Audit, banking and financial skills, customer service and excellent communication skills, thorough analytical skills, trustworthiness and professionalism, and solid decision-making skills – these are some of the competencies and proficiencies that should be of high quality aptitude which a mortgage loan officer or mortgage loan originator (MLO) must possess.
The real estate industry, particularly in the area of mortgage loans, offers so many opportunities for you to develop and hone skills in sales and eventually grow a career and carve your own unique niche in the real estate sector.
There are a variety of professions that are responsible for the smooth overall operation and functioning of companies of real estate developers and investors. These professionals are the expert authorities in each of their respective specializations in real estate. They function as facilitators between the organization which they represent and their clients. Without their services and knowledge anchored on reliable character, sales, loans and other real estate transactions and processes, the industry would be in a sad state.
Some of the most successful real estate sales professionals are the mortgage loan officers or mortgage loan originators or MLOs.
Basically MLOs are specialists who work on loans for commercial and residential properties alike. They are hired by financial institutions such as banks and credit unions. The skills and qualifications mentioned in the first section of the article are only some of the numerous qualities and traits which will make up an excellent and successful MLO.
These qualities and traits are a requirement, as their work involves building and maintenance of great professional relationships with real estate companies and with existing and prospective clients.
Do you think this may be the right career path for you?
Find the answer to this question toward the end of the article.
Browse through and learn more details about MLOs, their craft and profession, the qualifications to be one of them and what takes place on the job of an MLO. Let us see if these can inspire and encourage you to take on the different, exciting challenges that come with the career of an MLO.
Being a mortgage loan officer is an active and proactive profession.
MLOs do not sit around and wait for transactions to fall in their lap. They take initiative and dynamically look for opportunities that are potentially available in every possible way to sell mortgage products, succeed at finding these opportunities and eventually close deals.
MLOs approach and introduce themselves to people as they solicit mortgage business, so they meet established production objectives and goals.
The sales role and the exceptional interpersonal skills. MLOs continuously find, establish, build, develop, maintain and further expand high quality networks of professional business relationships, as well as personal contacts. These networks of real estate professionals, developers, investors, builders and clients are some of the most valuable assets of MLOs through which they can attain and accomplish their required sales quota and production goals.
These are their source and repository of referrals which open to, and lead them towards, more mortgage lending opportunities. While maintaining professionalism and ethics, MLOs find ways to meet more prospective home buyers whom they can help become new homeowners through home loans.
Promotion of homeownership. Mortgage loan officers or mortgage loan originators guide and educate homebuyers on the mortgage processes, on the benefits and advantages of acquiring their own home, and on how home loans can greatly assist them in their goal to own a house.
MLOs constantly participate in the mortgage business development opportunities and initiatives which help them in extending their reach toward communities whose residents showcase so much potential and qualities to qualify for getting a mortgage.
The customer service role, the analytical skills and critical thinking. Being an MLO will require you to be constantly alert and mindful, readily thinking on their feet in many situations.
Mortgage loan officers are responsible for speaking with prospective debtors. MLOs are highly knowledgeable about borrowing and lending procedures and programs, and about regulatory requirements, so they can readily respond with accuracy and certainty to queries from potential borrowers.
It is the MLOs’ responsibility to analyze and evaluate financial data and credit information, identify the customer’s financing objectives and explore the financing options, provide expert advice on the pricing regulations and guidelines in relation to mortgage products.
They perform all these effectively by being equipped with exhaustive knowhow on borrowing and lending policies and procedures that are compliant with state laws.
Home loan business development initiatives. Mortgage loan officers plan and devise marketing and advertising strategies and put these plans into action, in the form of various networking activities, such as positioning themselves in such a way that they are able to communicate with a wider home loan market base. They use email marketing and other online and digital platforms and tools to disseminate information which aim to encourage more audiences to get a home loan. MLOs also perform the more conventional, yet still effective, cold-calling to sell mortgage products.
The legwork: meeting with clients. You will see MLOs constantly on the go to meet with prospective borrowers. In their consultations, MLOs provide these potential clients with an orientation and a walkthrough of the loan application processes. They present the various options available and advise which option will be the best fit for the customer, taking into account the client’s financial capacities and abilities to repay.
During these meetings, MLOs identify the appropriate timing to introduce and sell additional products.
The paperwork. To gather major and supporting documents required in the home loan application process is also a part of the daily tasks of MLOs.
They ensure that loan documentations are submitted, collected, verified and validated on the specified due date for efficient processing and that loan requirements and conditions are completely met. Loan management by MLOs also involve closely working and communicating with mortgage loan associates, coordinators and other assistants and staff members for smooth delegation of daily duties as well as for organized progress and movement of papers which will need signatures of authorities such as the lenders and the loan approvers.
The supervisory duties. MLOs also handle a significant part of the sales workforce. They train, counsel, coach and discipline staff members who are under their supervision.
The knowledge transfer in training conducted by MLOs to other sales employees is vital to guarantee the implementation and realization of high standards of productivity and quality customer service.
MLOs are some of the most active occupations in the real estate sector.
MLOs have a rather wide workplace, in that they have desk duties in the office, while they also provide in-classroom training to brokers and other mortgage unit employees. They too spend a good deal of time in the field, travelling from one area to another, to do transactions with clients assisting them in the completion of the home loan application.
While there is not a definitive university degree required of aspiring mortgage loan officers, they will need to complete a number of hours of pre-license educational courses, accordingly specified by the federal Secure and Fair Enforcement for Mortgage Licensing Act, or the SAFE Act.
Within these courses, applicants for a mortgage loan officer position will need to learn mortgage principles, state laws governing mortgage principles and regulations, and privacy laws, among other procedural knowhow which will be indispensable and crucial to the job.
Thereafter, they will need to take and pass the SAFE MLO written examination.
Upon completion of required educational courses, passing of SAFE MLO test and acquisition of license, the new mortgage loan officers will be ready to be employed. Within their employment and career in the real estate industry, their respective employers may require them to obtain further studies and continuing education at least on an annual basis.
Information and details of the profession has just been set forth. Do the duties involved in the occupation interest you? Do you think you can be qualified to be a mortgage loan originator?
Reflect and evaluate yourself. Learn more about your inherent abilities and qualities. Are you an innate people person? Do you have a knack for talking with people of different types, backgrounds and cultures? Are you adequately convinced that you can most likely persuade people to buy what you sell?
If you are all these and more, then you can very well give a career in the real estate sales and loans a try. After all, while being an MLO comes with many critical responsibilities, it also comes with enjoyment and satisfaction.