What does a Mortgage Originator do?
Published 4 min read
A mortgage originator is a professional who helps potential homeowners secure financing for their home purchase. They work with borrowers to assess their financial needs and find the best mortgage product to meet those needs. Mortgage originators also help borrowers navigate the mortgage process, from application to closing.
Mortgage Originator job duties include:
- Originate mortgage loans in accordance with established guidelines.
- Develop and maintain relationships with real estate professionals, builders, and other referral sources to generate new mortgage loan business.
- Interview 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.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Calculate income taxes, insurance premiums, and monthly loan payments to determine how much individuals can afford to pay for new home mortgages.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Answer customers' questions about terms and conditions of loans.
- Direct activities involved in processing new mortgage loan applications, such as ordering appraisals and title reports.
- Review loan agreements to ensure that they are complete and accurate according to policy.
Mortgage Originator Job Requirements
A mortgage originator is a loan officer who works with borrowers to obtain financing for their home purchase. The job requires a high school diploma or equivalent, although some employers may prefer candidates with some college coursework or a degree. Mortgage originators must be licensed by the state in which they work and must complete 20 hours of continuing education every year. Some states requireoriginators to pass a background check and/or a credit check. Many mortgage originators have several years of experience in the financial industry, although some may come from other customer service-oriented fields.
Mortgage Originator Skills
- Analytical skills
- Profit and loss analysis
- Financial analysis
- Finance
- Asset management
- Real estate
- Investment
- Banking
- Financial modeling
- Business strategy
- Business development
Related: Top Mortgage Originator Skills: Definition and Examples
How to become a Mortgage Originator
A mortgage originator is a professional who helps people obtain loans to purchase property. Mortgage originators work with banks, credit unions, and other financial institutions to help people get the financing they need to buy a home. They typically have a bachelor’s degree in finance or a related field, and many have years of experience working in the banking industry.
If you’re interested in becoming a mortgage originator, here are a few things you need to know. First, you’ll need to get a bachelor’s degree in finance or a related field. Many mortgage originators have years of experience working in the banking industry, so if you have experience working in a bank, that will give you an advantage.
Second, you’ll need to be licensed by the state in which you plan to work. Each state has different requirements for licensing, but most require you to take an exam and complete a certain amount of continuing education credits every year.
Third, you’ll need to build relationships with banks and other financial institutions. Mortgage originators typically work with multiple lenders, so it’s important that you develop good relationships with the ones you work with most frequently. You’ll also need to stay up-to-date on changes in the mortgage industry so that you can offer your clients the best possible advice.
If you’re interested in helping people finance their dream of homeownership and are willing to put in the work required to become a mortgage originator, then this could be the career for you!
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