Many of my audience has asked how to become a mortgage loan officer and get a mortgage loan originator license. Those of you purchasing a home and considering mortgage professionals should know how a mortgage loan officer received their license and credentials to help you with such a major purchase transaction.
A mortgage loan originator/officer will need to study and pass a state exam indicating they know the regulations, government programs, program criteria, and other information involving a mortgage loan. Becoming a licensed mortgage loan officer can be a lucrative career but, it is a big responsibility and is heavily regulated to make sure the loan complies with state and federal laws and for the best interest of the borrowers.
This career offers many rewards besides the financial rewards. When the loan officer is assisting borrowers, they are assisting members of their own or surrounding communities when the loan officer is part of a local broker or credit union. Assisting a homeowner make the best decision for them financially, is very rewarding. I personally love to assist borrowers with credit issues and help them realize their dream of purchasing a home.
It is also a career that allows you to continue learning and growing throughout the years. Licensed mortgage professionals must renew their license annually and take continue education courses to maintain their license.
Mortgage Loan Officer
A mortgage loan originator or mortgage loan officer help people get a mortgage when they are buying or refinancing a home. As a mortgage loan originator or loan officer, it is our responsibility to work with our clients to determine the best loan program for everyone based on income, credit score, assets/bank statements, and borrower financial goals.
As a mortgage professional, we must be able to calculate income, debt ratios, and loan to value ratios as well as know the loan programs our borrower qualifies. We work directly with every person involved in the transaction and communicate with everyone the needs to get the loan approved and closed. The mortgage loan officer works as an intermediary who reviews a borrower’s loan application and finds the right lender for them with the right product and best interest rate.
Our job is to review the entire loan application and obtain the supporting documents needed to prove every bit of information collected on the application and try to solve any issues we find after reviewing all the information to ensure a smooth approval and loan closing.
Mortgage Loan Process
As a mortgage loan originator/officer, we will take a complete loan application with all supporting documents to prove income, assets, credit, and other debts or information needed to support the application. We will consult with you on terms and products that fit your unique situation. This information is used to determine how much home our borrower can afford.
We will then provide our borrower a pre-approval letter so they can begin to shop for their home. We will then gather the purchase agreement and other documents needed based on the home chosen. This includes inspections, proof of repairs, homeowners’ insurance, appraisal, and other documents regarding the home.
We will also send your loan for processing and underwriting. Once we have a conditional approval, we will help to gather the documents needed to submit your loan for final approval. Once final approved, we will connect all parties to schedule the closing.
We may or may not be able to attend the closing but will make sure the loan funds on time. This seems easy when it fits in a small paragraph but, the process takes 20 – 45 days depending on the individual situation.
Important Characteristics of a Mortgage Loan Officer
Being a mortgage loan originator/officer requires certain characteristics to be good at what we do. Some of those characteristics are patience, professionalism, customer service training or abilities, ability to maintain privacy, communicative, intelligence, ability to maintain updated on changes within the industry, and critical thinking.
Doing this job for over 20 years has truly tested my commitment to helping borrowers as it can be difficult at times. If you speak to a loan originator/officer, know they must be committed to helping others for whatever reason because it can be stressful and difficult at times.
Many of us work many hours as well as days others are typically off to assist and make sure our borrower does not lose time during the process. If you come across a licensed mortgage loan originator/officer without these characteristics, you may consider looking for someone else to help you through the process.
It is so important to trust and like the people you are working with during this process. The loan will take at least a month or more and it is so important to choose the right people to represent you during the transaction.
The transaction may be stressful and may have minor things come up, so it is so important to be comfortable and feel the person assisting you has your best interest at heart.
Please feel free to reach out to me at 512-740-2048 or visit my website at lisabarrientes.com to learn more about becoming a mortgage loan originator/officer or about loan options.