A mortgage specialist is typically hired by a specific lending company to promote and sell their mortgage offerings, unlike a mortgage agent who belongs to an entirely independent organization that has only access to a limited number of lenders. Although there are many differences between the two types of sales professionals, there are also some similarities. Both types of sales professionals have a critical role in the selling of a mortgage. While the primary duty of mortgage agents is to represent their lender and arrange loan offers, mortgage specialists have additional responsibilities. Here are some things to expect from the professional who hires your mortgage.
Mortgage specialists have an advanced education and typically hold a high school degree. However, some may have taken courses for credit-based majors such as statistics or business administration. Those with college degrees have a good chance of landing higher-level jobs, since many mortgage specialists begin at the bottom and work their way up. The skills you learn in college will help you better position yourself in the job market once you start working as a mortgage specialist.
Mortgage brokers deal directly with lenders and make a profit on each loan they broker. In addition to earning a good salary, mortgage brokers also have a large number of duties and may work as employees of multiple lenders. Although mortgage brokers deal with loans on a daily basis, many do not have direct contact with borrowers. As a result, most mortgage specialists do not have firsthand experience dealing with the customers who deal with mortgage brokers on a regular basis.
Loan officers often work at the mercy of big bank loan officers and get a little control over the money they borrow or the loans they secure. In addition, loan officers frequently don’t have direct contact with borrowers. Because mortgage brokers often work at the beck and call of large banks and lending companies, working with these lenders is not a typical part of their day-to-day responsibilities. Because loan officers typically report to them, however, it is possible for a loan specialist to learn about ways the big bank can benefit from borrowers and then use this knowledge to negotiate a better deal with the lenders they work for.
Loan officers aren’t the only personnel who mortgage specialists need to keep in contact with on a day-to-day basis. Mortgage specialists often need to keep up on news from both the government and private sector. When news regarding the performance of the economy strikes a chord, federal and state regulators and agencies immediately step in to help the homeowners who were affected. Mortgage specialists are charged with learning about what regulators have concluded about loan officers and the banks they work for. Mortgage specialists can use this information to improve the performance of the banks and the lenders they work for.
Private industry experts, such as economists and venture capitalists, are also very important for mortgage specialists to stay on top of. These individuals can give a mortgage specialist plenty of inside information about what is happening in the business world. They can give a mortgage specialist ideas about what products and services would be more appealing to buyers in difficult times.
Because mortgage brokers receive regular presentations of housing market statistics, mortgage specialists can use these reports to give themselves a clearer picture of what is going on in the housing industry. Housing market statistics can tell mortgage brokers much more about where the real estate market is going than the general public. Because mortgage brokers deal with the same people day after day, they are also in a unique position to see first-hand what is going on in the industry. Because many mortgage brokers have direct relationships with major home buyers, they can use the information found in the statistics to influence their negotiating tactics.
A final way that mortgage specialists can use statistics to influence lending decisions is by keeping abreast of what loan officers, appraisers, and even lenders themselves are saying. Because mortgage loans are set up as franchises, the majority of lenders have a long history of providing favorable loan conditions to new mortgage applicants. Because of this, loan officers may be inclined to initially believe that a borrower has little chance of obtaining a mortgage loan. A good mortgage specialist can use this information to make lending decisions that favor the client. Mortgage specialists know how to read the tea leaves when it comes to loan officers and other key players within the mortgage industry.