What does a mortgage loan originator do?
There are a lot of people involved in helping a borrower successfully secure a mortgage, but one of the most important individuals in the process is the mortgage loan originator.
What is a Mortgage Loan Originator?
In simplest terms, a mortgage loan originator (aka mortgage loan officer, loan officer, LO, etc.) is typically an individual who works with a borrower to complete a mortgage transaction. The mortgage loan originator/officer is usually the borrower’s main point of contact throughout the entire home loan process.
Mortgage Loan Officer Job Responsibilities:
-Increase mortgage portfolio by developing business.
-Generate mortgage leads.
-Complete mortgage loans processing and closing.
What Do Mortgage Originators Do?
A few common duties performed by mortgage loan originators include but are not limited to…
-Interviewing mortgage applicants.
-Analyzing and screening preliminary loan requests.
-Gather background financial information.
-Submit loan applications for processing.
-Monitor loan progress from application to closing.
What we Look for in a Loan Originator:
Aside from simply being able to complete the necessary tasks associated with processing a mortgage, a good mortgage loan originator should posses certain characteristics to help their borrowers succeed.First and foremost, LOs should maintain industry standards of honesty and integrity.
Loan originators should also be good with dealing with the public, as they have to work one-on-one with all sorts of borrowers from all walks of life. In addition, good LOs will want to develop new business opportunities whenever possible, so they will actively work to develop a rapport with real estate agents, property appraisers and attorneys. The more an LO does this, the more their reputation grows.
-Have an active MLO license.
-Possibility to make your own schedule.
-Tools and partnership advantages.
-Opportunity to grow your mortgage career.