Monday, April 6, 2015

You Can Try Out For The Best Mortgage Banking Careers California Has

By Aimee Schwartz

For any student trying to find a career choice if can be very confusing. There are so many to choose from and for those that need to choose subjects towards the end of their school career some hard decisions need to be made. One career path could be the mortgage banking careers California has. Working in a bank is something many dream of as one is able to advance in this field.

A Mortgage Loan Underwriter is when a lender determines if there will be a risk of giving a loan to a certain person under certain parameters. Most of these all fall under what is known as the three C's. They are credit, collateral and capacity. There are certain guidelines that need to be followed but the final decision is always up to the underwriter.

Most banks will only hire if the applicant has a bachelor's degree in economics, finance, accounting or any other field relating to these. Many employers will only hire those that are in procession with a Master of Business Administration. This is a worldwide recognised post graduate course that covers a wide variety of subjects that when combined constitutes the science of management.

One subject that is a must is in mathematics and while some banks will need one to become licensed others do not really hold that as experience. It will however increase the chances by quiet a large margin. If wanting to become certified one will need to go through the Mortgage Bankers Association and they offer three different programs.

The part time courses are held over the weekends, in the evenings or after working hours. These do however have a longer period of study time which is normally about three years. These are for those that have already got a job and are looking to change their career or advance in their current position but are unable to attend during the day.

A mortgage originator also falls under the banking careers and they are either a broker or banker but are generally referred to as a lender. They are part of the primary mortgage market which in simple terms negotiates conditions as well as transactions. Brokers, bankers as well as credit unions and all banks fall under this definition.

The salary however does get taken into account of where the business is located. The highest state to pay for this position is Virginia and the next one is California followed by Florida and Illinois. This is according to a survey done in 2011 by PayScale.

It is always in ones best interest if applying for a loan to keep all financial records handy as well as all payslips. A brief summary of why the loan is needed and an approximate amount should also be included for quick analysis. Having all required documents before applying will help the process to proceed quickly and efficiently.

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