Typically a mortgage banker is a loan officer with a bank who specializes in mortgage products. Mortgage bankers differ from mortgage brokers in one key area. A mortgage banker works with the products of one organization -- his employer -- whereas a broker may shop any number of organizations for the optimal loan. Each has pros and cons. While it is true that a broker may have a broader product offering, a banker may have a deeper knowledge of the products he offers.

The Job

Mortgage bankers assist customers in applying for mortgages and refinances. They help the bank attract new mortgage customers and help them navigate a variety of mortgage products. They become the primary point of contact from application through closing.

Responsibilities

Mortgage bankers are responsible for a broad range of duties. They must conduct business in compliance with all state and federal regulations. They must attract new customers, through realty meetings and home-buyer seminars. Mortgage bankers assist customers in determining which type of mortgage best meets their needs, as well as which mortgage product is most likely to be approved. Mortgage bankers negotiate the terms and conditions of loans with customers. They are required to collect all necessary credit reports and financial information for the loan applications and submit completed loan packages to underwriters for review.

Qualifications

At minimum, mortgage bankers must have graduated from an accredited school with an associate's degree. A three-year proven track record in closing sales is required, as is one year of professional service in the financial industry. Mortgage bankers must be able to speak and present confidently in front of groups and must possess superior written and verbal skills. Strong negotiation skills are required. Mortgage bankers must be able to competently perform mathematical and analytical tasks. Proficient operation of Microsoft Office products is also a requirement.

Characteristics of Successful Mortgage Bankers

Successful mortgage bankers share a number of common characteristics. They are comfortable with a broad range of people. They commit to success and have a competitive spirit. They are motivated by money, enjoy helping people and are team players. Successful mortgage bankers are self-starters, enjoy working independently and never stop wanting to learn.

Compensation

Compensation for a mortgage banker includes paid training and a salary plus commission. As of May 2009, the Bureau of Labor statistics reports that the median annual income of all loan officers, including mortgage bankers, was just under $55,000. Compensation also may include a 401k plan with matching contributions, health insurance, and paid vacation, sick days and holidays.