Mortgage Training:10 Tips on Being a Loan Officer

Copyright © 2005-2006 Complete Mortgage Processing 10 Things You Want to Know About Being a Loan Officer Here are a few important things to know about being a loan officer: 1. Most states have a mortgage license/registration and continuing education requirement. You can expect to pay a fee for these as well as a background check. 2. Many offices will not have a formal orientation and training program. You may need to be proactive and resourceful when it comes to learning the ropes. 3. Many borrowers will have limited knowledge about the loan process. They will rely on you to handle the most important transaction of their life with integrity. 4. Most brokers/lenders offer a vast array of products. Becoming familiar with the core group of fixed and adjustable rate products will give you confidence in the field. 5. You should know how to perform basic calculations quickly and accurately. You will need to analyze the borrower’s savings during your loan presentation. 6. It is beneficial to learn a bit about the role each person plays between application and closing. This will allow you to step in and lend a hand when things get sluggish. 7. Your processor should be your strongest ally. Respect your processors role and time to get the most from the relationship. 8. Learn how to process yourself even if you don’t have to. Knowing about the issues that bog down the process will help you originate better. 9. Underwriters frown on getting conditions in a piece-meal fashion. Gather as much information as you can from your borrower and submit the documentation all at once. 10. It’s best to attend the loan closing/signing. If a problem arises you can resolve it on the spot. Even the smallest discrepancy can cause a closing to blow up if no one is available to make a decision.