Main Responsibilities and Required Skills for Mortgage Loan Officer
A Mortgage Loan Officer is responsible for advising borrowers and analyzing the eligibility of loan grant. They review and update credit and loan files and negotiate terms and conditions with clients. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Mortgage Loan Officers.
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Main Responsibilities of Mortgage Loan Officer
The following list describes the typical responsibilities of a Mortgage Loan Officer:
Achieve
Achieve established company wide and individual sales goals.
Achieve production goals as established by the Credit Union.
Achieve sales and referral goals by developing a positive customer experience.
Adhere to
Adhere to all federal regulations regarding origination of mortgage loans and FCU internal policies.
Advise
Advise borrowers on available lock options and locks loans promptly.
Analyze
Analyze current rates and programs to provide accurate and timely information to borrowers.
Analyze current rates and programs to provide accurate and timely information to clients.
Analyze eligibility of loan grant.
Approve
Approve loans within specified limits and refer loan.
Approve mortgage loans by examining application and supporting documentation.
Assist in
Assist customers and prospects throughout the loan process to further enhance business relationship.
Assist high producing loan officers in the effective and timely completion of loan applications.
Assist in coordinating closing appointments in conjunction with the closing staff.
Assist in maintaining Loan Officer calendar for client meeting, sales calls and other bank meetings.
Assist Mortgage Loan Officer or Mortgage Sales Manager in gathering and preparing loan submissions.
Assist processors as needed with day-to-day operations.
Assist with data entry into Fulton Mortgage Company's loan origination system.
Attend
Attend bi-monthly and or weekly production meetings with staff and management.
Attend closings as required or requested.
Attend community events to create brand awareness.
Attend required company meetings.
Attend builder sales meetings and provides education on various loan products to increase sales.
Build
Build a supportive referral network (e.g. with clients, lenders, real estate agents).
Build support presentations for investor exception review.
Calculate
Calculate income, reviews assets and liabilities.
Carry ou
Carry out duties in compliance with all federal and state regulations and guidelines.
Collaborate with
Collaborate with clients and processing team to ensure that mortgages are closed on time.
Collect
Collect all data and documents necessary to process the application.
Collect financial information (e.g. taxes, debts).
Collect initial qualifying documentation.
Collect and analyzes information regarding the applicant's income, assets, investments or debts.
Communicate with
Communicate closing date to affected parties.
Communicate with clients to either request or to provide information.
Communicate with their Manager / Supervisor on a daily or weekly basis regarding personal production.
Compile
Compile loan packages and negotiates with applicants according to standards.
Complete
Complete annual training as required by company policy and law on an annual basis in a timely manner.
Complete any additional duties as assigned and assist interdepartmentally as needed.
Complete loan contracts and counsel clients on policies and restrictions.
Complete monthly and weekly required reports as determined by the department.
Compute
Compute payment schedules.
Confer
Confer with Underwriters to aid in resolving mortgage application problems.
Coordinate
Coordinate process needs with Underwriters, Processors, Closers and Funders.
Coordinate the loan closing with the customer and, if used, closing agent / title Company.
Coordinate with other team members and departments to optimize the sales effort.
Counsel
Counsel partners and provide assistance with completing loan applications.
Create
Create and embrace the latest technology.
Deliver
Deliver high quality customer service to applicants via phone and email.
Determine
Determine all applicable ratios and metrics and set up debt payment plans.
Develop
Develop and maintain a high degree of visibility for WFHM in the marketplace.
Develop and maintain knowledge of Conventional, VA and FHA lending policies and procedures.
Develop application sources.
Develop contact with existing applicants, prospects and warm leads by cold calling or emailing.
Develop knowledge of company products, policies and procedures, and underwriting requirements.
Develop plan to achieve sales goals with assistance from sales management.
Discuss
Discuss and gain commitment on activities for success based on the annual mortgage production goal.
Discuss products and pricing at the request of, or in the absence of, the loan officer.
Document
Document and process member requests for additional information.
Educate
Educate the customer on Bank products, pricing, underwriting and regulatory guideline.
Enjoy
Enjoy creating a relationship with clients over the phone.
Ensure
Ensure all conditions and closing dates are met.
Ensure compliance with privacy laws and confidentiality policies throughout the process.
Ensure data are in line with national and local financial rules.
Ensure highest level of member / applicant satisfaction.
