What Are Mortgage Loan Officer’s Duties?
As a Mortgage Loan Officer freshly entering the industry, you may be curious what your job responsibilities entail, what skills you should have honed in, and overall what to expect entering the mortgage job force. Let us guide you through what you can expect in your day-to-day as an MLO.
Before starting your new career, take a minute to read through what will be expected of you as a Mortgage Loan Officer.
General Responsibilities of a Mortgage Loan Officer
MLOs are responsible for securing loan file financial documents from potential borrowers, analyzing the loan file data, and consulting with prospective borrowers to educate them on varying loan products. Aside from these main tasks, they are also expected to:
- Collect and organize client’s financial information
- Assess client creditworthiness
- Assess client eligibility for obtaining a mortgage loan
- Connect with clients
- Guide clients through appropriate mortgage loan options
- Prepare and submit client mortgage loan applications
- Guarantee you’re abiding by national and local financial rules
Those responsibilities sound all fine and dandy, but what do they really mean? Let’s break down each of these tasks into what they entail in full.
- You will meet with and interview potential and current clients to understand their lending needs, including first-time mortgages and refinance of existing loans.
- You’ll explain the differences between and approval requirements of various types of mortgages, followed by preparing and presenting a lending package based on your client’s needs
- You can look forward to helping clients through mortgage applications
- You’ll review loan applications, gather credit histories and reports, and assess applicants risk
- You will grants or reject mortgage applications
- Sometimes you’ll be expected to view or visit property for real estate purchases or refinancing
- Throughout your time as an MLO you can expect to develop contacts with real estate agents, developers, and builders
- You are always responsible for staying up to date on industry trends, developments in the local real estate market, and rules and regulations for various mortgages
Common Required Skills of a Mortgage Loan Officer
Now that you’ve got an idea of the duties that’ll be expected of you, we have to talk about the skills many employers will be looking for you to have mastered.
- Interpersonal and customer service skills
- Organizational skills and attention to detail
- Thorough understanding of Federal Housing Authority (FHA), Veterans Affairs (VA), Federal National Mortgage (Fannie Mae)
- Full knowledge of construction and conventional loans
- Understanding of Microsoft Office Suite or related software
Some employers will require a degree in Finance or Business Administration, and experience in the industry is generally preferred.
With the demand for real estate expected to rise in the next decade, the mortgage industry is one of the best verticals for those looking to start a new business and directly benefit from their own hard work.
Ready to Further Your Education With The CE Shop?
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