Have you ever wondered exactly what a mortgage loan officer does on a daily basis? Were you thinking of becoming one yourself? Are you thinking of buying a house and would like to learn more about the process? In this article, all of these questions and more will be answered.
What is a mortgage loan officer?
A mortgage loan officer is an employee of a bank, credit union, or financial institution that assists customers in the process of securing a loan to buy a house. Mortgage loans are the most complicated and costly loans typically applied for by consumers. A mortgage is a loan used to purchase a home or another type of property. The mortgage loan officer is your direct contact with the bank or credit union. The officer will first have to determine if you are eligible for the loan. Mortgage loans usually involve a much more significant amount of money than a car loan or personal loan (you can find here https://topminisite.com/blog/best-personal-loan-lenders what is a good personal loan APR). This means that there is much more paperwork involved and more training required for the mortgage loan officer. Some of the training would include a vast knowledge of banking industry rules and regulations, types of mortgages offered, and what exact paperwork is necessary as well as how to complete and submit it properly.
The mortgage loan officer must complete several steps in assisting the client with obtaining the mortgage (loan) for their home or property they seek to purchase. An initial interview with the client must be conducted to determine eligibility to secure such a large loan. This would be the application process. A mortgage application would have to be filled out which includes copious amounts of personal information such as bank statements, tax returns, pay stubs, credit scores, length of time with current employer, and references. Once the application is complete, the mortgage loan officer submits the paperwork to the lending institution's underwriter. If the application is approved, the mortgage loan officer must then prepare all of the final paperwork including the closing documents. .
How do you become a mortgage loan officer?
To become a mortgage loan officer, having a bachelor's degree in finance, accounting, economics, or a business-related degree is typically required. However, some lending institutions will hire mortgage loan officers with no advanced degrees or experience. You will have to obtain a mortgage loan originator license. To get this, you will have to complete 20 hours of coursework and pass a test. You additionally have to pass a credit and background check along with some training on the job. Strong communication skills, discipline, flexibility in work location and hours, and great customer service skills are all essential. There are several books and websites available to assist you in becoming a mortgage loan officer if you choose to do so. This is a career in which you could help people purchase their dream home and achieve the American dream.