Mortgage is a very precise term but the word “executive” has become somewhat misused over time. At heart, it refers to someone who executes a task or function in the sense where “execute” means to carry out. It follows that anyone who carries out a task or function in the running of an organization could be titled an “Executive”; whether it is the Chief Executive Officer or the Floor Sweeping Executive.
Because the mortgage industry is highly regulated and not only involves vast amounts of money but also has a direct bearing on the lives and happiness of a large number of people and their families, the personnel dealing with mortgages need to be highly knowledgeable and qualified to fulfill their duties. The financial institutions that provide the money behind mortgages are likely to be more precise in terms of titles that they give to their staff. Within the mortgage industry, the title of Mortgage Executive is usually given to managers working at the so-called C-Level where the initial “C” stands for “Chief” and would cover staff at VP or director level who run a division of their mortgage company.
Basically, the responsibility of their division boils down to deciding how much money to lend to whom for the purchase of what. The detailed work will be carried out under the supervision of people engaged in Mortgage Operations Manager Jobs who typically oversee processing, underwriting, funding and closing of mortgages on a pay scale ranging from US$80,000 to around $130,000.
The mortgage industry has two distinct sectors – raising the money and, then lending it out as mortgages. Since home ownership is predominately financed by mortgages, huge amounts of money need to be raised usually from existing companies from within the financial sector – banks and credit unions being prime examples.
When these institutions decide to set up their own mortgage operations, it is vital that the division is correctly staffed. An institution wishing to recruit at C-Level and senior managers has to know where to find the suitable candidates.
Fortunately, there are recruitment agencies that concentrate all their efforts on finding and screening personnel experienced in all aspects of mortgage operations who will provide a short list of candidates who possess all the necessary knowledge and, more importantly have the necessary prior experience. By using such services, an institution’s time and money will be saved by not having to go through the advertizing and initial assessment stages of recruitment.