Mortgage Loan Officer Job Descriptions, Average Salary, Interview Questions

[Your Company Name] is searching for an experienced mortgage loan officer. Our clients and borrowers are what keeps us going. We want to be able to give our clients the best experience for their loans. The mortgage loan officer stays in communication with the clients to make sure they have all they need in order to determine what the best loan process is for them.

Finding solutions as a practical problem solver will help in maintaining customer satisfaction. The licensed mortgage loan officer has the proper skills and knowledge needed to succeed. In this position, you are on the front lines of helping borrowers refinance or purchase their homes. Our mortgage loan officers advocate the most cost-effective models for home loans: greater savings, faster processing, and better tech. If you feel that you are sufficient in these characteristics, then we would love to set up an interview to see if you have what it takes to be our newest mortgage loan officer!

Typical duties and responsibilities

• Secure financial documents 
• Update account information
• Review loan files/applications
• Prospecting revenue opportunities and build a pipeline of qualified customers
• Gather clients financial information like debts, salaries, and assets
• Build good rapport with clients 
• Guide the client through the application process 
• Meeting and following up with potential customers to understand their financial needs
• Arrange and submit loan applications 
• Research loans and see which is best for the client 
• Ensure compliance laws and regulations like privacy laws and local financial rules are being followed
• Respond to phone calls, emails, and social media requests

Education and experience

• High school diploma or equivalent 
• Degree in business or finance
• 2+ years experience as a mortgage loan officer or relevant work
• Mortgage loan originator license (MLO)

Required skills and qualifications

• Knowledge and proficiency in basic sales techniques
• Excellent customer service skills 
• Experience with financial software 
• Strong oral and written communications skills
• Good time management skills 
• Ability to adapt well to change with the willingness to maintain a flexible schedule
• Proficient with Microsoft Office 
• Team player attitude
• Knowledge of applicable laws and regulations

Preferred qualifications

• Bachelor’s degree in business or finance 
• Completion of computer courses on the loan software 
• Proven success in a sales or customer service role

Minimum qualifications

• 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

Preferred qualifications

• 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)
• MLO (Preferred)

Job summary

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.

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.

Principal responsibilities

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

Minimum Requirements

• 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

Position overview

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).

Responsibilities

• 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

Competencies

• 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

Work experience

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.