Mortgage Jobs – Mortgage Bankers, Brokers & Loan Officers


Marc Luber: Hey everyone – Marc Luber here
from Careers Out There – you can find me at Careers Out There dot com. I recently interviewed Tommy Rosenthal – he’s
a mortgage banker at USA Mortgage Company in St. Louis, Missouri and one of the Top
10 mortgage originators in all of St. Louis for the past 13 years. I asked Tommy to explain mortgage banking
and to compare it to some related career paths. Here’s a look at how it went! Tommy: Our jobs are to originate loans – home
loans. So we provide the financing to help borrowers
out in purchasing a home or refinancing, meaning saving money, on a current home. Luber: On the phone we talked about a couple
different career paths that are related to what you do. I want to talk about those and if you can
kind of distinguish each one for us so that we could figure out the differences. The 3 were: Mortgage banker like yourself,
then mortgage broker and then a loan officer handling mortgages at a big bank, like a Bank
of America, Wells Fargo. All related paths yet different. Tell us the differences between those. Tommy: Well here’s the difference. And they are kind of subtle differences. They’re all in general doing the same thing
but with slight differences. So a mortgage banker, which is what I am:
I work for a mortgage company. We
close loans in our company’s name and we use our own funds to close loans. But then after closing, we sell the loan off
to a Bank of America, Wells Fargo, Citi mortgage, Chase…any of the big companies. So we’re doing everything in our company’s
name and then closing. A loan broker – or a mortgage broker – the
main difference is they are also gonna originate loans but IMMEDIATELY – BEFORE CLOSING that
loan it’s gonna be transferred over to a Wells Fargo, Bank of America. They’re gonna not use their own money in
the transaction and they are not gonna close in their company’s name. They’re gonna close wherever they sold the
loan to. So the main difference could be sometimes
higher fees for mortgage brokers because that’s one way that they make their money by immediately
selling off the note. A loan officer at a bank – the duties will
be the same but the main difference is where we’re gonna have many different investors
that we’ll sell our loan to – a loan officer at a Bank of America, you might walk in and
see a loan officer and say “I want to do a loan with you guys” and the only loan
company that they’re gonna be using IS Bank of America. They’re not gonna be selling a loan. Luber: So they only have THEIR rate. They could only say to you “here’s our
rate today”. Tommy: Exactly. Luber: And YOU have a broader array of rates
you could offer? Tommy: We do. We have a broader array. Which is great. We have more companies we could sell our loans
to. Now that being said, one nice thing about
being a loan officer at a bank, is they’re also often able to do what’s called portfolio
loans, which are the bank can make their own decision on certain loans that are not necessarily
by the book, for lack of a better term. So if they think a loan makes sense and their
bank agrees that they want to do this loan, they’re able to do that. And that’s one advantage of being a loan
officer at a bank as opposed to a mortgage company. Luber: And then you’re competing with all
these characters, right? You’re not ONLY competing with mortgage
bankers, but you’re competing with the loan officers at the banks AND the mortgage brokers,
right? Tommy: Totally! We’re in competition with everybody: different
mortgage bankers, banks, mortgage brokers…all of us…because the jobs really are very similar. Luber: Yeah. Tommy: There’s definitely competition involved. One thing that’s important to know, again,
is if you’re a mortgage banker or a mortgage broker or a loan officer, again it all comes
down to if people like you and you’ve got good products and good prices, you’ve got
a great chance of success. Luber: And if someone’s watching and this
sounds cool to them, there’s actually a lot of different kinds of opportunities, then,
because there’s different places they could go if they actually want to start working. Tommy: Absolutely. Totally. Any of those. It gives someone out there that’s looking
for a career MANY opportunities – they can go any which way as far as that’s concerned. Luber: I hope this video was helpful for you
guys. If you liked it please click the thumbs up! You can also find us at Facebook, Twitter,
we’ve got lots more videos here on YouTube and of course you could find us at Careers
Out There dot com where we interview all kinds of professionals to help you find a career
that fits you so you can love what you do. Thanks again for watching everybody. I’m Marc Luber. Look forward to seeing you again soon. Take care. [theme song]

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