Frequently Asked Loan Officer Questions
How and where
should I start the process?
Who are loan officers and what
do they do?
Who are loan processors and what
do they do?
What educational Qualifications
do I need to become a Loan officer?
Where can a mortgage loan officer
work?
Are there any other requirements
to become a mortgage net loan officer?
What would be my annual earnings
as a mortgage loan officer?
What is the difference between
a mortgage loan and a commercial loan?
How and where should I start
the process?
The fact is, just being here is your first step.
The difference in a successful mortgage career
and one that leads to failure is you commitment
to succeed coupled with the training and support you receive. Whether you are a newly licensed
mortgage broker, a mortgage loan officer working
with a big box lender or a net loan officer working
from home or in a virtual office the second step
on your journey to something more begins with
making a inquiry here.
What are loan officers and
what do they do?
A loan officer is the face of a mortgage company
as they directly interacts with the client. The
core job functions of a mortgage loan officer
involves:
- Understanding the core products and services
provided by the Mortgage Company
- Identifying and finding potential clients,
or businesses, who are in need of a loan
- They assist borrowers through identifying
programs which affordably meet the goal and
needs of the customer.
- They assist customers in completing the 1003
and gathering proper documentation to support
the information contained within the 1003.
- They analyze customer credit to identify
what mortgage programs the borrower is eligible
for.
- The loan officer maintains close contact,
effective communication and a on going relation
with the client pre and post closing.
- They facilitate the processing of the client
file to close.
Who are loan processors and
what do they do?
While using our in house processing is an option,
our loan processors are a very important too,l
for you as a net loan officer, in helping you
to maximize volume closings. Their job is to:
- Guide prospective customers to providing all
necessary documentation required by the mortgage
company to clear a loan for closing.
- Coordinate all parties involved with the closing
to include the Title Company, Real Estate Agents,
Sellers, etc.
- Help a branch loan officer manage their active
pipeline so the mortgage loan officer can focus
on new business development.
What Educational Qualifications
do I need to become a Loan officer?
The fact is, to become a mortgage loan officer,
an advanced degree, while helpful, is not a prerequisite
to success, nor is it required for consideration
with our mortgage company. These days a loan officer
can work from home and doesn't necessarily need
to work from a mortgage company office. With a
traditional mortgage company, the basic requirement
for applying for the post of a loan officer requires
a bachelor's degree in finance, or economics.
As a branch loan officer, we're more concerned
about your knowledge of the mortgage industry
and the products we provide, than what you learned
in school. If you have received training in Banking
or sales or if you have some experience in this
sector then it will prove to be an advantage,
but is by no means necessary.
Where can a mortgage loan
officer work?
A mortgage loan officer can work in banks or
any other financial institution that offers mortgage
loan products. From a survey conducted in 2004,
it has been seen that there are 291,000 loan officers
and 34,000 loan counselors working with banks
and other financial institutions. Our net loan
officer program allows great flexibility in where
you can lend. Though some states have specific
loan officer licensing requirement which must
be met, many only require you work for a licensed
branch office.
Are there any other requirements
to become a mortgage net loan officer?
Apart from the minimum qualification and experience,
you need to be familiar with computers and various
applications related to to originating mortgages.
The licensing requirement varies from state to
state. Our net loan officer ideal requirements
can be found under our Loan
Officer Job Description.
What would be my annual
earnings as a mortgage loan officer?
Although the earnings of a mortgage loan officer
can vary from year to year as this is a growing
industry, the median as of 2004 was $48,830. The
reality is, you're under producing if you can't
make more than 100K a year in this industry. The
fact is, with the proper training, support and
marketing, many under achieving loan officers
potentially double and triple their earning capability.
That's our job and our goal.
What is the difference
between a mortgage loan and a commercial loan?
Every loan officer we hire really needs to specialize
in either commercial or mortgage loans. Commercial
loans are very complex and require extensive knowledge
beyond what is required within the residential
mortgage market. While from time to time we allow
our mortgage loan officers to wear dual hats,
they must have the background and training necessary
before they will be allowed to originate commercial
loan products unless they have a expert commercial
loan mentor to guide them through the process.
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