From this post onwards I am planning to write on different job profiles available in Finance.
This is a guide about Account Executive Salary in Mortgage & Banking.
What you as a career aspirant need to know about account executive mortgage and banking is its job description, salary offered, employment prospects, education and training required for this job, experience, skill sets required and how to enter this territory.
Account executive job description
The mortgage account executive’s main job is to develop and manage the national or regional sales activities of a mortgage broker network or third party channel.
Account executives are supposed to have general knowledge of all loan products and guidelines because they need to provide advice and assistance to approved and prospecting brokers.
In mortgage banking, the account executive works as a mediator between mortgage brokers and financial institutions.
He is required to generate loans through mortgage broker network. Account executives should be able to analyze the broker’s case whether he meets the expectations.
Account executives are responsible for building relationships with mortgage brokers, correspondents and banks within a specific area to maximize sales revenue.
Account executives’ job is to develop relationships with wholesale loan customers in order to provide valuable advice about bank products, rates, fees and analysis.
Account executives in mortgage also need to cross sell and provide market data to management.
Account Executive Job Description
Account executives in banking manage all current accounts and potential leads in assigned geographic region.
He is responsible for all wholesale/broker account maintenance and development in his region.
Other duties include—developing list of accounts and following up regularly to ensure client satisfaction, analyzing account potential and profitability, calling on accounts to make presentations on loan programs and services, recommending additional products or functionality that will assist in growth and profitability of the area, developing account closing and growth strategies.
The account executive should be in regular contact with sources of loan production, correspondent financial institutions or mortgage brokers for smooth flow of loan applications and closed loans.
Account Executive Salary
Average Salary for Account Executive
Account executives receive basic salary plus commissions. The average salary for wholesale mortgage account executive jobs is $91,000.
The salary can vary greatly due to company, industry, location, benefits, experience, qualification and market conditions..
Account Executive Salary Range
I am giving below the chart that indicates average salary of jobs with related titles.
(Source: Simply Hired)
Job Prospects of Account Executive
According to US Bureau of Labor Statistics, nearly 9 out of 10 loan officers work for commercial banks, savings institutions, credit unions, and related financial institutions.
Good job opportunities ate expected for mortgage and consumer loan officers and excellent opportunities are expected for commercial loan officers.
Employment of loan officers is projected to grow 10 percent till 2018, which is average for all the occupations.
Employment growth will be driven by economic expansion and population increases,the factors that drive demand for loans.
College graduates and those with banking, lending and sales experience will have the best job prospects.
Career Path of Account Executive
You can progress in your career by achieving and exceeding sales targets.
Area Manager or District Manager is the next post in career graph.
You can also take a position in a larger mortgage company with higher base compensation, commission revenue and other employee benefits.
Education and Training
Four-year college degree in business, marketing or finance is required(BS/BA).
You also need to have working knowledge of residential mortgage loan, deal structuring, underwriting, wholesale or correspondent lending business or secondary market knowledge.
Recent federal legislation requires that all mortgage loan officers be licensed.
Two to five years experience in mortgage lending products selling is required.
Sub prime mortgage production knowledge is required.
Ability to make marketing presentations, ability to analyze and evaluate sales situations,
You should be good at working with others, confident, and highly motivated.
You should be willing to attend community events as representatives of your employer.
Excellent interpersonal and account development skills and strong desire to succeed are must for this job.
Proficiency with MS Office is must.
This job involves considerable work outside the office. They need to carry their laptop and cell phones with them to attend client meetings and keep in touch with their managers.
They often work out of their home or car, visit client offices to complete loan applications.
They work a standard 40-hour week.
But, this depends on the demand for loans as sometimes they need to work for 60-hours per week if they take more customers.
How You Can Start
If you want to make a career in this field, then here’re some tips:
1. Visit bank websites and fill up online application form.
2. Business networking is must—you can visit local or state chapters of mortgage banking or broker associations that can lead to opportunities in this field.
3. Experience in marketing and sales is must for this field. Try gaining this experience first.
Online Training Program for Account Executive
I hope you are now clear about account executive salary and its job description.