Loan Originator job description
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What does a Loan Originator do?
The Loan Originator is responsible for evaluating, authorizing, or recommending approval of loan applications. They play a key role in the mortgage lending process, helping clients choose the best loan options and working with them throughout to ensure a smooth transaction.
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What are the Key Responsibilities of Loan Originator
- Gather information and analyze financial status, credit, and property evaluation.
- Assist borrowers in understanding and evaluating their financial capabilities.
- Complete and submit loan applications with all required information.
- Ensure compliance with lending regulations and policies.
- Coordinate with real estate agents, title companies, and other third parties.
- Communicate with underwriters and process applications in a timely manner.
- Stay updated with industry trends and new loan products.
What are the Skills and Requirements for a Loan Originator?
- Excellent communication and interpersonal skills.
- Strong analytical skills and attention to detail.
- In-depth understanding of loan products and regulations.
- Ability to manage multiple clients and prioritize tasks.
- Proficiency in loan processing software.
What are the KPIs to track for Loan Originator?
Loan Originators are evaluated based on successful loan closures, the accuracy of application submissions, customer satisfaction, and the ability to maintain industry compliance.
Loan Closures
Number of loans successfully closed within target timelines.
Application Accuracy
Accuracy and completeness of loan application submissions.
Customer Satisfaction
Feedback and satisfaction levels of clients throughout the loan process
Reports to
Branch Manager
Collaborates with
Underwriters, Real Estate Agents, Title Companies
Leads
Loan Officers
Are any specific tools or software required for the Loan Originator role?
- Encompass
- Calyx Point
- FICO scores
- Microsoft Office
What is the qualification of Loan Originator?
Bachelor's degree in Finance, Business, or related field; 2-3 years experience in loan processing or related roles.
