A mortgage loan officer assists new and potential loan applicants with navigating the mortgage loan process from start to finish. They are responsible for securing loan file financial documents from potential borrowers, analyzing the loan file data, and consulting with prospective borrowers to educate them on varying loan products. They work with loan processors and lending underwriters to ensure the mortgage loan application meets regulatory and financial institution guidelines for lending. Loan officers generally work at a financial institution, credit unions, or mortgage lending companies.
Key Responsibilities
- Reviews loan files and updates to match current standards
- Meets mortgage loan financial standards by providing annual budget information; monitoring expenditures; identifying variances; implementing corrective actions
- Meets with and interviews potential and current clients to understand their lending needs including first-time mortgages and refinance of existing loans
- Explains the differences between and approval requirements of various types of mortgages; prepares and presents a lending package based on client specifications
- Implements sales strategies that establish relationships with realtors and CPAs
- Works with underwriters to fix application problems and resolve issues
- Evaluates creditworthiness and eligibility for obtaining a mortgage loan
- Competes mortgage loans by monitoring collection, verification, and preparation of mortgage loan documentation; scheduling and completing mortgage loan closing
- Maintains knowledge of trends and developments in the local real estate market; current and predicted lending rates; and changes in rules, regulations, and best practices of various mortgages
- Prospects, develops, and maintains relationships with potential new business referral partners such as realtors, builders, bank colleagues, and the community at large
Job Requirements/Qualifications
- Bachelor’s degree in Business, Finance, banking, real estate, or a related field
- Several years of experience in real estate, mortgage origination, or lending required
- Current NMLS State License or Federal NMLS Registration
- Knowledge of FHA, VA, USDA, conventional, fixed/ adjustable loans, Bridge Loans, Non-Conforming Loans, FNMA and FHLMC, and Home Equity Lines of Credit
- Knowledge of state and federal regulations, and company underwriting policies and guidelines
Skills needed for this role
Mortgage Loan Officer must have an excellent interpersonal and customer service skills. He/ She should have excellent organizational skills and attention to detail. He/She must have a thorough understanding of Federal Housing Authority (FHA), Veterans Affairs (VA), Federal National Mortgage (Fannie Mae), and other types of construction and conventional loans. He/She must be proficient with Microsoft Office Suite or related software.
Career Level
1-4 Years Experienced Employee
Job Specializations
Accounting/Finance, General/Cost Accounting