Mortgage Job Overview
Professionals who work with mortgages help match consumers with loans that make it possible for them to purchase homes. Mortgage professionals may work for a variety of lending institutions. Some also work for private lending companies that do not offer other types of bank services.
Working with mortgages requires strong math skills. Strong communication skills are also essential when explaining mortgage options to clients.
After working as loan officers for several years, mortgage professionals may explore other jobs in banking and finance. Some jobs may require additional education or certification. Those who want to continue working with mortgages may wish to become mortgage administrators. Mortgage administrators often need management and business experience.
Mortgage Job Education Requirements
People who qualify for mortgage jobs usually have bachelor's degrees in subjects such as finance or business. Employers typically provide a moderate term of on-the-job training that prepares professionals for their roles within banks, credit unions and similar institutions.
Mortgage Job Market
According to the Bureau of Labor Statistics, the number of loan officers working in the United States should grow by eight percent between 2012 and 2022. This is considered near the average growth rate for U.S. jobs. In 2012, there were about 296,900 people working as mortgage bankers. By 2022, that number should grow by 22,900 for a total of 319,800 jobs.
Some states have larger job markets than others. In 2013, the states with the highest employment levels for mortgage jobs included:
- California (31,700 jobs)
- Texas (27,250 jobs)
- Florida (18,990 jobs)
- New York (14,680 jobs)
- Illinois (14,620 jobs)
Professionals looking for job openings may want to consider applying for positions in these areas.
Mortgage Job Salary Information
In 2012, the mean pay for a loan officer or mortgage banker was $59,820 per year. In 2013, top earners in the field made over $122,000 annually. Those in the bottom 10th percentile earned just over $33,000.
Mortgage professionals in some states earn higher wages than those working in others. States with some of the highest mean salaries include:
- New York ($100,110)
- Rhode Island ($89,300)
- Massachusetts ($84,410)
- New Hampshire ($83,500)
- District of Columbia ($83,120)
The highest paying industries for mortgage professionals include Management of Companies and Enterprises ($78,350 mean salary) and Activities Relative to Credit Intermediation ($72,940 mean salary). Those who want to earn higher wages should search for positions within these industries.