Mortgage Loan Officer Job Description Template
A Mortgage Loan Officer is responsible for originating and processing residential mortgage loans. This position requires excellent customer service skills as well as a strong understanding of the loan origination process. The Mortgage Loan Officer will work closely with customers to gather financial information and ensure that all documentation is complete prior to submission to underwriting. Once the loan is approved, the Mortgage Loan Officer will coordinate with the closing agent to ensure a smooth and efficient closing process.
Mortgage Loan Officer Job Responsibilities
- originate mortgage loans in accordance with established guidelines
- interview applicants and gather required documentation
- review loan application for completeness and accuracy
- calculate income, debts, assets and liabilities to determine loan affordability
- prepare loan estimates and closing documents
- submit approved loan applications to underwriting department
- respond to underwriting questions and requests for additional information
- coordinate loan closings with borrowers, real estate agents, attorneys and others as needed
Objectives
- To originate and process mortgage loans in a timely and efficient manner
- To provide excellent customer service to borrowers throughout the loan process
- To maintain knowledge of current lending guidelines and industry trends
- To develop strong relationships with real estate agents, builders, and other referral sources
- To achieve individual production goals set by management
Mortgage Loan Officer Job Skills & Qualifications Needed
- A mortgage loan officer typically needs at least a bachelor’s degree in finance, banking, or a related field. Many loan officers have a master’s degree in business administration (MBA) with a concentration in finance. To become licensed, mortgage loan officers must complete 20 hours of prelicensing education and pass the National Mortgage Licensing System (NMLS) exam. Some states require additional coursework and exams.