A person should know that anyone can get into this career field because number one, a college degree isn't necessary and number two, all of the skill sets that will be needed for this career field will be learned on the job. A person should know that if they are considering beginning this career field, they'll be working on commission. However, some mortgage loan managers definitely earn a nice salary as well. Certainly when the market is doing well, and when sales are being produced, the manager will receive a bonus as well.
What a mortgage loan manager does in their day-to-day work is to oversee the loan department and also supervise the loan officers. They are the ones that have to assign the loan officers their assigned tasks and goals. They will also hire for new mortgages jobs positions as well. They essentially are at the head of the mortgage loan department and as such, the manager is responsible for everything that goes on in the department. When the department is doing well, the loan manager can take the credit. However, when things aren't going so well, the loan manager will be the first point of contact, with regards to accountability. This is a career field for those who don't mind accountability and leadership.
Further discussing one's education qualifications for this career position, the loan officer manager needs to be a graduate. They learn all their skills on the job, and this means that the company will pay for them to take their educational courses, in order to develop them for this position. Of course, if they start off in an entry-level position in the mortgage department, one can work their way up to become a manager. A manager and all the loan officers have to be licensed. They have to take a 20 hour course in order to be able to attain this license. They also have to be able pass a background check and not have any felonies on their criminal record. Like many professional careers, the mortgage loan manager will have to maintain ongoing education. Having said this, the company usually pays for continuing education. So as one can see, this can be a very profitable career field, and it will be one that the company will pay for one's growth and success.