Ensure maximum efficiency through attention to detail, self-motivation, and agility.
Enter
Enter data and maintains marketing programs and tools such as Loan Officer Toolbox.
Establish
Establish and manage ongoing nurture campaigns, optimizing CRM.
Evaluate
Evaluate and structure first and closed end second mortgage applications.
Evaluate creditworthiness and eligibility for obtaining a mortgage loan.
Evaluate credit worthiness by processing loan applications and documentation within specified limits.
Exceed
Exceed our production standards by maintaining an active pipeline.
Execute
Execute effective mortgage marketing plans to meet or exceed agreed upon mortgage production goals.
Expand
Expand knowledge of industry and changes requiring adjustments in process.
Explain
Explain information required and other aspects of the loan process to Customers.
Follow up
Follow up on conditions necessary to close or decline loan as requested.
Follow up on unanswered requests for documentation.
Follow up with assigned clients at all times, keeping them informed of the loan process.
Follow up with high quality leads and maintain pipeline of clients.
Forward
Forward requests requiring additional action to appropriate personnel.
Gather
Gather all necessary and required documentation for loan approvals.
Generate
Generate preliminary disclosures and review them with the applicant.
Guide
Guide clients through mortgage loan options.
Guide Customers through the mortgage application process.
Handle
Handle customer complaints and take appropriate action to resolve them.
Help
Help establishing relationships with realtors.
Help resolve problems with applications.
Help us build a better Wells Fargo.
Identify
Identify product eligibility for client closed loan acquisition.
Inform
Inform clients about loan approval or rejection.
Initiate
Initiate and maintain contact with realtors and members throughout the processing period.
Initiate preliminary research needed on the loan to help determine mortgage eligibility.
Initiate the SAFE registration process immediately after your employment start date.
Input
Input loan application information into Encompass System.
Input or upload application information into Loan Origination System, Encompass.
Interact
Interact on a first name basis and recognize each team member's unique value.
Interact well with co-workers.
Interact with all branch personnel.
Interact with customer traffic.
Issue
Issue pre-approval letters for prospective buyers and follows up to ask for their business.
Justify
Justify decisions (approvals / rejections) and report on them.
Large
Large local network of outside contacts to generate referral flows.
Learn
Learn and utilize various in-house technical systems and programs.
Learn various borrowing programs and processes and stay current with changes and new products.
Maintain
Maintain a high level of confidentiality.
Maintain an active rolling pipeline of funding per our guidelines.
Maintain and update account records.
Maintain a neat and professional personal appearance and work area.
Maintain a "single point of contact” managing process from beginning to end.
Maintain contact with the member, Realtor and / or seller during the entire loan progress.
Maintain current registration with the National Mortgage Licensing System Registry.
Maintain regular and predictable attendance.
Maintain required monthly production volume as communicated by management.
Maintain the highest level of sales ability and negotiation skills.
Maintain thorough knowledge of lending programs, policies, procedures, and regulatory requirements.
Maintain timely and detailed updates for client and representative advisors.
Maintain up-to-date knowledge of RESPA through continuing education courses.
Make
Make a concentrated effort to solve member problems and make sound decisions.
Make introductions and pass out business cards.
Make weekly sales calls to develop new business and retain existing business.
Manage
Manage Customers' expectations regarding processing times and closing dates.
Manage daily workflow to ensure optimum productivity.
Manage disclosure queue daily.
Manage personal pipeline to ensure service standards and financial goals are met.
Meet
Meet contract dates, and ensure all transaction counter-parties are kept informed.
Meet monthly performance requirements.
Meet on-call requirements for accessibility including travel limits and behavior parameters.
Meet strict deadlines and maintain compliance.
Meet with clients for mortgage opportunities as scheduled.
Meet with clients to complete necessary documents on an as need basis only.
Monitor
Monitor and Re-Disclose Loan Estimates and Change of Circumstances within 3 days of revisions.
Monitor and report on application processes.
Negotiate
Negotiate terms and conditions with borrowers.
Network
Network and build relationships with agents, and stay informed about developing trends.
Offer
Offer many mortgage products (VA, FHA, Conventional, etc.).
Operate
Operate in compliance with laws and regulations and adhere to lending compliance guidelines.
Originate
Originate residential mortgage loans to the targeted servicing market.
Oversee
Oversee loan applications.
Participate
Participate in all steps related to the origination of a mortgage loan including but not limited to.
