel in lower-level positions such as mortgage associate to increase your chances of being considered for higher-level jobs.
Visit https://www.mba.org/who-we-are/state-and-local-associations for a list of mortgage banking associations.