While it is possible to work as a mortgage banker with only a high school diploma, the vast majority of mortgage bankers have a college diploma. Many have professional designations as well, such as the Mortgage Bankers Association’s certification. Different countries may have different laws about whether or not licensure is required to work as a mortgage banker, so it’s always a good idea to check the laws where you live. Continuing education credits may be required by some jurisdictions or countries in order to maintain a license or designation.
A high school diploma is one of the first requirements for becoming a mortgage banker. Taking business electives could help you gain a better understanding of the business process and environment. Economics courses can also provide a solid foundation for any type of financial career, including mortgage banking. Advanced placement courses may even provide dual credit for high school and college students. x000D_
College becomes the next most important step after high school graduation. To be considered for most banking positions, most lending institutions require a college diploma of some sort. Many people who want to work as a mortgage banker choose to study economics, business, finance, or a related field in college. Even if a lender does not require a degree, it is a good way to set yourself apart from the competition. x000D_
Working as an intern in a bank’s mortgage department while in college is one of the best ways to gain experience and notoriety. While you won’t be able to do everything a full-fledged mortgage banker can, it will allow you to learn about the industry, ask questions, and get a sense of what it’s like. Many students get their first job after interning at a company. Even if this does not occur, the contacts and references can be useful in the job search.
Some countries require a government license to become a mortgage banker because of the industry’s concerns and risks. A state or local association, such as a professional board of review, is usually in charge of these licenses. Even if they pass a state-endorsed test about the profession, having a criminal record and no hours of educational coursework could prevent some people from getting a license. x000D_
Obtaining a professional certification from the Mortgage Bankers Association can help those looking to advance in the industry gain more credibility. This organization offers certifications and designations, but only after a banker has worked for three years. As a result, this is not an option for someone who is just getting started.