Top 6 Highest Paying Jobs in the Mortgage Industry
Mortgages are legal transactions where one party temporarily hands over a piece of real estate to a lender (a recognized financial institution), as security for a loan. In most cases, failure to repay this loan will lead to forfeiture of the property.
Mortgages have become very popular as they enable more people to have access to finances for business or important personal objectives. This is particularly helpful as most average people may not have the means to acquire such funds otherwise.
Similarly, purchasing homes and property through mortgaging has also become a major practice, whereby the buyer of a property takes a loan for its purchase and returns it with varying interest over time.
With the increase in the popularity of mortgages as a means for obtaining financing, so has the need for professionals in the mortgage industry, with a wide range of jobs to choose from.
Credit analysts compile and sort data that helps to determine the credit worthiness of loan applicants. This is an important job because lenders depend on credit ratings in their assessments of loan applications.
To get work as a credit analyst it will be helpful if you have a background in accounting, finance or economics.
Average annual salary: 65,000- 70, 000 (USD)
Loan Officers are sometimes called Loan Originators because they are usually the first people you speak when you’re trying to get a loan. In essence, loan officers are the first link between customers and financial institutions and although they will most often be employed by the financial institution they represent, loan officers can also operate as independent middlemen.
Beware: most employee loan officers are regarded as salesmen and thus their incomes are split between a basic salary and some commission on “sales”.
Typically you may not need to have acquired a college degree for this job but you will need demonstrable communication skills and several years of work experience, preferably in the financial industry.
Average annual salary: 60, 000 (USD)
Underwriters have the final responsibility for approving or rejecting a loan. This is obviously a very important job as you will be expected to take decisions that maximize revenues for your firm.
A career as an underwriter requires a college degree and some experience in the mortgage industry.
Average annual salary: 45, 000- 50, 000 (USD)
Loan processors review loan applications to verify that all the information in the application is accurate and that the requisite standards have been met. Often loan processors will act as adviser to borrowers, informing them of the shortfalls in their applications and how they may rectify such issues.
A position as a loan processor will require strong communication skills and knowledge of the financial sector. A college degree is unnecessary for this position but having one will set you apart from the crowd.
Average annual salary: 38, 000 – 45, 000 (USD)
A contract specialist’s job will be to negotiate a legal agreement with successful loan applicants and review these contracts in detail to ensure that everything is legally satisfactory.
You will need a degree in business or contract law to find work as a contract specialist.
Average annual salary: 35, 000 – 40,000 (USD)
Although this is more of a real estate job, surveyors are very important in the mortgage industry. Surveyors are relied upon to make a professional assessment of the value of property based on which the lender will make their assessment of whether the loan amount requested is commensurate with the value of the property.
Average annual salary: 30, 000 (USD)