A mortgage account executive is responsible for estimating credit worthiness, calculating risk and approving mortgage loans after a thorough examination of applications, credit reports and other supporting documentation. Other duties include managing mortgage accounts for a company's existing customers as well as following up on qualified leads and creating relationships with new customers. In addition to face-to-face time with customers and other brokers within a defined sales territory, the position also requires a good deal of time on the phone making sales and follow-up calls.
Though most mortgage account executive job listings don't set specific educational requirements -- some employers might suggest a bachelor's degree in business or finance at most -- experience in the mortgage industry and a proven sales record provide a good foundation. Additional qualifications include an understanding of loan origination and mortgage industry standards, an existing list of qualified leads, plus experience collaborating with mortgage brokers.
Advertisement Article continues below this adThe position requires strong communication skills for developing quality leads and establishing relationships with clients, plus good critical thinking and decision-making skills used when analyzing financial histories and mortgage applications. Presentation and negotiation skills help the mortgage account executive navigate the sales process and successfully close deals. Meanwhile, the ability to multitask and remain organized under pressure helps when juggling multiple client accounts at once. Because applications, mortgage data and financial reports are typically processed electronically, candidates should also be proficient with word processing and spreadsheet software.
A mortgage account executive works long hours -- usually over and above the typical 40-hour work week, according to the U.S. Department of Labor -- for financial institutions like commercial banks, credit unions, mortgage companies and brokerage offices. Though the position originates out of an office, the mortgage account executive will also spend a good deal of time in a car, traveling to complete applications with clients or perform follow-up processing duties. Some mortgage account executives are responsible for training and managing brokers and other mortgage department employees, which means time might also be spent in a classroom setting.
Advertisement Article continues below this adBecause housing prices and the resulting mortgage needs differ based on geographic location, a mortgage account executive's income can vary significantly. Most executives start with a base salary between $25,000 and $40,000 a year, with points-based commissions added for loans funded. As of July 2013, SimplyHired.com reports that the median national income for mortgage account executives is approximately $91,000 per year. This figure includes the lower salaries of associates in less affluent housing markets like the Midwest as well as higher paid workers serving top-dollar markets like Los Angeles and New York City. Salaries fluctuate with the economy, increasing in times of economic growth, low interest rates, and population growth.
Loan officers earned a median annual salary of $63,640 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, loan officers earned a 25th percentile salary of $45,100, meaning 75 percent earned more than this amount. The 75th percentile salary is $92,610, meaning 25 percent earn more. In 2016, 318,600 people were employed in the U.S. as loan officers.