Mortgage Loan Officer Career Profile

A Mortgage loan officer acts as an intermediary between people who are seeking mortgage loan and the lender, who is extending the loan. Lenders usually extend mortgage loans for residential, recreational, and commercial real estate properties. As a mortgage loan officer, you will help clients apply for a mortgage loan product and follow it through until it is closed.

Daily Tasks

  • Study the mortgage loan applications carefully and cross-check their financial circumstances.
  • Meet new clients who are seeking mortgage loans and bring additional business to the bank. Explain the loan products and answer all their queries. You will be doing this for most of the day as a mortgage loan officer.
  • You may also spend a considerable amount of time gathering data, like credit history, sources of income, monthly expenses and other liabilities from the loan applicant. This data in turn helps you select the best suited mortgage product for your client. This data will also help a loan officer evaluate the credibility of the loan applicant.
  • Correspond with the underwriters in order to close the loan application deal.
  • As a mortgage loan officer, you might have to explain the applicant's financial circumstances to the lender and help the applicants in resolving any problems.
  • Provide the required guidance to the borrowers through the entire procedure of the loan application process. The borrowers rely on your advice for many of the decisions.
  • You should be proficient enough in the administrative system required by the industry.

Educational and Other Requirements

Mortgage loan officers are mostly graduates in finance, economics or related fields. They must also possess superb knowledge in computer applications. You should know about software used for banking and financial applications. You are usually required to be licensed according to your state regulations.

Also, as a loan officer, you must have excellent communication skills since you have to clearly explain mortgage loan products to clients and answer all questions. You should also be able to provide answers and information regarding the different rates. The common rates are the adjustable rate and reset rate. As a mortgage loan officer, you should offer sound advice to your clients to choose the best rate method coinciding with their financial background.

Income

The average annual salary of the mortgage loan officers is found to be between $29,590 and $73,630 in 2006 by the U.S. Bureau of Labor Statistics (BLS). Apart from the basic salary, a mortgage loan officer is also eligible for additional perks, like commissions.

Career Development

After gaining enough experience as mortgage loan officer, you may be promoted to management level position or seek more lucrative positions within the industry or company. A mortgage loan officer with substantial experience will usually be very successful and will move up the ranks to a 'senior' loan officer position.

Job Prospects

Until 2016, BLS has projected that the job growth will be average compared to other job fields. These job opportunities are highly contingent on economic factors and the housing industry. If the economy is not doing well, or the real estate industry is suffering, these job opportunities are not prevalent.