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How to Become A Successful Mortgage Loan Officer and Originator

How to become a successful mortgage loan officer and originator

How do you become a successful mortgage loan officer? Is it the number of loans closed?  Is it the total amount of commissions earned from a loan?  Let us give you some tips on how to become a successful mortgage loan officer.

Mortgage Loan Officer vs Loan Originator

A mortgage loan officer’s job is to accept an application that a home borrower filled out.  After that they will hand it over to the underwriting department.  If you are a loan officer then you are typically the smiling brand ambassador of your bank of credit union.  You need to always be at your customers service because you interact with borrowers directly.

Independent loan originators on the other hand renders more services to the borrower.  These services include advising the client about the best loans available for their purposes, gathering documentation throughout the process, ordering the appraisal and communicating directly with the underwriter to ensure that the loan gets approved.

Tips to Become a Successful Mortgage Loan Officer or Loan Originator
  1. Focus.  If you are a mortgage loan officer or an independent loan originator you have to always be in focus.  You have to know what the client needs and how to advise them on the type of loan they need.  Your aim is to make sure that their loan will be approved and that they will not have a problem on the loan.
  2. People Skills.  This is a skill that is not inborn to everyone.  Acquiring this skill needs constant practice with dealing with people.  Learn to be courteous, patient and attentive at the borrowers need.  You have to always assure them that you are there to assist them.  Try to prevent intimidating the borrower with complex things since your ultimate goal is to close the deal.
  3. Partnership.  In order to strengthen your reach and capacity, you need to reach out and create strong partnership with various lenders and institutions.  Enter a partnership which will support your career and enable you to do more for your clientele.  Home Mortgage Alliance Corporation (HMAC) for example is offering a type of partnership which will enable you to be the owner of your own direct lending division.
  4. Follow the law.  It is very important that to be a successful mortgage loan officer and loan originator you have to follow the law.  Ensure that your NMLS number is visibly present in your promotions and your business card.  This license gives you the legal authority to do what you are doing.  It is a symbol of credibility which will create trust between the borrower and you.
  5. Borrower-centered.  Remember that the era of today focuses on user experience, therefore, you have to provide the borrower with a positive user experience.  A positive experience with you will mean that the borrower might recommend you to his friends and even post a positive remark on social media.  People trust peer recommendation these days more than ever.
  6. Knowledge.  If you want to be a successful mortgage loan officer or loan originator, you have to be equipped with tons of knowledge.  Be in the know about the latest updates from various lenders and institutions specially Fannie Mae, Freddie Mac, US Veterans Affairs, US Department of Housing and more.

The above list is not a complete list but are just things to consider if you want to become a successful mortgage loan officer or loan originator.  Team work will greatly help you in your quest to success together with someone that will mentor you.  If you want Home Mortgage Alliance Corporation (HMAC) to be that partner then please don’t hesitate to contact us.

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