Loan Officer Job Description – What A Loan Officer Job Entails

By Jonathan On January 5, 2012 · Leave a Comment

Loan Officer Job Description

Since you are reading this you are looking for a loan officer job description and wondering if this is a good field for you. The job description differs a little from company to company, but I will break it down for you here and let you know what will generally be expected of you and what you should look for in a mortgage company to work for.

First I will fill you in on a little background about me to let you know why I am someone you should listen to in your search for a loan office job description and then we will move onto the details.

Loan Officer Job Description – My Story

I actually got started in the mortgage industry back in 2004 after being laid off when the company I worked for was sold. I wanted something that I could do to replace that income that had more flexibility than my previous job. Initially I got into real estate and realized that I didn’t like it too much, but in the process I was able to come into association with some loan officers, learned the loan office job description, and found my fit there.

So I jumped into the mortgage industry and actually paid a successful mortgage broker $500 bucks to learn from him how to get the best success in the business and the full details on my loan officer job description. In my first two months I closed five loans and had more in the pipeline and loved it!

My mentor taught me that “he who controls the leads controls everything.” From him I learned how to do marketing and generate leads and business. He also taught me how critical it actually was to have a mentor who was already getting the results that I wanted. I learned a lot more from him, but to be brief we will move onto the loan officer job description.

Loan Officer Job Description – Lead Generation

So when you are looking at what is expected of you in a loan officer job description I would say that the key to my success was marketing. You need to learn how to generate your own leads and business if you want to make more and get the best results in the mortgage business.

Now you can work for a bank and they will provide the leads and take more of your commission, or you can do what I did, learn some lead generation skills, and make more money then you ever could otherwise. If you do work for a company that provides leads and generates the business for you your major job will be collecting paper work and getting a 1093 form filled out. You will be the mediator between the lenders and your client to push their deal through and find them the best deal.

So a basic loan officer job description would go as follows:

You make contact with the potential borrower.

You interview the borrower and collect the 1093 application and other necessary paper work.

You then go to work to find a program that will fit your borrower and sell them on closing the deal with you.

Now there is a lot more to it, but that is the basic flow.

Loan Officer Job Description – What To Look For

One thing I would suggest is to find a mortgage company where the loan processor, who handles all the back end paper work for you, does more of the heavy lifting for you. In this case your loan officer job description will be bringing in more loans. I know that my processor was willing to shop the loan for me and collect any other paper work, after my first meeting with the borrower so that I could spend my time marketing and bringing in more deals.

My processor made a flat $497 per deal; I paid the company 10% and pocketed 90% of the origination fee. So when you are looking into going to work for a mortgage company make sure to see what is expected of you and what the processor will do for you too.

I could tell you more, but I actually left the mortgage industry in 2008 and haven’t looked back because in the last month in business I brought in something like 83 deals and only closed one! Pretty sad! From there I was able to transition into a home business and have been self-employed from my home office ever since. Anyways, I hope you got the most out of this explanation of a loan officer job description.