How to Become a Mortgage Loan Area Manager
Step 1: Understand the job description and responsibilities of a Mortgage Loan Area Manager
What does a Mortgage Loan Area Manager do?
A Mortgage Loan Area Manager manages mortgage loan activity for a particular geographic region. Oversees multiple branches to ensure loan policies are being met. Being a Mortgage Loan Area Manager develops goals and ensures loan operations and procedures are in line and goals will be met. Requires a bachelor's degree. Additionally, Mortgage Loan Area Manager typically reports to top management. The Mortgage Loan Area Manager manages a departmental sub-function within a broader departmental function. Creates functional strategies and specific objectives for the sub-function and develops budgets/policies/procedures to support the functional infrastructure. Deep knowledge of the managed sub-function and solid knowledge of the overall departmental function. To be a Mortgage Loan Area Manager typically requires 5+ years of managerial experience.
Step 2: Learn best tips to become a Mortgage Loan Area Manager
Best tips for those who want to become a Mortgage Loan Area Manager
Here are some tips to become a Mortgage Loan Area Manager.
Step 3: View best colleges and universities for Mortgage Loan Area Manager
Best colleges and universities for Mortgage Loan Area Manager
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Mortgage Loan Area Manager
Is being a Mortgage Loan Area Manager Worth it?
If a mortgage loan officer gets just one of those deals to go through, it often equates to a huge payday, sometimes as much as a few months’ salary working a minimum wage job or other lower paying jobs.
Conversely, someone who expects to have a loan for a very long time may benefit from a lower rate attained by paying “points” (one point is 1% of the loan amount).
An MLO may partner with a Mortgage Loan Associate (MLA), and together, the pair may be better equipped to guide homebuyers on loan options.
When a homebuyer wants to get a loan, the homebuyer finds a mortgage broker to broker the loan.
Oftentimes, the mortgage broker works in the same office and manages loan officers.
Step 5: Prepare relevant skills for being a Mortgage Loan Area Manager
What skills do you need to be a Mortgage Loan Area Manager?
Due to the management level associted with this job, many skills are required to being successful and ensuring the success of your team. It is necessary to be able to excel with: Mortgage Loans, Operations Management. For management positions, some skills may come as a no brainer, for this role those would be: Loan Software. As you can tell, it is no easy feat to be a manager, and the skills required reflect that.
Knowledge of all aspects of mortgage lending with good understanding of all agency, including but not limited to, FHA, VA, FNMA, USDA and portfolio underwriting guidelines.
Minimum 5 years mortgage loan experience, and 2 years of management experience.
Step 6: View average salary for Mortgage Loan Area Manager
How much does a Mortgage Loan Area Manager make?
The average salary range for a Mortgage Loan Area Manager is from $98,664 to $158,410. The salary will change depending on your location, job level, experience, education, and skills.
- View average salary for the United States
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Average salary for Mortgage Loan Area Manager jobs
- Mortgage Loan Servicing Manager
- Mortgage Loan Processing Manager
- Mortgage Loan Funding Manager
- Consumer Loan Area Manager
- Mortgage Loan Processing Supervisor
- Mortgage Loan Quality Assurance Representative
- Mortgage Loan Funding Clerk, Sr.
- Manager of Mortgage Loan Servicing Operations
- Mortgage Loan Servicing Clerk