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Become A Mortgage Originator

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Working As A Mortgage Originator

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $63,430

    Average Salary

What Does A Mortgage Originator Do At M & T Bank

* Receive referrals from realtors, builders, branches and/or developers who have pre-established relationships with M&T.
* Follow up on potential customers via telephone, fax, and email.
* Sell inbound customers to use M&T Mortgage for mortgage financing.
* Answering initial questions and providing explanation of M&T products.
* Pre-qualifying customers.
* Originates mortgages and coordinates settlements.
* Begins mortgage application process in person or over the phone and sends packages to customer for completion.
* Enters completed applications into the system.
* Obtains and analyzes pertinent financial and credit data necessary for determining if loan is an acceptable risk.
* Collects closing conditions, orders appraisals, coordinates draw schedules, and schedules closings.
* Negotiates terms and conditions of loan with mortgagor.
* Provides timely and complete feedback to sources regarding the disposition of their leads.
* Keeps informed of changing rules and regulations.
* Responsibility to establish and maintain federal registration requirements outlined in the SAFE Act

What Does A Mortgage Originator Do At Midsouth Bank

* Originate 1 4 family residential loans.
* Pre-qualifies customers for loans by interviewing the applicants in person to obtain an application and financial formation Handle referrals from Retail Stores, Contractors, Developers, Customers, and Realtors Respond to customer contact inquires regarding loan products and terms Take applications and submit to processors Review loans in process and determine status Review supporting documents, exhibits, appraisals, gifts, credit reports, etc.
* Cross-sell other bank products Maintains Professional relationship with real estate affiliates and participates in selected community activities to increase the bank s visibility.
* Visits Realtor offices and individual realtors Visit Contractors, Builders, Developers.
* Contact FSBO s, and other sources of mortgage loans.
* Develop new business opportunities Perform certain administrative duties related to the overall function of the Mortgage Team.
* These duties will vary depending upon overall team needs and individual ability and experience.
* May include one or more of the following areas: Helps coordinate team development and annual budget Performs team leader function as directed by mortgage manager Responsible for assisting in achieving individual and team goals Serves as back-up for processor Makes recommendations to mortgage manager to improve product or process Assists the team in processing file, documentation, booking, closing Updates knowledge and develops professionally on a continuing basis trough various training resources.
* These include, but are not limited to the following: Keep up to date on trends and developments of the local real estate market.
* Advises management of new products offered in the market.
* Keep informed of changing rules and regulations to products.
* Take continuing education classes to improve knowledge of industry.
* Participate in all required in-house training.
* This may include seminars, meetings, videos, sales conference calls, orientation, product knowledge training sessions, computer, regulatory, compliance, and interpersonal and supervisory training.
* Participate in training and development plan at annual performance and appraisal process

What Does A Mortgage Originator Do At Emigrant Bank

* Develop residential and commercial wholesale loan business from our base of existing mortgage brokers and develop new mortgage broker sources
* Solicit residential and commercial retail business from a base of referral sources that include, Realtors, Attorneys, CPA’s and Affinity Groups
* Manage existing pipeline of loans and work closely with processing dept., underwriting, and regional manager to move loans to approval stage and closing
* Provide oversight of the office and target area performance
* Meet target area goals, hire additional sales personnel as goals are met

