Death in the family, illness, loss of a job, or divorce can take a great toll on our daily lives and finances. If tragedy strikes and you are unable to afford your monthly mortgage payments and find yourself falling behind, you may be able to modify your home loan to catch up and avoid foreclosure.
What Is A Mortgage Loan Officer?
You hear the term “mortgage loan officer” a lot, but what does that mean and what do they do? Could this be a viable career for you?
Let us go over the basics of what a mortgage loan officer is, their job responsibilities, and what it takes to become one.
What Mortgage Loan Officers Do & Where They Work
A mortgage loan officer helps prospective home owners find a mortgage that is right for them and determine if they qualify. There are two types of mortgage loan officers: residential and commercial. When looking for a mortgage, it is essential that clients choose an officer with the right specializations so they will get what they need.
For example, if a client wants to by a residential property, a commercial mortgage loan officer would not be the ideal choice, as this officer doesn’t deal with residential properties. The client would then be referred to a residential mortgage loan officer.
Mortgage loan officers work at a variety of places that offer home mortgages like a bank or mortgage company. Depending on the company, mortgage loan officers can work remotely or in-house.
A Mortgage Loan Officer’s Responsibilities
The responsibilities of a mortgage loan officer are many and include:
- Evaluating mortgage applications for accuracy.
- Checking applicant’s financial status, credit history, and other required documents.
- Educating clients about the different types of loans, as well as their terms and conditions.
- Reviewing loan agreements to ensure they are complete and accurate.
- Creating payment schedules for clients.
- Developing and maintaining a professional business referral network.
- Maintaining current knowledge of all lending programs and regulatory requirements.
Becoming A Mortgage Loan Officer
If you want to become a mortgage loan officer, realize that it takes a lot of patience, education, and the right attitude. Education varies from high school diploma to a college degree, and mortgage loan officers are required to be certified by taking the Mortgage Loan Originator test.
Since many mortgage loan officers work on commission, there is a certain amount of risk associated with the profession. But despite the risk, it is a high-reward career that will allow you to help people realize their dreams of homeownership.