There are several jobs in the mortgage industry, allowing those who enjoy working with people, numbers, or both to have a career that suits them well. Certain jobs involve working behind the scenes, crunching numbers and evaluating applications. Underwriters and loan processors often fall into this category, as they spend much of their time processing paperwork. Other positions in the mortgage industry require a lot of involvement with customers, such as originators, brokers, and servicers.
A loan originator typically works for a lending institution, such as a bank or credit union, and usually has the job of marketing a loan to customers. An originator, who is also often called a loan officer, usually needs to explain the terms of the loan to customers, convincing them that it is a good loan to consider. If the customers agree, it is the job of the originator to have them fill out an application and sign where necessary. A mortgage broker has a similar job, but usually works for the consumer rather than a banking institution. Thus, he has the added task of finding a lender for the loan, which means that this is a job in the mortgage industry that often requires a lot of research.
Customers often have questions about their loan, which is why there is a job in the mortgage industry mainly meant for answering these questions. A loan servicer typically answers the questions of customers concerning interest rates, payments, and other details about the loan. The servicer will work with customers once the loan is in place, so escrow issues, delinquent payments, mortgage pay-off letters, and any other account monitoring tasks are usually the job of the servicer. Therefore, when customers have questions over the life of the loan, they will usually get them answered by the servicer.
Some jobs in the mortgage industry require less contact with customers, such as the underwriting position. A loan underwriter usually works for the lending institution, and typically spends at least some of the work day evaluating the risk in each proposed loan. The underwriter will then either approve or deny it, or perhaps request a change in terms to make the loan more attractive to the lender. After the loan has been accepted, a loan processor will typically put together the necessary paperwork to ensure that the loan is legally sound. The processor will then usually record the mortgage with the necessary government entities, and then file away the loan's information so that the lender can bill it properly.