What Does A Mortgage Originator Do At Austin Bank Texas National

* 1) Performs mortgage lending origination duties to include: 1
* Providing service to customers seeking loansI 2
* Interviewing applicants to develop information regarding mortgage lending needs, financial capacity, growth plans, and earnings to determine whether a loan may be originated 3
* Obtaining and analyzing all necessary financial data 4
* Conducting credit checks 5
* Preparing necessary documents, loans, and agreements 6
* Determining loans and terms within own lending limits, or making recommendations to the other lending staff members.
* Completing required documents for compliance 8
* Monitoring department performance and documentation to ensure conformity with bank policies and all applicable laws and regulations 9
* Receiving and returning telephone calls 10
* Responding to inquiries regarding loan rates, terms, and qualifications 11
* Underwriting mortgage loans within specified criteria 12
* Manages and supervises mortgage originators and workflows of all secondary market consumer real estate loans.
* Underwriting authorization of secondary market consumer real estate loans. (2) Performs mortgage loan processing duties to include: 1
* Processes loan applications and documents, and maintains file system on all applications, notices, memorandums and correspondence, etc 2
* Submits files to underwriting personnel for loan approval in accordance with FNMA guidelines 3
* Coordinates loan closings and closes loans, as appropriate 4
* Monitor, maintain and track suspense items from investors 5
* Enters new loans and customer information into computer system 6
* All other related job duties as assigned (3) Performs business development duties to include: 1
* Cross‑selling Bank products 2
* Maintaining relationships with realtors, builders, contractors, title companies 3
* Contacting and calling on potential and existing customers 4
* Promoting overall business development of the Bank 5
* Retaining business contacts within the community (4) Performs miscellaneous duties to include: 1
* Attending officer and all other assigned meetings 2
* Preparing all necessary correspondence 3
* Staying abreast of current banking and mortgage laws and regulations through reading

What Does A Mortgage Originator Do At Farm Credit Mid-America FLCA

* SALES and RELATIONSHIP MANAGEMENT: The CLO/SCLO will develop and maintain a significant professional presence that yields sales that increase the Association’s market share in the assigned territory.
* The CLO/SCLO will spend most of the time out of the office to build professional relationships with customers, prospective customers and influencers based on mutual trust and respect.
* Use understanding of customer goals, credit strengths and weaknesses to deliver “value added”/constructive financial information to the customer.
* The CLO/SCLO:
* Determines and defines the appropriate customer interaction and coordinates the appropriate staff that may directly or indirectly be a part of the relationship to serve the customer’s loan and servicing needs
* Communicates to the customer and to internal team members regarding the customer’s needs.
* Introduces customers to the Association’s process and the retail service team that will support the process.
* DELIVER SOUND CREDIT: As part of the ongoing consultative relationship with our customers, the CLO/SCLO will:
* Gather and document customer financial information and application details, in compliance with lending requirements and in coordination with CHLS
* Interpret and evaluate financial information and ask appropriate follow-up and probing questions to determine the appropriate product or service.
* Recommend loan terms, conditions, and collateral position consistent with the request and associated loan risks, and then set clear expectations with the customer, and document pertinent customer information in Relationship.
* Communicate credit decisions, loan terms and conditions to the customer
* SERVICE PORTFOLIO: In order to appropriately support the customer, the CLO/SCLO will:
* Manage the disbursement process in home loan construction projects
* Partner with Country Home Loan Specialist- to complete servicing actions required for individual customer circumstances
* Partner with Customer Support Specialist- to monitor the portfolio for timely identification and service loans that expose the association to risk.
* Using knowledge of servicing options, the CLO/SCLO will effectively negotiate and communicate these options to the customer, and may partner with the Special Accounts Loan Officer for resolution.
* Represent and Communicate the mission and values of FARM CREDIT MID
* AMERICA and abide by its conduct policy, security policy and confidentiality expectations.
* Assumes additional responsibilities as required

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How To Become A Mortgage Originator

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Mortgage Originator jobs

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Mortgage Originator Career Paths

