Mortgage Loan Officer How to Hire, Salary Data, and Job Descriptions
Mortgage loan officers typically work for banks or other lending institutions where they gather and evaluate a client’s financial information to identify whether or not they are eligible for a mortgage loan. The mortgage loan officer completes the mortgage loan applications in accordance with national and local financial standards. They monitor the progress of loan applications and work with clients to address any discrepancies and resolve problems in the application process. Mortgage loan officers must have excellent interpersonal skills as they need to build positive relationships with clients.
Mortgage loan officers need to be reliable and trustworthy as they work toward securing the best mortgage loans for their clients. Strong analytical skills and good judgment are keys to success as a mortgage loan officer. Good working knowledge of mortgage loan computer software, such as Calyx Point, is essential as is the ability to handle confidential information. Mortgage loan officers have excellent mathematical skills and exceptional attention to detail. Strong time management skills are also important.
Sample job description #1
Strong verbal communication skills
Ability to remain competitive and coachable while working in a fast-paced sales environment
Desire to take your sales career to the next level
Ability to adapt well to change with the willingness to maintain a flexible schedule
Team player attitude
Experience reaching or exceeding sales goals and objectives
Proven success in a sales or customer service role
High school or equivalent (Preferred)
Loan origination: 1 year (Preferred)
Sales: 1 year (Preferred)
As our business continues to grow, we’re in search of high spirited, passionate people who want to join our team of mortgage professionals. We offer high-lead flow of qualified clients. No prior lending experience is necessary to be successful. We’ll provide you with all the support to get you licensed within the first 3 months.
In this role, you’ll use your competitive edge to present, evaluate and sell valuable financial solutions to clients all across the country. Our team will teach you the ins and outs of the business and we want you to invest in a long-lasting career with us. You’ll be rewarded for your hard work with uncapped commission, team celebrations and much more. We hope you join our team.
Sample job description #2
A Mortgage Loan Officer is responsible for originating and closing loan volume derived from external sources. This position is encouraged to originate all types of loans including conventional, government and construction loans, in alignment with ABC Company loan standards and procedures.
Home loan production:
Perform high volume Real Estate lending functions accurately, timely, and in alignment with ABC Company loan standards and procedures
Interview and process first mortgage loan applications, ensuring accurate information
Evaluate loan applications, credit reports, title reports, appraisals, inspections, and supporting documentation; making mortgage loan recommendations while conforming to guidelines of ABC Company policies and/or secondary market guidelines
Set clear expectations with borrowers on timelines, loan conditions and closing dates
Originate Government (FHA/VA) loans and maintain current knowledge of Government (FHA/VA) lending guidelines and procedures
Provide support to other External Home Loan Officers as needed
Proactively communicate with management with respect to all significant challenges or opportunities
Close a minimum of $500,000 per month with 70% of the loans coming from self sourced external referral sources
Relationship development and service:
Spend a significant portion of their time outside of the office developing relationships and networking as a means for business
Attend all closing meetings for purchase transactions when possible
Take ownership of issues by acting as the borrowers advocate. Follow through on all commitments
Achieve a high level of efficiency in real estate transactions to meet the needs of the member
Provide borrowers with solutions to financial needs recommending appropriate ABC Company products and services
Become proficient with ABC Company’s products, systems, and procedures
Knowledge, skills and abilities:
High School Diploma or equivalent is required; Associate’s degree or some college is strongly preferred
A minimum of three years mortgage lending experience in a financial services environment. This includes knowledge of mortgage terms, title insurance, and required mortgage processing procedure
Proven history of closing self sourced business with emphasis on purchase transactions.
National Mortgage Licensing System and Registry (NMLS) registration under the terms of the SAFE Act of 2008
Strong communication (verbal and written) to include formal presentation skills
Proficient knowledge of MS Office programs including Outlook, Word, and Excel
Strong interpersonal skills required, including maintaining positive relationships and excellent customer service skills
Ability to work effectively and collaboratively in a diverse work group, as well as independently with minimal supervision
Ability to adapt to changes and prioritize and manage competing demands
Ability to solve practical problems and deal with a variety of situations exercising flexibility and sound judgment in a fast-paced environment
Ability to make practical and timely decisions and explain reasoning for decisions
Strong work ethic required, including the ability to complete duties on time, consistently arrive at work on time as scheduled, and ability to work flexible hours and attend Realtor open houses on occasion, even on weekends
Sample job description #3
At ABC Company, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued, and have an opportunity to contribute to the company’s success. As a Mortgage Loan Officer within ABC Company’s Mortgage organization, you will be based in (State).
Recommends loan solutions in accordance with lending guidelines and clients’ requirements
Manages a portfolio of customer relationships. Seeks prospective opportunities to retain and/or develop new clients. Responsible for sales calls
Develops and prepares loan solutions and refers products and services; reviews documentation to ensure compliance. Manages customer pipeline for efficiency
Collaborates with internal and external stakeholders to complete mortgage transactions
Collects and analyzes customer financial information for multifaceted and/or complex borrowers
ABC Company’s employees take pride in our reputation and to continue building upon that we expect our employees to be:
Customer Focused – Knowledgeable of the values and practices that align customer needs and satisfaction as primary considerations in all business decisions and able to leverage that information in creating customized customer solutions
Managing Risk – Assessing and effectively managing all of the risks associated with their business objectives and activities to ensure they adhere to and support ABC Company’s Enterprise Risk Management Framework
Customer Experience Management. – Implements the strategies and techniques used to ensure that customers have a positive experience with the organization and its products and services at every touch point
Effective Communications – Understanding of effective communication concepts, tools and techniques; ability to effectively transmit, receive, and accurately interpret ideas, information, and needs through the application of appropriate communication behaviors
Financial Analysis – Knowledge of and ability to read, interpret, and draw accurate conclusions from financial and numerical material
Loan Origination – Knowledge of the skills, methods, and technologies used to process new loan applications; ability to perform loan origination activities while adhering to established policies and procedures
Matrix Management – Ability to build and use effective working relationships within own department and across department, functional, and geographic reporting lines
Mortgage Products. – Knowledge of and ability to utilize commercial and residential mortgage instruments available in the branch and apply them to specific situations
Sales Tasks And Activities – Knowledge of and the ability to sell an organization’s products and services
Scheduling Work and Activities – Knowledge of the schedule creation process; ability to develop and maintain a workable schedule to accomplish the overall goals of day-to-day operations
Selling. – Applies knowledge of banking products and services to meet customer needs and enable them to achieve their financial goals. Identifies prospecting approaches to identify potential customers and create opportunities to sell financial solutions and ideas to customers
Roles at this level typically require a university/college degree with < 1 year of professional experience and/or successful completion of a formal development program. In lieu of a degree, a comparable combination of education and experience (including military service) may be considered.
Average salary and compensation
The average salary for a mortgage loan office is $63,600 per year in the United States. Salary will vary based on location, market conditions, experience, and company size.
Los Angeles, California
Minneapolis-St. Paul, Minnesota
New York City, New York
Sample interview questions
Can you tell us about a time when you made a mistake in your client’s paperwork? How did you handle the situation?
What made you want to become a mortgage loan officer?
Do you have any good success stories you want to share with us?
What would you say are the most important skills needed for a mortgage loan officer?
Can you list the different types of financial information needed from an applicant?
What goals do you wish to achieve in the next 5 years?
Can you give us a rough estimate of the loans you last submitted in a month?
How many years of experience do you have doing residential loans?
What would you do to bring in business if it was super slow?
Can you explain to us in your own words what risk layering is?
Tell me about the most challenging loan file you’ve dealt with. What did you learn from this experience?
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