Mortgage Loan Officer Job Description Sample, Duties, and Responsibilities
What Does a Mortgage Loan Officer Do?
A mortgage loan officer looks out for new residential mortgage transactions and ensures sales of bank products to align with established loan production and quality objectives.
In this role, the mortgage loan officer continuously recognizes, establishes, and maintains a quality network of transactional relationships that will provoke referrals for new mortgage lending possibilities.
His/her network may include personal contacts, Builders, Real Estate Professionals and other profitable referrals.
This relationship is augmented by the loan officer’s consistent involvement in business related development opportunities.
The individual for this post achieves mortgage loan human resource goals by giving orientation and training to employees.
He/she communicates job expectations and monitors or gives appraisal on employees’ job contributions.
The ideal candidate for this position will develop relationships with real estate community and make sales calls to potential customers.
He/she authorizes mortgage loans by analyzing the application and all supporting documentation, as well as gives a computation of repayment risks involved.
Other things they do entail giving responses to customer inquiries and referrals generated from other banks, or from their own contacts.
Job Description Sample for the Mortgage Loan Officer Position
The list of duties, tasks, and responsibilities shown in the sample job description below forms the daily work activities of individuals holding the position of mortgage loan officer in most firms.
- Authorize loans according to designated limits and direct loan applications beyond those limits to the management for approbation
- Connect with loan applicants and collect information for application of loan and give responses to questions about the procedure
- Evaluate financial status of the applicant, and give credit and property appraisal to ascertain the practicability of giving loans
- Give explanation to customers on various types of credit and loan choices available and the terms of allocation
- Reassess loan agreements to certify accuracy and completion in line with policy
- Attain mortgage loan financial standards by supervising expenditures, observing variances, giving annual budgets, and executing corrective measures
- Perform regular reassessment of loans for adherence to agency and investor principles
- Ensure completion of mortgage loans by supervising, collecting, verifying, collating and preparing of mortgage loan documentation and programming
Mortgage Loan Officer Resume Preparation
In preparing a resume for the post of mortgage loan officer, the job description example above can be used in writing the professional experience part of the resume.
Requirements – Qualities – Knowledge, Skills and Abilities – for the Mortgage Loan Officer Position
The following qualities, skills, knowledge, and abilities are often required by employers from an applicant vying for the post of officer for mortgage loan:
- Minimum of High School Diploma with outstanding ability to communicate distinctly and efficiently in verbal and written form
- Minimum of one year active working experience in a bank, mortgage company or other financial institution in a loan officer capacity
- Adequate prior experience in generating refinance loans, purchase loans, as well as a comprehensive understanding of related guidelines
- Must be knowledgeable on the methods and procedures for promoting and marketing of products and services
- Tactical demonstration of sales techniques and control systems
- Practical knowledge of accounting and economic principles and procedures
- Outstanding knowledge of financial markets, banking and analysis, and giving reports of financial data
- Auditing and financial skills with thoroughness and ability to manage financial software in analyzing information
- Adequate decision making skills with display of professionalism in maintaining confidentiality
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.
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