A Day in the Life
of a
Mortgage Loan
Originator
The Mortgage Loan Originator
The Mortgage Loan Originator (MLO) position is key in the mortgage loan process. The Loan Officer locates the interested
borrower, takes the application for a mortgage, follows it closely through processing and, with the help of the inside staff members,
brings it to a successful closing. Obtaining the required paperwork, maintaining proper communications and after closing follow-up
are all key to a successful career. A combination of sales savvy and administrative skills is the cornerstone of success.
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Although, Glory Mortgage, provides all types of mortgage loans, they specialize in making loans to home buyers. Unlike
competitors focusing on small segments of the market like refinancing or Non-QM mortgages, Glory Mortgage has dozens of
different programs available including Conventional, FHA, VA, USDA, Jumbos and Non-QM products, should the borrower’s
circumstances require it.
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Because Glory Mortgage specializes in purchase mortgages, we maintain a steady business pace, making mortgages to
first time purchasers and other home buyers.
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Home buyers usually seek the assistance of a Realtor and for that reason. Our Mortgage has developed excellent relations with
the real estate community. The successful Loan Officer will not only take advantage of this relationship, they will further develop it for
the good of it all.
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The Realtor recommends customers to the Loan Officer. To earn their business, you must continually live up to their
expectation. In a recent survey, Realtor’s interviewed outlined their expectations:
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The Loan Officer should always be responsive, be knowledgeable-Learn your trade
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Stay in touch-keep the communications open
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Set yourself apart from the rest of the crowd -be unique
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Convey trust- Possess integrity
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Project confidence in yourself and in the realtor.
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Knowledge
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Keeping your clients (the Realtor and Borrower) properly advised is one of the most important elements of a successful Loan
Officer. You can improve your opportunities for success if you:
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Learn about all of the available loan programs, policies and practices of FHA, VA FNMA, FHLMC, GNMA and private
mortgage insurance companies. Product manuals should be obtained and kept up to date.
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Understand the appraisal process and appraisal techniques. Professional appraisals societies, colleges and the Mortgage
Bankers Association offer appraisal courses.
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Develop a Basic Knowledge of the legal framework of real estate financing. The ability to read documents such as notes,
mortgages and leases is, for example, very important detailed information can usually be obtained in real estate law courses at
the local colleges, through general texts on estate law, and in courses offered by Mortgage Bankers Association.
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Develop A Working Knowledge of related fields such as real estate brokerage, construction, insurance, land development,
ecology, and governmental affairs. Local professional organizations often have educational programs that are useful in learning
about these fields.
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Keep Up with Policies and Practices of other local financial institutions with respect to their activities in short and long-term
financing. Be aware of what our competitors are doing! To do so, it is essential to understand loan maturities, pre-payment
options, loan fees, interest rates, underwriting requirements, specific locations in which larger number of loans are being made,
and the names of builders being financed by competitors. Your Realtors are the primary source, but local advertisements can
also be valuable information.
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Gain Some Knowledge of Monetary and Fiscal Policy and practices. Information may be obtained from the Federal Reserve
Bulletin, the Wall Street Journal: The Mortgage Bankers Association (MBA)
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Real Local and Regional publications to keep abreast of real estate activity in your area. This knowledge can be extremely
important.
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Sales Techniques
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Loan Officers are the salespeople of the industry. They locate the business that keeps the rest of the employees working.
The production of loans never ceases. As mortgage loans mature and are paid off, new loans must be secured, or mortgage banking would cease to exist. Mortgage Loan Officers must continually build a client referral base to assure their ongoing success.
The more loans the Loan Officer closes, the greater the customer/client base. To expect referrals from this base, the Loan Officer must be: Genuinely Concerned with the needs of the people with whom you work. You and the company provide an extremely important service. Believe it! Be Positive, ongoing and approachable.
