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About Mortgage Loan Originator
A mortgage is a golden opportunity. The good news is that whoever can get the customer first wins and can turn their business into gold.
The way this market is going we are absolutely living in the best times we ever could live in to be a mortgage loan originator.
In this post, we will learn who is a mortgage loan originator and what do they do.
The reason why the mortgage is a golden opportunity right now is that you get to help people and also make money and that’s why it is successful and rewarding.
You get to close the deals, put people into homes or restructure debts or lower their monthly mortgage payments, and get paid pretty well to do that.
Who is a Mortgage Loan Originator?
A mortgage loan originator is a person who helps people get money for their home or refinance their mortgage simultaneously simplifying the process for them.
For starters, the first job of the mortgage loan originator is to assess the client’s situation and fill up a mortgage application form.
A licensed mortgage loan originator has to be available for clients at their convenience to provide the best of service.
It is not a typical 9-5 job a mortgage loan originator might also have to work after hours and weekends.
Duties of a Mortgage Loan Originator
A mortgage originator has multiple roles and responsibilities.
1 - Taking a Mortgage Application
A loan originator should know how to take the mortgage applications over the phone, personally, and over an online application.
This might require spending time with the client and understanding their situations and needs.
Collect the relevant documents concerning income, photo id, and assets.
2 - Reviewing and Analyzing
Once documents are received, a mortgage originator would have to review the documents and analyze them to ensure that the client qualifies for the mortgage according to the loan program guidelines.
This will also help the originator to provide multiple options to the borrower to choose from.
3 - Submission of Files and Updating the Loan Status
Once the files are reviewed and analyzed, the licensed mortgage loan originator needs to submit the file to the lender for underwriting.
Once the file is in underwriting, the mortgage loan originator needs to keep a constant watch on the status of the loan and make sure the client is kept informed in every step of the process.
The underwriter may ask for some additional documents to get the final approval for the loan.
The licensed mortgage loan originator would need to ask the client to provide those documents and ensure all conditions posted by the underwriter are cleared.
4 - Keep Updates of Mortgage
There are constant changes that are made to the mortgage guidelines.
The mortgage loan originator needs to stay up to date with the latest mortgage updates and changes.
This would help the mortgage originator to give the right information to the clients with proper solutions to their requirements.
5 - Relationships With Other Mortgage Partners
A mortgage loan originator would also need to have good relationships with other mortgage partners like Title companies, realtors, and homeowners insurance agents.
This would help the originators to provide exclusive service with regards to the process for the mortgage that includes competitive deals to the clients for insurance and title.
Conclusion
A mortgage loan originator is a sales-oriented position through consultation and developing relationships with clients and referral sources.
If you are thinking about getting into the mortgage origination industry you need to know that it is very fast-paced and competitive so you will be constantly engaged and challenged.
If you are a people person and you enjoy being social, the mortgage loan originator is definitely a job for you.
All you need to do is practice time management and setting your priorities upfront.
Mortgage origination can help you create wealth that you always dreamt of while you are helping people the right way.
