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MLOby Paul Donohue The mortgage loan officer (MLO) guides clients through the process of applying for a loan and working with the borrower from application to approval. The MLO gathers basic information from the borrower about the purpose of the loan and their ability to repay the amount borrowed. If the MLO works for a mortgage broker, they will have the ability to “shop” for the best type and source of loan and interest rate for the borrower. If the officer works for a bank or other financial institution, there will still be options different types of loans, and payment options, but the source of the loan will be the officer’s employer. Getting information from the borrower is probably one of the easier tasks of an MLO’s job. Many of the responsibilities of a loan officer are much more involved. The loan officer helps the borrower by offering suggestions when facing obstacles, assisting in making decisions and solving problems. They analyze the information they gather and evaluate anticipated results to choose the best solution, sometimes offering a second or third option. In addition to the borrower, there may be other sources from which the loan officer must gain information. For this, the MLO would need to have a strong ability to conduct research. Separating data and information into its individual parts to identify background reasons and facts that may not be obvious is part of the processing of information an MLO must perform almost daily. One of the primary functions of the loan officer is working directly with the public. This includes meeting in either the client’s or the MLO’s office, attending business networking functions, “business after hours” meetings, banquets, and other social functions. A large component of the job is service and relationship building. To have solid business relationships, the MLO must establish trust with the client AND with the lenders with whom he or she hopes to be working. Client and lender must have confidence in the ability of the MLO to find the best solution for both. Establishing and maintaining interpersonal relationships, not only with the loan officer’s co-workers and supervisors but with lenders at banks and other financial institutions and with the public (who are all potential customers), friends, and acquaintances, will make the job of MLO much easier and more rewarding. The job of an MLO also includes communicating with people outside the industry. Representing the financial industry to customers, the public, members of local and regional government, and other organizations is another part of the loan officer’s job. The loan officer must demonstrate excellent communication skills, whether in person, in writing via letter, fax, or email, or by phone. For pre-licensing and continuing education courses that meet state and national requirements, preparing you for licensing and registration with National Mortgage Licensing System, you can find the tools necessary for the technical and legal aspects of the job of an MLO at Abacus Mortgage Training and Education.
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