After the application of a home loan, you will receive two documents, a loan estimate, and closing disclosure. On the surface, these documents are identical but they both serve slightly different purposes. Up Next: Expenses To Expect In The First Year Of Homeownership Here is what you need to know about the differences between these […]
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.