Our apologies, unfortunately, we are no longer accepting applications for this program. Thank you for your interest.

"We want to build a climate of inclusiveness. For every position that opens at Wells Fargo, we want our managers to consider diverse candidates. By making diversity a competitive advantage, we can make the company a better place to work, better understand our diverse customers' unique needs, give customers and communities outstanding service and deliver great value to our stockholders." - Dick Kovacevich, Chairman, Wells Fargo and Co.

Read on for more information about the mortgage industry…

What Mortgage Banking Companies Do

• Provide mortgages to a full range of homebuyers and commercial enterprises, often to low-, moderate-, and middle-income borrowers needing Federal Housing Administration (FHA) or Veterans Administration (VA) backed financing.
• Bring together providers of capital (investors) and those needing such funds (homebuyers) in all regions of the country.
  This function has historically moved funds from capital-surplus areas to capital-deficit regions, and helps create jobs and economic growth in the nation.

Mortgage Bankers Origination and Servicing Data

Mortgage Bankers:

• Service more than $2.0 trillion in home mortgages.
• Originated approximately $2.3 trillion in total home mortgages in 2003.
• Mortgage bankers are the leading group of home mortgage lenders, followed by commercial banks, and savings and loans.
• In 2003, mortgage bankers made home loans as follows (approximately):
  • Conventional, 92 percent
  • FHA loans, 6 percent
  • VA loans, 2 percent

Mortgage Bankers and FHA and VA Financing

Mortgage bankers play a major role in originating loans through the federal government's FHA and VA loan programs. These loan programs are particularly important to low- moderate-, and middle-income homebuyers.

Every year since at least 1970, mortgage bankers have originated a much larger volume of FHA and VA loans than have other types of lending institutions.

As of 2003, mortgage bankers consistently provide 83 percent of FHA and VA home loans.

Surveys have shown that in comparison to buyers using conventional financing, FHA and VA borrowers:

• Are younger
• Have lower incomes
• Are two to three times as likely to be first-time homebuyers
• Purchase homes with much smaller down payments
• Buy less expensive properties

How to Become a Mortgage Professional

The mortgage lending industry makes, sells, and services mortgages secured by residential, multifamily and commercial real estate. The mortgage lending process is a complex series of interrelated activities. Consequently, the mortgage industry offers you a number of different job opportunities. To help you better identify the best match for your interests and abilities, let’s first review the various activities associated with mortgage lending.

Wells Fargo is particularly interested in the area of loan administration, also known as servicing. Servicing is the mortgage banking function concerned with the mortgage payment - collecting it, recording it, and remitting it to the investors. The mortgage loan process, however, begins with loan origination.

Origination is the creation of mortgages. Loan officers initiate the origination process by locating borrowers and making loan applications. The application records information about the borrower and the property to be mortgaged. Mortgage banking is regulated by numerous federal laws and enforcement agencies, and over 45 state laws or licensing boards. Individuals interested in becoming a loan officer should check with their state for specific education and experience requirements.

Processing is the collection of documentation and verifications to support information provided o the loan application. An appraisal is ordered to confirm the value of the mortgaged property and a credit report is obtained to disclose the borrower’s credit history.

Underwriting is the evaluation of loan documentation to approve or deny the loan. In the evaluation process, the underwriter considers specific requirements to be met to ensure a quality loan that is salable in the secondary mortgage market. Closing is the signing and recording of loan documentation, plus the disbursement of loan funds.

Secondary marketing is the sale of existing loans to investors, and management of the risk associated with mortgages. Normally the sale is arranged simultaneously with the origination of loans. Commitments are used to secure the future sale of loans and protect against interest rate changes that may occur between the dates of origination and sale.

Warehousing is the financing of loans from closing until sale to an investor. Short-term, revolving lines of credit are the most typical form of financing used by mortgage bankers.

Shipping and delivery is the packaging of closed loan files for delivery to an investor. This consummates the loan sale and all activities associated with “loan production.”

Loan administration (servicing) is the collection, recordation and remittance of monthly mortgage payments to investors. Servicing also includes the maintenance of escrows to protect the property securing each loan.

Mortgage lenders generally hire individuals with:

• Excellent communication and interpersonal skills, (bilingual abilities a plus)
• College degree or equivalent
• Personal computer skills and typing skills
• When hiring loan officers, lenders look for individuals with:
  • Previous sales experience with demonstrated potential to transfer skills to mortgage origination
  • Ability to work flexible hours (including nights and weekends)

Compensation for individuals with less than 3 years of experience is typically $11.00-$15.00/Hour. Compensation for loan officers is often 100% commission. General information about career opportunities in mortgage lending is available from the US Department of Labor at www.bls.gov/oco/ocos133.htm. A discussion of career opportunities for mortgage loan officers is available at www.bls.gov/oco/ocos018.htm.

How does being a mortgage broker differ from being a mortgage banker?
Unlike mortgage bankers, mortgage brokers typically do not fund or service the mortgage loans they originate. Brokers pass on the actual funding and servicing of loans to wholesale mortgage lenders. A mortgage broker works, on average, with 40 wholesale lenders at any one time. Many mortgage brokers are also licensed as real estate brokers and provide these financing services as supplements to their realty services, being careful to avoid any conflicts of interest.

Do I need to be licensed to originate loans?
Mortgage banking is regulated by numerous federal laws and enforcement agencies, and over 45 state laws or licensing boards. Individuals interested in becoming either a mortgage loan officer or broker should check with their state for specific education, insurance, net worth, and experience requirements.

What skills do I need?
Mortgage brokerage firms and mortgage lenders generally hire individuals with:

• Previous sales experience with demonstrated potential to transfer skills to mortgage origination
• Excellent communication and interpersonal skills (bilingual abilities a plus)
• College degree or equivalent
• Personal computer skills and typing skills
• Ability to work flexible hours (including nights and weekends)

How much can I make?
The Department of Labor reports that the median annual earnings of loan officers were $41,420 in 2000. The middle 50 percent earned between $30,610 and $57,250. The lowest 10 percent earned less than $24,200, while the top 10 percent earned more than $82,640. (Source: Department of Labor, Occupational Outlook Handbook).

How can I get more information?
General information about career opportunities for loan originators, processors, and closers is available from the US Department of Labor at: www.bls.gov/oco/ocos133.htm. A general discussion of career opportunities for loan originators is available at www.bls.gov/oco/ocos018.htm.

How do I get started?
The chart above provides an educational framework for beginning your career as a loan originator. While completing coursework in residential mortgage lending is not a substitute for practical, on-the-job experience, it will provide you with a solid foundation for entering the mortgage industry. In addition, it will demonstrate to potential employers your commitment to your new profession.