High School
Suggested high school classes include business, economics, English, speech, computer science, mathematics, statistics, accounting, history, social studies, and foreign language.
Postsecondary Education
A four-year degree in business, finance, economics, or a related field of study from an accredited college or university is required for most mortgage banking positions. A liberal arts degree with courses in business, business law, and finance may also be sufficient. Some companies, such as Quicken Loans and JPMorgan Chase & Co., offer on-the-job training for new hires. This training typically last three to six months.
Other Education or Training
The Mortgage Bankers Association School of Mortgage Banking classes in mortgage banking, including loan production, secondary marketing, warehousing, and servicing, among other topics. The American Bankers Association offers continuing education courses such as Basics of Mortgage Processing, Mortgage Customer Counseling and Prequalification, Preparing the Closing Disclosure, Preparing the Loan Estimate Fundamentals of Mortgage Lending, Law and Banking: Principles, and The Mortgage Lending Business.
Certification
The Mortgage Bankers Association offers three achievement certificates—commercial mortgage servicing, residential mortgage servicing, and residential underwriting—to applicants who meet experience requirements, complete a specified number of classes, and pass an examination. BAI offers a loan review certificate program for persons who review and approve loans. The American Bankers Association offers a residential mortgage lender certificate program. Contact these organizations for more information.
- Accountants
- Auditors
- Automatic Teller Machine Servicers
- Automotive Dealership Sales Managers
- Bank Branch Managers
- Bank Examiners
- Billing Clerks
- Bookkeeping and Accounting Clerks
- Business Managers
- Chief Financial Officers
- College Administrators
- Compliance Managers
- Credit Analysts
- Economists
- Financial Analysts
- Financial Institution Officers and Managers
- Financial Institution Tellers, Clerks, and Related Workers
- Financial Planners
- Financial Quantitative Analysts
- Financial Services Brokers
- Forensic Accountants and Auditors
- Fraud Examiners, Investigators, and Analysts
- Investment Fund Managers
- Investment Professionals
- Investment Underwriters
- Loan Officers and Counselors
- Loan Processors
- Loan Underwriters
- Private Bankers
- Regulatory Affairs Managers
- Regulatory Affairs Specialists
