A loan originator’s job is to market loans to potential customers.
There are a number of jobs in the mortgage industry, allowing those who enjoy working with people, numbers, or both to have a career that suits them. Certain jobs involve working behind the scenes, crunching numbers and evaluating applications. Loan underwriters and processors often fall into this category as they spend most of their time processing documents. Other positions in the mortgage industry require a lot of involvement with clients, such as originators, brokers, and servicers.
Some in the mortgage industry work behind the scenes, crunching numbers.
The loan originator usually works for a lending institution, such as a bank or credit union, and usually has the job of marketing a loan to customers. An originator, also often called a loan officer, often needs to explain loan terms to clients, convincing them that it’s a good loan to consider. If customers agree, it is up to the originator to have them fill out a form and sign it when required. A mortgage broker has a similar role, but generally works for the consumer rather than a banking institution. Therefore, he has the added task of finding a lender for the loan, which means this is a job in the mortgage industry that often requires a lot of research.
An underwriter will approve or deny the loan, or perhaps request a change in terms to make the loan more attractive to the lender.
Clients often have questions about their loans, which is why there is a job in the mortgage industry primarily aimed at answering those questions. A loan officer typically answers clients’ questions about interest rates, payments, and other loan details. The servicer will work with clients once the loan goes into effect, so escrow issues, late payments, mortgage payment letters, and any other account monitoring tasks are typically the servicer’s job . Therefore, when clients have questions throughout the life of the loan, they will usually get the answer from the service provider.
Some jobs in the mortgage industry require less customer contact, such as the underwriting position. A loan underwriter typically works for the lender and typically spends at least part of the work day evaluating the risk of each proposed loan. The underwriter will then approve or deny it, or perhaps request a change in terms to make the loan more attractive to the lender. Once the loan is accepted, a loan processor will typically gather the necessary documentation to ensure the loan is legally valid. The processor typically registers the mortgage with the necessary government entities and then files the loan information so the lender can collect it properly.