The Financial Services Industry is a dynamic and exciting sector, which has a positive impact on the end-customer. At the heart of the industry is the Great Australian Dream of owning your own home.
The core service of a mortgage industry professional is to help people fulfil their dreams.
On the commercial lending side of the industry, mortgage professionals are often contributing to the achievement of corporate objectives (which is another term for ‘work dreams’) through the provision of funds to either start or expand a business, also very gratifying!
The three main categories of career opportunities within the Mortgage Industry can be explained as follows:
Mortgage Brokers & Lending Officers
These people are the front-line salespeople of the respective lending institutions. Their typical duties include:
› Implementing lead generation strategies
› Attending to initial customer enquiries
› Completing loan applications & collecting supporting documents
› Lodging applications with either credit departments or lending institutions
› Following the loan through to ensure settlement
While the emphasis may be slightly different from, for example, a bank to a mortgage broking firm, the overall position responsibilities are similar.
If your strengths lie in marketing and business development, then you may prefer to work as a single-operator mortgage broker. However, if you prefer customers being supplied through ‘the brand’, then a larger lending institution such as a bank or building society may be better suited to your competencies.
Loan Processors & Credit Managers
These positions are predominately back-office roles, which have limited customer contact and virtually no selling is involved.
Many experienced industry figureheads believe that these positions provide ideal grounding for new entrants to the Mortgage Industry before they progress to front line roles. Learning what goes on ‘behind-the-scenes’ before moving into the customer spotlight can lead to a more successful career.
If you would like to become a mortgage broker or lending officer, but don’t feel you have the lending expertise or confidence, then this type of position may be a sound starting point.
Alternatively, if you don’t believe you have the right ‘people skills’, but are efficient and enjoy working on finer detail, then this could be a rewarding long-term career option for you.
Business Development Managers
This generally ‘hidden career option’ within the Mortgage Industry, has evolved primarily as a result of the rapid growth in mortgage broking.
Business Development Managers are employed by lending institutions and aggregators to service the needs of mortgage brokers and to recruit new mortgage brokers. The role can be challenging and rewarding as you are helping other mortgage professionals succeed.
In addition to these 3 main career options there are numerous other careers in information technology, marketing, human resources and logistics.
Like any industry, success lies in the motivation to achieve results on a daily basis. The most powerful weapon on this earth is the human soul on fire, so work out a way to light yours and you will succeed.
For more information about career opportunities in the Mortgage Industry, refer to our source of mortgage-related websites. You may also be interested in graduate placement.