What does a Mortgage Banker do?
Mortgage bankers are loan officers at a bank with a specialty in mortgage products. They work with the products based out of their employer and assist customers in applying for mortgages and refinances. They help the banks where they work attract new mortgage customers and to help the bank’s customers navigate the variety of mortgage products being offered. They serve as the point person for the applicant starting with their application and through closing.
Mortgage bankers must comply with all state and federal regulations. They attract new clients and customers through meetings and homebuyer seminars and assist customers with determining which type of mortgage meets their needs and which mortgage products they are likely to receive approval for. Mortgage bankers collect the necessary credit reports and financial information from the applicant and submit a completed package to underwriters for review. Mortgage bankers must have graduated from an accredited school with an associate's degree. They must possess a three-year proven track record in closing sales and one year of professional service in the financial industry. They must be fluent in financial and technical terms and conditions for mortgage loans.
- Provide input into the planning and implementation of operational programs.
- Provide frequent, timely and accurate market feedback to affordable multifamily product management.
- Sell real estate lending and insurance products and identify and initiates cross-sell opportunities and referrals in the best interest of the customer.
- Partner with branch teams to properly hand off customers to finalize mortgage documentation.
- Analyze data and information to provide insights and recommendations.
- Develop and execute effective marketing and sales programs to drive business results.
- Complete all necessary transactional documentation in compliance with security measures.
- Actively engage with the bankers in anticipation of loan maturities and positioning to move balance sheet loans to permanent financing.
- Seek opportunities to expand network by obtaining referrals from existing relationships.
- Resolve or escalate issues to meet customer expectations and ensures funds are advanced in a timely manner.
- Participate in projects and other activities designed to improve the customer experience.
- Exercise judgment to identify, diagnose, and solve problems within given rules.
- Deliver exceptional customer service that builds trust through expertise, responsive service, and support.
- Cultivate, build, and manage relationships with a third-party network of referral sources to build a pipeline of new mortgage business and increase the company's share of the home financing market.
- Provide marketing, event coordination, and general administrative support to maintain positive and ongoing contact with their broader referral network.
- Follow security and safeguarding procedures and apply appropriate due diligence in accordance with bank policy for the prevention of loss due to fraud, robbery, counterfeiting, money laundering or defalcation.
- Continue to assume responsibilities and help the team grow.
- Bachelor's or Master's Degree in mathematics, economics or finance.
- Experience with SCADA, Solar PV, enCompass, AS/400, SOA, C#, and Agile software, systems and programming.
- A problem solver with attention to detail and a positive attitude.
- Fluency working with refinancing, computing, and pipeline strategies.
- Banking experience.
- Demonstrated time management skills.
- Engage with clients and colleagues using a positive attitude.
- Can walk clients through the process slowly and carefully.
Mortgage Banker Salaries
Average Base Pay
Mortgage Banker Career Path
Learn how to become a Mortgage Banker, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Average Years of Experience
Mortgage Banker Insights
Rocket Companies“Compensation is good but sometimes you don't meet your goals so is not the most stable.”
Andrews Property Group“I joined because of our unique charitable ownership and its great to see a property group giving back to projects home and abroad.”
Network Capital“I can keep my promises to clients on turn times and the best pricing in the industry.”
permanent tsb“Decent but not great educational support”
HSBC“Good sick pay and share save”
Rocket Companies“Expect nothing but a “what have you don’t for me lately” attitude from anyone above your direct boss.”
London & Country Mortgages“For both roles I have had very good training courses that have helped me prepare for the job.”
Rocket Companies“If you want to make good money as a banker you WILL work 14 hour days.”
Frequently asked questions about the role and responsibilities of a Mortgage Banker
- Loan Officer
- Loan Processor
- Credit Analyst
- Underwriter