Mortgage Originator
Mortgage Underwriter Lending Services Manager Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Finance Advisor Operations Manager Branch Manager
Branch Sales Manager
6 Yearsyrs
Business Developer Business Development Officer Assistant Vice President
Credit Officer
5 Yearsyrs
Home Mortgage Consultant Account Manager Sales Manager
Director Of Sales
10 Yearsyrs
Underwriter Business Analyst Product Manager
District Sales Manager
7 Yearsyrs
Mortgage Processor Underwriter Assistant Vice President
General Manager
7 Yearsyrs
Underwriter Auditor Finance Manager
General Sales Manager
8 Yearsyrs
Mortgage Underwriter Analyst Underwriter
Lending Services Manager
7 Yearsyrs
Mortgage Specialist Specialist Account Manager
National Account Manager
8 Yearsyrs
Business Developer Business Manager Regional Sales Manager
National Sales Director
10 Yearsyrs
Home Mortgage Consultant Loan Consultant Account Executive
National Sales Manager
10 Yearsyrs
Account Manager Senior Account Manager Account Executive
Regional Accounts Manager
8 Yearsyrs
Office Manager Account Manager Regional Sales Manager
Regional Sales Director
10 Yearsyrs
Mortgage Banker Mortgage Consultant Sales Consultant
Regional Sales Manager
9 Yearsyrs
Finance Advisor Relationship Manager
Senior Relationship Manager
10 Yearsyrs
Account Manager Account Executive
Senior Sales Executive
9 Yearsyrs
Office Manager General Manager Account Manager
Territory Account Manager
8 Yearsyrs
Mortgage Specialist Mortgage Consultant Sales Consultant
Territory Sales Manager
7 Yearsyrs
Mortgage Processor Mortgage Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Mortgage Banker Underwriter Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
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Mortgage Originator Demographics

Gender

  • Male

    53.8%
  • Female

    43.9%
  • Unknown

    2.3%

Ethnicity

  • White

    82.6%
  • Hispanic or Latino

    9.6%
  • Asian

    6.0%
  • Unknown

    1.4%
  • Black or African American

    0.4%
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Languages Spoken

  • Spanish

    65.2%
  • Portuguese

    8.7%
  • French

    8.7%
  • Japanese

    4.3%
  • Hindi

    4.3%
  • Dakota

    4.3%
  • Italian

    4.3%
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Mortgage Originator

Unfortunately we don’t have enough data for this section.

Mortgage Originator Education

    Schools

    • University of Phoenix

      19.6%
    • George Mason University

      7.2%
    • New York University

      6.2%
    • University of Texas at San Antonio

      5.2%
    • Pennsylvania State University

      5.2%
    • University of Connecticut

      5.2%
    • Northeastern University

      5.2%
    • Syracuse University

      4.1%
    • Appalachian State University

      4.1%
    • Saint Louis University-

      4.1%
    • Dutchess Community College

      4.1%
    • Western Michigan University

      4.1%
    • Greenville Technical College

      4.1%
    • University of South Florida

      3.1%
    • American Institute of Baking

      3.1%
    • University of North Carolina at Greensboro

      3.1%
    • Ferris State University

      3.1%
    • Michigan State University

      3.1%
    • Auburn University

      3.1%
    • The Academy

      3.1%
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    Degrees

    • Bachelors

      41.8%
    • Other

      26.8%
    • Masters

      13.9%
    • Associate

      10.3%
    • Certificate

      2.7%
    • Doctorate

      1.9%
    • Diploma

      1.7%
    • License

      1.0%
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Mortgage Originator

Unfortunately we don’t have enough data for this section.

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Top Skills for A Mortgage Originator

FinancialStatusRealEstateProfessionalsLoanApplicationsFHACustomerServiceResidentialMortgageLoansLoanProcessLoanProgramsCreditReportsRealEstateAgentsMortgageProductsAppraisalsMortgageApplicationsFannieMAEMortgageOriginationPortfolioLoanOfficersLoanProductsLoanOriginationLoanDocuments

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Top Mortgage Originator Skills

  1. Financial Status
  2. Real Estate Professionals
  3. Loan Applications
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed applicants' financial status, credit and property evaluation to determine feasibility of granting loan.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Used FHA, VA to reconcile loans to refinance.
  • Create and implement new customer service systems to ensure that each client receives the customer service they deserve.
  • Mortgage Originator responsible for originating residential mortgage loans for the secondary market.

Top Mortgage Originator Employers

Mortgage Originator Videos

Life of a Mortgage Loan Officer

A Day in the Life - Loan Officer

Mortgage Jobs - Mortgage Bankers, Brokers & Loan Officers

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