What does a mortgage loan originator do?

There are a lot of people involved in helping a borrower successfully secure a mortgage, but one of the most important individuals in the process is the mortgage loan originator. What exactly does a mortgage loan originator do? In this post, we’ll explore the duties of a mortgage loan originator and explain what qualities a good mortgage loan originator should have.

What is a Mortgage Originator?

In simplest terms, a mortgage loan originator (aka mortgage loan officer, loan officer, LO, etc.) is typically an individual who works with a borrower to complete a mortgage transaction. The mortgage loan originator/officer is usually the borrower’s main point of contact throughout the entire home loan process.

To delve a little deeper into what a mortgage loan originator does, you can take a peek at this sample job description from popular job searching site, Monster.com:

“Mortgage Loan Officer Job Responsibilities:

Increases mortgage loan portfolio by developing business contracts; attracting mortgage customers; completing mortgage loan processing and closing; supervising staff.”

Keep in mind that the example above is just a sample, and depending on the company, certain duties may not be required. Likewise, there may be duties not listed in the example above that an LO would be responsible for.

What Do Mortgage Originators Do?

A few common duties performed by mortgage loan originators include but are not limited to…

• Interviewing mortgage applicants
• Analyzing and screening preliminary loan requests
• Gather background financial information
• Submit loan applications for processing
• Monitor loan progress from application to closing

What to Look for in a Loan Originator:

Aside from simply being able to complete the necessary tasks associated with processing a mortgage, a good mortgage loan originator should posses certain characteristics to help them and their borrowers succeed.

First and foremost, LOs should maintain industry standards of honesty and integrity. Even with all the recent improvements in borrower protection, it can still be possible to work with an unscrupulous lender. The best way to ensure you’re working with a good LO is to do a little homework on him/her or their company. Check their rating with the Better Business Bureau, ask for references from previous clients, read online testimonials and most importantly, go with your instinct. Once you meet with the LO, you will most likely be able to get a sense of their work ethic and determine whether or not you will work compatibly together.

Loan originators should also be good with dealing with the public, as they have to work one-on-one with all sorts of borrowers from all walks of life. In addition, good LOs will want to develop new business opportunities whenever possible, so they will actively work to develop a rapport with real estate agents, property appraisers and attorneys. The more an LO does this, the more their reputation grows.

At Luxury Morgage, we’ve spent close to 20 years developing a reputation as a leader in residential mortgage lending. Our certified loan officers are some of the best in the industry, and are located in several states across the nation. If you’d like to learn more about our company and our selection of loan products, feel free to reach out to us today. Simply call toll-free or fill out our contact form and one of our loan originators will get in touch with you.