Mortgage Loan Originator Job Description Example, Duties, and Responsibilities
What Does a Mortgage Loan Originator Do?
Mortgage loan originators, also known as loan officers, are employed by banks and mortgage companies to locate prospective borrowers for new mortgage loans.
His/her job description entails providing support to people soliciting for mortgage loans.
The two types of mortgage loan originators, namely the commercial and the residential, have different job descriptions and therefore play different roles.
Residential mortgage originators are employed by mortgage agencies, financial organizations, banks and credit unions to help clients willing to acquire, refinance a home, obtain an equity line of credit or a second mortgage home, while commercial mortgage loan originators handle the aspect of refinancing or purchasing of commercial real estate.
The candidate for this position may work at his/her employer’s location or as outside originators who work in locations away from the office, carrying out marketing and linking up with other real estate experts.
He/she may be required to make use of advertising and marketing procedures such as seminars, telemarketing, referrals and flyers to discover prospective borrowers.
A mortgage loan originator also originates first mortgage loans intended to be sold to an investor or at the secondary market.
He/she provides guidelines for potential closed mortgage loans and work together with builders, realtors and other associated groups in instituting positive relationship that will enhance business referrals.
The job of a mortgage loan originator requires an understanding of how to develop relationships that will generate referrals and prospective business.
This means he/she must be disposed to working independently and jointly with loan processors and underwriters.
Most loan originators in the mortgage industry are mandated by State and Federal laws to be licensed through obligatory written tests, background checks, credit validation and academic courses.
Most employers will not appoint unlicensed loan originators; and to be a successful loan originator for mortgage service, the individual needs to have an understanding of networking and marketing.
He/she is expected to develop a cordial relationship with professionals that can lead to attracting new businesses.
Job Description Example for a Mortgage Loan Originator
Outlined in the job description example below are some of the essential duties, tasks, and responsibilities that make up the daily functions of most mortgage loan originators:
- Create an amicable relationship with real estate agents and be present at real estate functions
- Maintain client files after discussing with a borrower, evaluate their credit and guide them through the process of application
- Order appraisals and collect payoffs from lenders; schedule closings; order appraisals, as well as title insurance
- Make visits to real estate offices; make cold calls and attend industry events
- Execute transactions in accordance to state lending laws
- Keep an error-free client file and make sure all borrower specific information, financing disclosure statements and closing are well filed and stored according to the standards of the state law
- Follow-up and render assistance in the area of closing and post closing outcomes
- Collaborate with bank branch staff in cross-selling bank mortgage products and services
Mortgage Loan Originator Resume Preparation
The employment history section of the mortgage loan originator resume can be made using the sample job description above.
Requirements – Qualities – Knowledge, Skills and Abilities – for the Mortgage Loan Originator Position
Here are some of the skills, knowledge, and other qualities individuals vying for the position of mortgage loan originator are expected to meet:
- A Bachelors degree with prior experience in mortgage originator setting, with preference to the banking environment
- Efficient and painstaking sales skills and high level of concentration in paying attention to details of a complex mortgage lending environment
- Efficient personal and on-the-phone customer service skills
- Outstanding knowledge of fundamental accounting methods and processes
- Proficiency in handling records and managing of files
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.