How to Get into the Mortgage Industry

How to Get into the Mortgage Industry
For many industries, the ‘how to get in’ tip sheet consists of going to school and sending out resumes once you finish. In the mortgage industry, it often doesn't work quite so simply. In many cases, potential employers see experience as one of the greatest assets you can have. That’s not to say education isn't important, but sometimes you have to get your foot in the door any way you can.

Make a Plan

Just like with any goal, the first and most important step is to make a plan. You can start by looking at the different mortgage careers and choosing which one you’d like to pursue. The most common ones include:
  • Mortgage Broker
  • Mortgage Underwriter
  • Mortgage Processor
  • Mortgage Loan Officer
Next, investigate the skills and education you will need for your chosen mortgage career, and go get it. This part can be tricky, because individual employers sometimes want different levels of education.

Get Your Foot In the Door

Even if you’ve taken all the courses and received all the licenses you need, you may still have trouble getting hired for your chosen position right off the bat. Sometimes, you will have to try to get your foot in the door and work your way into the position you want. So, how do you do that? First, make sure you add any type of mortgage-related experience to your resume. If you filled envelopes in a mortgage brokerage in high school, put it on your resume. Then, start shopping your mortgage around like you normally would.

Toss Your Ego Aside

If you really want to work in the mortgage industry, now id the time to throw your ego aside and accept whatever type of position you can. If your goal is to be an underwriter and you’re only offered a mortgage processor or loan officer position, take the position. Once you are in the door and get hands-on experience, you can rise up the ranks. Some candidates for mortgage careers even suggest an internship or free training under a manager to get their foot in the door. You may or may not have to resort to these tactics, but keep your mind open.

Get Some Help

Perhaps the most effective tip you can follow is to connect with a staffing agency that specializes in the mortgage industry. You still aren’t going to start at the top, but at least you’ll have a guide that has years of experience setting people just like you up in mortgage careers they love. This article was written by Lin Quirer, a professional mortgage broker who has worked in the mortgage industry for over the past three years. He found his first mortgage job on Credit: Shutterstock
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