what is a home lending manager?
As a home lending manager, you have a crucial role in overseeing lending operations in the home mortgage department. You lead a team of lending specialists through the loan application process, making sure borrowers understand the terms and conditions of the loan product before purchasing it.
To excel in this position, you need a solid understanding of financial concepts such as risk assessments, creditworthiness, and interest rates. As the home lending manager, you review every loan application before processing it to ensure it meets the criteria for approval. You also negotiate interest rates for clients based on the loan purpose, term length, and creditworthiness. Additionally, you work closely with the legal department to ensure the loan agreement's terms and conditions are legally binding and honoured by both parties.
Lending managers like you commonly collaborate with banks, credit unions, and other financial institutions to offer clients home loan products. Your expertise and assertiveness are essential in ensuring the best possible outcome for your clients.view vacancies
average home lending manager salary
As a home lending manager, your salary is subject to variation based on the size of the loan or credit department you oversee and your level of experience. An average salary of $105,000 is what you can expect to earn. However, if you are a novice with minimal experience, your base salary may be around $85,000 - $95,000. Nevertheless, with more qualifications and experience, you can take on added responsibilities and potentially earn upwards of $140,000 - 180,000 annually, depending on commission structure.
how to increase your salary as a home lending manager
Home lending managers' salary packages vary depending on their level of experience and qualifications. Those with additional qualifications often earn more due to their expertise. Experienced managers can negotiate for higher pay compared to entry-level managers.
Your earnings may be influenced by the size of the institution you work for. If you manage a large team of lending specialists, you may have more responsibilities and receive a higher remuneration. The complexity of your duties in a large financial institution also warrants a higher salary as these companies have unlimited resources. Additionally, your location can impact your earnings as working in metro areas where the demand for the role is high may result in a higher salary.
Want to know what you will earn as a home lending manager? Check out what you are worth with our salary checker.
types of home lending managers
The types of home lending managers depend on the home loan products they sell. Some include:
- direct home lending managers: as a home lending manager working for a direct lender, your employer originates their loans. That means you manage the lending of money to clients at a mortgage bank or portfolio lending institution. Your role is to guide the borrower through the mortgage process without intermediaries. You speed up the lending process since everything is done internally.
- wholesale home lenders: when you work as a home lending manager for a wholesale lender, you match your clients with third parties that offer loans. You perform the underwriting process and forward the qualifying buyers to banks, mortgage brokers and credit unions.
- online home lending managers: online lenders offer an alternative to traditional mortgage loans by originating loans online. The process saves your employer's overhead costs and gives clients lower loan interest rates.
working as a home lending manager
If you want to become a home lending manager, check out the specific duties, work environments and schedules in the role.
education and skills
To work as a home lending manager in Australia, you require relevant qualifications and industry experience, including:
- tertiary qualifications: to become a home lending manager, pursue a Certificate IV in credit management. A diploma in credit management or a bachelor's degree improves your employment prospects in a managerial role.
- accreditation: while accreditation with the Australian Institute of Credit Management is not compulsory, it enhances your credentials and opportunities. It is important to gain experience to boost your skills in the role.
home lending manager skills and competencies
Home lending managers require the following qualities to excel in their role:
- communication skills: as a home lending manager, you communicate with different people throughout the day, from loan applicants to lending specialists and the finance team. Effective verbal and written communication skills help you convey information clearly. Your listening skills also help you build rapport with clients and employees.
- customer service skills: as a home lending manager, you require customer service skills to interact with customers in a friendly and helpful manner. Since you interact with some clients on the phone, you require customer service skills to answer questions and explain the application process. The skills make you approachable and help build trust with clients.
- leadership skills: as a home lending manager, you are responsible for overseeing the lending departments and managing a team of lenders. Your role involves providing clear direction to employees on their duties, inspiring and motivating them to work towards the company's goals, and delegating tasks while resolving conflicts. Your leadership skills are vital to the success of the team.
- problem-solving skills: as a home lending manager, you manage the entire lending process. You solve any issues during the application and meet clients’ needs. Your problem-solving skills come in handy when dealing with various issues arising in the lending department.
FAQs about working as a home lending manager
Here, you will find the answers to the most frequently asked questions about the profession of a home lending manager.