Mortgage Loan Officer
Quick Facts
What They Do
A Mortgage Loan Officer assists customers who apply for loans, and solicits loan applications on behalf of a bank, mortgage broker or credit union. Provides information on types of loans available, gathers financial and credit information needed to evaluate loan applications; guides the application and approval process. May partner with real estate agents to offer financing information to potential home buyers. May sell mortgage loans on commission.
Core Tasks:
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Review and update credit and loan files.
- Handle customer complaints and take appropriate action to resolve them.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Compute payment schedules.
What to expect as a Mortgage Loan Officer
29% of people achieve this level of education.
See Mortgage Loan Officer related courses on Tallo
1990 openings for Mortgage Loan Officers
Career Progression
in United States (Nation)
The career progression is an interactive way to explore careers related to Mortgage Loan Officer. Click on each career to see its associated salary, job availability, skills, and more.