Mortgage Account Executive

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CAREER PROFILE

Duties:

•    Meet and exceed sales targets; achieve maximum sales through cold calling of target lists and follow up on inbound inquiries
 
•    Frequent Prospecting for New Business
 
•    Facilitate a Positive On-boarding Experience for New Clients
 
•    Continually learn new product knowledge and acquire better selling skills
 
•    Keep abreast of competition, competitive issues, products and markets for mortgage leads and mortgage lead generation
 
•    Maintain daily sales and productivity goals, as provided by management

•    Solicits residential mortgage loans originated by mortgage brokers and correspondent financial institutions.    

•    Builds broker network through networking; Prospect, develop and maintain strong relationships with Brokers

•    Meet and exceed sales/productivity goals set by management by growing market share

•    Thorough working knowledge of all mortgage products

•    Expert ability to structure loans and review loan scenarios

•    Assist brokers with on-boarding process

•    Demonstrate and train brokers to successfully use our integrated origination software

•    Learn and disseminate new product offerings to broker base

•    Pipeline management

•    Attend all sales meetings, training sessions, etc.

Alternate Title(s): Mortgage Account Executive, Mortgage Wholesale Account Executive, Wholesale Account Manager, Mortgage Broker Channel Manager

Salary Range: $75,000 to $225,000  (In USD as of Mar 25, 2015)

Employment Prospects: Good

Advancement Prospects: Fair

Prerequisites:

•    Minimum 3+ years of mortgage banking experience with emphasis on sales
•    Professional appearance and proven mortgage sales skills
•    Current book of business
•    High energy, self- motivated, self-managed individuals
•    Strong  verbal and written communication skills
•    Proven organizational and follow-up skills
•    Must have reliable transportation and insurance
•    Must have computer and Internet connection
•    Four-year college degree
•    Detailed knowledge of the mortgage origination process, including deal structuring and underwriting;
•    Ability to follow up closely with Account Managers/Processors and Underwriters to ensure the fastest file flow.
•    Second language is always a plus

CAREER LADDER

Account Executive  >>  Regional Sales Manager  >>  Group or Division Sales Manager

Position Description

The mortgage Account Executive is responsible for developing and managing the national or regional sales efforts of a mortgage broker network or third-party channel. In mortgage banking, the account executive acts as a primary liaison with mortgage brokers and correspondent financial institutions (mortgage originators that sell their loan production to larger financial institutions). The Account Executive, or account manager, is responsible for generating quality loans through the mortgage broker network. Account Executives maintain regular contacts with wholesale loan customers to provide advice regarding bank products, sales presentations, rates, and fees; to answer technical questions; and to act as a liaison for underwriting and funding. In addition, Account Executives provide management with market data and cross-sell other bank products and services.

Mortgage brokers are independent sales companies that originate residential mortgages for sale to mortgage companies, banks, savings associations, or mortgage banking subsidiaries of investment banks. The 53,000 operating mortgage brokerage firms in the United States accounted for 68 percent of residential mortgage loan originations in 2004, according to Wholesale Access, a mortgage industry research firm. About 47 percent of this loan production was in subprime loans and “Alt A” loans (higher-quality loans with minor defects in title or loan documentation). The average mortgage brokerage sold its loan production to 13 wholesale financial institutions. About two-thirds of the residential mortgage loans originated in 2005 were originated by independent mortgage brokers that sell their loan production to larger financial institutions (known as wholesale mortgage companies) that in turn package residential mortgage loans into pools for sale or securitization in the secondary mortgage market.

The Account Executive maintains daily contact with sources of loan production, including correspondent financial institutions or mortgage brokers, to ensure a smooth flow of loan applications and closed loans (completed loan packages) to the company. The Account Executive takes mortgage applications from wholesale source clients; assists clients in reviewing, credit grading, pricing, and structuring of subprime mortgage loans; and answers client questions about the status of loans during loan processing. The Account Executive keeps mortgage brokers informed about current rates and mortgage programs available and pre-underwrites loans to expedite loan processing.

Salaries

Account Executives receive a base salary plus commissions in the first year, averaging $50,000. Second-year potential income is $65,000 to $80,000. Top-producing Account Executives can earn $100,000 or more within five years.

Employment Prospects

Demand for mortgage wholesale Account Executives is tied to the fortunes of the mortgage industry. Demand is higher in periods of strong mortgage production in subprime loans, as in 2004–05, when subprime originations boomed while higher-credit quality mortgages (prime mortgages) lagged. Subprime lending is less sensitive to the interest rate than prime mortgages are and more tied to borrower needs to refinance higher-cost consumer credit loans. Demand for Account Executives may lag if residential mortgage production begins to decline.

Most of the employment opportunities for wholesale mortgage Account Executives are with the top 200 U.S. mortgage companies, which have extensive nationwide or multistate mortgage production networks. The mortgage origination business is highly concentrated among the largest mortgage companies, according to the industry research firm Wholesale Access. The 25 largest mortgage firms account for about 80 percent of the high-quality prime mortgage market (loans to home owners considered average or above average credit risks in their ability to repay a home mortgage). Another 100 banking companies are significant players in the subprime residential mortgage market, and these firms also purchase most of their loan production from mortgage brokers.

Advancement Prospects

Account Executives advance in their career by meeting sales goals. They can potentially advance into more senior positions such as area manager or district manager, in charge of a larger geographic territory. Another option is to take a position with a larger mortgage company, with a correspondent increase in base compensation, commission revenue, and other employee benefits.

Education and Training

Some college courses are normally required, and most financial institutions prefer a four-year degree with courses in business, marketing, or finance. Applicants should also have working knowledge of residential mortgage loan production, deal structuring, and underwriting.

Experience, Skills, and Personality Traits

Three to five years of experience in direct sales and marketing of wholesale mortgage lending products to the mortgage broker community is a minimum qualification. Prior experience in mortgage banking, preferably with subprime mortgage loans, is generally a requirement, as is some prior experience in financial sales. A detailed knowledge of subprime mortgage production is important, as is a proven track record of originating subprime loans. Other important skills are an ability to make marketing presentations, an ability to analyze and evaluate sales situations, strong written and oral communication skills, strong client relation skills, and an ability to work closely with prime Account Executives in the local market. Proficiency with MS Office Suite and sales force automation software is also required.

Unions and Associations

There are no unions or associations for mortgage banking account executives.

Tips for Entry

1. Bank Web sites are a good place to start looking for open positions.

2. Business networking through local or state chapters of mortgage banking or mortgage brokerage associations such as the National Association of Mortgage Brokers can also lead to opportunities in the field.

3. Experience in sales or marketing is a transferable skill, so personal contacts with prior employers can produce job referrals.

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