What is a Loan Officer?
Think about the people you know – how many of them own a home, condo, cottage, or some other type of property? Chances are, quite a few of them do! Now think – aside from using a real estate agent and making an offer on a property, who else is involved in homeownership? One person in the process is your loan officer.
Loan officers help people obtain loans for many different reasons, including buying homes. Though they tend to be more behind the scenes, you couldn’t own your home without them. Why? These incredible people evaluate and advise clients about mortgages to people like you, your family, and friends.
Can You Be More Specific Please? What Do Loan Officers Do?
In general, loan officers evaluate your finances so that you could be approved for a mortgage.
Now, the specifics. Loan officers typically:
• Meet with applicants to collect and verify financial information and other relevant details.
• Explain the differences between mortgage products.
• Review loan agreements to make sure they meet with federal and state guidelines and regulations.
• Answer questions about homeownership, the mortgage process, or finances.
• Cultivate referral partner relationships.
Sounds Good, But What Are the Job Prospects Like?
There are at least two things that are influencing the job market for loan officer positions. The first is that more millennials are entering the workplace (and buying homes) and the second is that baby boomers are leaving the workplace (and selling their homes). The demand for loan officers is increasing.What Makes a Successful Loan Officer?
There are many characteristics and skills that are important in order to become a successful loan officer. Many successful loan officers share several common traits.
Communication. One of the most important traits of a successful loan officer is to be able to communicate. Transparent communication with the client as well as with the operations staff is essential in order to get the best results for both.
Drive. In order to have success as a loan officer – you must possess a level of drive that will help you reach the goals you have set. It’s important to be focused and know the ins and outs of the mortgage world so that you can help your clients and your business obtain success.
Independence. Develop your own way of doing things while taking into consideration your company’s management style. Be able to work with little or no supervision.
Initiative. Initiative is a quality that leads to success in any type of career. Especially so in the mortgage business. You can’t sit back and let things happen – you need to make the first move, and seek out potential clients. Be willing to take on challenges and responsibilities.
Integrity. Being a loan officer requires integrity, honesty and a high level of ethics.
Leadership. Taking on a new career or changing companies can be intimidating. Leadership qualities are essential in order to move forward in a new job or company. Being willing to lead and offer opinions and direction will show the potential for success.
These are just a few of the traits that are necessary if you are contemplating a loan officer position. A mortgage loan officer needs to be self-motivated and good at problem-solving, as well as sales-oriented.
Find Your Space with Shamrock Financial
Shamrock Financial. We are a tried and true mortgage lender that focuses on our strength: people. After all, we are homeowners too. To help people find the home – or career – of their dreams, we have a fantastic group of people who can help make that happen. And these people include loan officers. If helping people become homeowners sounds like the right career for you, contact Shamrock Financial for more details. We are like a family helping families.