Mortgage Banking Career Information

What jobs can I get? How much can I get paid?

Degrees and certificates in the CADD program may lead to the following jobs or careers:

 

New Accounts Clerk

$14.25
Entry Hourly Wage

Credit Authorizer

$15.56
Entry Hourly Wage

Loan Interviewer

$17.97
Entry Hourly Wage

Please review current job openings and contact your advisor to review your options.

All data gathered for Dallas/Fort Worth. Source: DCCCD Labor Market Intelligence


Why study mortgage banking?

There are roughly 48,000 jobs in the Dallas-Fort Worth area making or servicing mortgages. With demand increasing, employers work directly with North Lake College to make sure our graduates have the skills they need to immediately find success in the workplace. 

U.S. News and World Report’s Money Careers lists financial advisor, loan officer, financial analyst and financial manager in its top 25 “best business jobs” through the coming decade. Even if you’re not considering a professional career in the finance industry, our courses in Mortgage Banking and related programs can help you manage your own money and gain financial stability.

​Local industry experts estimate that more than 48,000 people in the Dallas-Fort Worth area work in mortgage banking, helping to write, service, and examine loans for homeowners. The region employs 7,000 loan officers alone, making DFW one of the top five American regions hiring new loan officers.

North Lake’s Mortgage Banking program can prepare you for a career in: 

  • Mortgage banking
  • Mortgage brokerage 
  • Loan originating, processing, servicing or collection
  • Real estate finance
  • Property management
  • Real estate sales 
  • Retail banking
  • Secondary marketing
  • Warehousing 

A mortgage banking degree can also help with related fields of employment, like evaluating credit, closing on home sales, and certain types of financial management.

Skills Required

Some of the job skills needed for a career in mortgage banking are:

  • Mathematical skills
  • Analytical reasoning
  • Computer proficiency
  • Excellent communication skills, both verbal and written
  • Leadership ability
  • Problem-solving and decision-making skills
  • The ability to work well with others, especially as a member of a team
  • Organizational skills

Who Does What

Loan officers:

  • find potential clients
  • gather information about clients to ensure an informed decision regarding their creditworthiness and the probability of repayment
  • provide guidance to prospective borrowers who have problems qualifying for traditional loans
  • guide clients through the process of applying for a loan
  • explain the different types of loans and credit terms available to the applicant
  • answer questions about the process
  • may assist clients in filling out the application
  • begin the process of analyzing and verifying the information on the application
  • decide, in consultation with their managers, whether to grant the loan
  • arrange a repayment schedule with the client if the loan is approved

Other positions:

  • Loan underwriters specialize in evaluating a client's creditworthiness and may conduct a financial analysis or other risk assessment.
  • Loan collection officers contact borrowers with delinquent loan accounts to help them find a method of repayment to avoid their defaulting on the loan. If a repayment plan cannot be developed, the loan collection officer initiates collateral liquidation, in which the lender seizes the collateral used to secure the loan — a home or car, for example — and sells it to repay the loan.

How a Mortgage Loan Is Set Up

  • The loan originator or mortgage broker accepts the application for the mortgage loan.
  • The application is turned over to a loan processor, who verifies the data provided with the applicant's employer or bank.
  • If all data matches up in the application, the processor gives the loan to an underwriter. The underwriter makes the decision on whether to extend credit.
  • The loan closing typically occurs at a title company.
  • After the loan is closed, it will be taken over by a loan servicing department of a company that sets up the loan for payment collection and administration.