The Different Mortgage Career Paths In California
There are hundreds of career options in the mortgage industry and for those interested in starting a mortgage career in California, taking a mortgage exam is compulsory and this is why it is advisable that you take a mortgage preparatory exam like NMLS Practice Tests to hone your skills and experience.
If you’re interested in starting a mortgage career, it is important that you take a course and pass the NMLS SAFE MLO exam, as these are precursors to becoming a mortgage professional. Because the mortgage industry in California makes, sells and then services so many mortgages, ranging from business real estate to residential, the market is busy, complex and very interrelated. However, that intricate network also means there a number of mortgage careers in California:
Originations is where a mortgage becomes a mortgage. The sales team of the mortgage industry consists of loan officers and mortgage brokers. Loan officers work for a particular lending institution while mortgage brokers act as agents for a variety of mortgage lenders and work to match the borrower with the right lender and loan. Loan officers are a point of contact when a person wants to obtain a mortgage to purchase real estate. A mortgage loan officer can work in the residential or commercial mortgage industry. Most states require you to take a test and get certified to work as a loan officer and this why you need to do NMLS Test Prep, including taking as many NMLS practice tests as possible which can be found on www.SAFEMLOExam.com.
An underwriter evaluates the loan documentation and makes the final decision to approve or deny the loan. During this evaluation, the underwriter uses a formula to analyze the loan to see if it represents an acceptable risk and also if the loan meets the requirements necessary to sell that loan on the open market.
The closer, often the same person as the originator, completes the loan process by delivering the deed, signing the note and disbursing the funds.
Warehousing is another one of the mortgage careers in California and it is how most mortgage bankers actually fund their loans at closing time. Typically, a mortgage banker will borrow funds short-term from a warehouse bank and use their other permanent mortgage loans as collateral. Then, the loans are sold to a secondary investor and the original mortgage banker can repay the first loan.
Secondary mortgage marketing is the sale of closed home mortgage loans to secondary investors. Someone working in secondary mortgage marketing will develop and price various loan programs, manage the risk associated with funding mortgages, and then actually sell the loan packages.
This includes providing ongoing customer service, collecting and recording monthly payments, and also remitting those payments to secondary investors.
There are career in every sector of the mortgage industry, from the front lines to the back boardrooms but to be an expert in the different mortgage careers in California, you need to take a test and get certified. SAFE MLO Exam is prepared to give you the required hands-on training in preparation for the NMLS SAFE MLO test and make sure you pass with flying colors.