Mortgage Banker / Entrepreneur

Mortgage Banker

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Job Description: 

• Market the business to attract new borrower customers (for example, homeowners or business owners) who wish to borrow money to purchase homes or buildings, and meet with these customers 

• Process loan applications

• Investigate borrower customers and their ability to repay the loan, also called “due diligence”

• Guide borrower customers through the loan process, and discuss the various loan type options and the best one for their needs

• Negotiate loan terms with borrower customers

• Close loans, and lend money, so borrower customers can purchase their homes or buildings

• Oversee loan re-payment

• Help borrower customers get better terms over the life of their loans, also called “re-financing”

• Ensure compliance with government rules and regulations on loans and mortgages

 

Types of Mortgage Bankers: 

• Residential – makes loans to people to buy homes

• Commercial – makes loans to businesses to buy buildings 

 

Education Needed/Other Requirements: 

• College associate’s degree (2 years) or bachelor’s degree (4 years)

• Experience in closing sales, and/or experience in some type of financial industry

• Need to take and pass national and state licensing exams and get licenses

 

Skills/Personality Traits: 

• Strong mathematical and analytical skills 

• Knowledge of government rules and regulations

• People skills; outgoing  

• Motivated; a self-starter

• Results oriented; detail oriented

 

Helpful Links:

• How to Become a Mortgage Banker, https://www.speedupcareer.com/articles/how-to-become-a-mortgage-banker.html

• How to Become a Mortgage Loan Officer: The Definitive Guide,  https://www.knowledgecoop.com/pages/become-a-mortgage-loan-officer

• Mortgage Banker, https://www.investopedia.com/terms/m/mortgagebanker

 

Entrepreneur

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Job Description: 

• Start and own the business and be the “boss”

• Plan, organize and manage the day-to-day operation of the business

• Hire and train staff

• Pay the bills

• Market and sell goods / services to customers

• Deal with customer complaints and issues

 

Education Needed/Other Requirements: 

• No formal education or degree is required

• May be helpful to have college degree in Business Management or Business Administration

• May be helpful to take classes in accounting, economics, financial management, marketing and/or leadership

• Certain level of education, type of degree, license, and/or certification may be needed to own certain businesses (for example, the owner of an engineering company needs to have a college degree and a license in engineering)

 

Skills/Personality Traits: 

• Hard working 

• Leadership

• Confident

• Enterprising

• Time Management 

• Flexibility and adaptability 

• Passion 

 

Helpful Links:

• Become a Business Owner, https://study.com/articles/Business_Owner_Education_Requirements_and_Career_Information.html

• How to Become a Business Owner, https://learn.org/articles/how_to_become_a_business_owner_education_requirements_job_description.html

• How to Become an Entrepreneur, https://www.geteducated.com/career-center/how-to-become-an-entrepreneur/

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