Career Outlook Revised PDF

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Career Outlook for Mortgage Manager...

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When I graduate from Western Governors University with my Bachelor's degree in Human Resources, I am still going to stay in the banking/ mortgage industry that I have been in for over 20 years. When my husband was stationed in Texas, I worked for a large credit union in San Antonio as Assistant Vice President of Mortgage Operations. The credit union was on the ground floor of becoming a mortgage lender, my expertise in this area was valuable to the credit union, and I enjoyed helping employees learn how to do things the right way. We moved away from Texas, and I have always wanted to get back into that because it was exciting and I enjoyed training and learning new things every day. So when I graduate, I want to focus on becoming a Mortgage Operations Manager. According to Salary.com the requirements and responsibilities of a Mortgage Operations Manager "manages and directs activities of the mortgage operations department. Oversees all lending functions, which may include sales, funding, processing, and closing. Monitors the productivity and budgetary performance of the operations department. Ensures efficient delivery of products and services to clients. Develops and implements policies and procedures. Requires a bachelor's degree. Typically reports to a senior manager or head of a unit/department. Manages subordinate staff in the day-to-day performance of their jobs. True first level manager, ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions, extensive knowledge of department processes. Typically requires 5 years experience in the related area as an individual contributor, 1 to 3 years supervisory experience may be necessary' (salary.com) The average base starting salary for a Mortgage Operations Manager is $87,206 to $188,396, the total compensation average that includes bonus, healthcare, and retirement. The pay for this position type has a range between $110,377 to $248,990 (salary.com) The cities that are popular for Mortgage Operation Managers are Dallas, Atlanta, Houston, Los Angeles, San Diego, Washington D.C., Mesa, Denver, Raleigh, and Columbus. My husband and I have talked about moving to Dallas, TX where the salary ranges from $86,623 to $187,136, have at least 5 years experience, a Bachelor's Degree, reporting to a manager, and supervising up to 5 employees. Some of the job openings in Dallas, TX are for Operations Manage, Experienced Mortgage Loan Officer, Mortgage Banker, Outside Mortgage Loan Office/ Mortgage Branch Opportunity, and Training and Operations Manager. The housing/ real estate market is growing every day so the need for Mortgage Operation Managers will increase as well. The Bureau of Labor Statistics did not have any numbers on current growth and future growth. Based on the salary outlook at the Ladders.com, is from $80,000 (low) to a high of $200,000 (high). With the key responsibilities being to run the day to day operations of the production staff but does not include the sales or marketing aspects (ladders.com) 

Responsible for leading all phases of customer-specific operation including: quality control, process improvement, government regulation adherence and all compliance duties.

Responsible for daily customer communication and problem resolution and to copresent monthly/quarterly production reviews. Full P&L responsibility for customer's operating contribution Oversee internal workflows and organizational development; direct and oversee all staff-related activities Responsible for peak season readiness and volume management Coordinate with client and senior staff to identify and implement opportunities for continuous process improvement to reduce costs and increase quality Ensure that all employees have received and completed required BSA/AML training annually, along with any other mandated training. Identify and direct the resolution of operational and maintenance problems to ensure continuous improvement, minimum costs and prevent operational delays (theladders.com)

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However, per information at lensa.com the salary for a mortgage operations manager is significantly lower, but the responsibilities are significantly higher. The salary range per this site starts at $38,000 but does exceed $88,000 annually. The duties for this position are considerably more involved including but not limited to:     

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Manages the company s mortgage lending operations activities in accordance with established procedures. Establishes and monitors performance goal achievement for the mortgage operations group. Analyzes processing unit operations and recommends improvements which better enable sales and service efforts. Implements strategies within mortgage loan operations and coordinates them with other operational areas. Serves as the mortgage processing system administrator, responsible for maintaining current releases and proper configurations and coordinating activities with applicable systems vendors. Responsible for strict adherence to all compliance and regulatory requirements as well as department policies and procedures.

Growth potential for the position type will continue to grow, since every company needs this position type. Based on the information I was able to retrieve from greatvaluecolleges.net, they state, “The field of operations management is a growing one because the job functions performed by these business professionals are needed by every company. (greatvaluecolleges.net) Having worked in this industry for greater than 20 years, I personally know the duties are more closely related to the duties as mentioned on the lensa.com site, however, the salary for this position is much more accurately listed at salary.com. (n.d.). Retrieved from https://swz.salary.com/salarywizard/Mortgage-OperationsManager-Job-Description.aspx

(n.d.). Retrieved from https://www.theladders.com/job/senior-operations-managerimperial-beach-ca_38487431 (n.d.). Retrieved from https://lensa.com/mortgage-operations-mgr-iiijobs/tempe/jd/e9802e72b12948134729209cc2c813c8 (n.d.). Retrieved from https://www.greatvaluecolleges.net/faq/is-operations-managementa-growing-field/...