Participate in new training and licensing programs to expand the team's capabilities.
Participate in periodic marketing campaigns through cold calling initiatives.
Perform
Perform duties in compliance with current lending regulations.
Perform miscellaneous duties as needed and required.
Perform other duties as assigned by management.
Perform pre-closing review of loan documents individually and, if requested, with loan customer.
Perform qualification analysis and provide solutions based on learned objectives.
Perform related duties and responsibilities as required and other duties as assigned.
Prepare
Prepare and submit mortgage loan applications.
Prepare loan application documents based on applications received via email, or standard mail.
Prepare loan applications for mortgage loan products.
Present
Present a positive and professional image to all employees and members.
Present various loan programs and benefits of each to the customer.
Produce
Produce high quality loans which meet guidelines while providing excellent customer service.
Promote
Promote and cross-sell other establishment products.
Promote our team members so they can share their knowledge with others.
Provide
Provide advice, recommendations to both prospective customers and their representative advisors.
Provide exemplary customer service by overseeing loan process from origination to closing.
Provide general information on credit union services and policies.
Provide outstanding customer service, work well under pressure and be a team player.
Provide recommendations to management on product and program improvements.
Request
Request and collect required customer information to support the application process.
Request and obtain documentation needed and forwards to Mortgage Processor.
Research
Research new mortgage loan policies.
Resolve
Resolve issues or arrange for resolution.
Respond
Respond promptly to requests and questions from internal staff and members.
Respond to inquiries about mortgage applications, processing status, problems, and concerns.
Respond to inquiries and resolves problems regarding processing of the loan.
Restructure
Restructure loans to meet guides and get approval.
Review
Review all disclosures for completeness and compliance.
Review and update credit and loan files.
Review Book of Business client profiles with retail partners to uncover mortgage opportunities.
Review fee changes to determine accordance to TRID change of circumstance guidelines.
Review Loans to ensure that they are complete and accurate according to policy.
Review mortgage pipeline with Branch Manager and / or delegate, as directed by Branch Manager.
Review the application for completeness and integrity of loan data.
Review the automated recommendation to approve the loan or refer it for further analysis.
Review the loan process by monitoring loan status, term conformity, and regulatory guidelines.
Review underwriting guidelines, structure the loan and submits to the automatic underwriting system.
Run
Run Automated Compliance Testing and inform processor of any major fails.
Schedule
Schedule, coordinate, and attend settlements.
Secure
Secure member documentation and maintain member confidentiality.
Sell
Sell and originate residential mortgage loans to sales goals.
Set
Set customer expectations for additional information needs and closing date.
Set loan pricing and offer rates to consumers while explaining loan terms.
Set up
Set up and maintain mortgage loan files.
Stay current with
Stay acquainted with assigned Loan Officer's complete pipeline activity.
Stay current with changes and new products.
Strengthen
Strengthen realtor alliances and internal / external title insurance relationships.
Strive
Strive to make every customer interaction a great one.
Submit
Submit applications to credit analysts for verification and recommendation.
Train
Train with manager on mortgage rate sheets in order to learn to accurately price and lock loans.
Understand
Understand and follow posted work rules and procedures.
Understand real estate appraisals, title reports, and real estate transactions.
Update
Update job knowledge on types of loans and other financial services.
Use
Use existing procedures to solve routine problems of recurring nature.
Work with
Work activities involve combinations of sitting / standing for extended periods.
Work closely with processors, closers and underwriters.
Work collaboratively with department management and processing staff.
Work collaboratively with the team across departments.
Work hard and have fun to get the job done.
Work under direct supervision.
Work with customers in structuring of residential mortgage loans.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Mortgage Loan Officer:
Achieve Sales Goals
PC Skills
Customer Service
Business
Calculator
Mortgage Lending
Most In-demand Soft Skills
The following list describes the most required soft skills of a Mortgage Loan Officer:
Written and oral communication skills
Time-management
Organizational capacity
Interpersonal skills
Attention to detail
Detail-oriented
Self-motivated
Analytical ability
Bilingualism
Problem-solving attitude
Organized
Constructive criticism
Effectively prioritize workload and meet deadlines
Explain complex mortgage information in simple understandable terms
Operate effectively in a dynamic detail oriented environment
Positive and professional attitude
Presentation
Priority management
Represent company in a positive manner
Study material independently
