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. Underwriters and loan processors often fall into this category as they spend most of their time processing papers. Other positions in the mortgage industry require a lot of involvement with customers, such as originators, brokers and servicers.
Some in the mortgage industry work behind the scenes, crunching numbers.
The loan originator typically works for a credit institution, such as a bank or credit union, and usually has the job of marketing a loan to customers. An originator, who is also often called a loan officer, often needs to explain the terms of the loan to customers, convincing them that it is a good loan to consider. If customers agree, it is up to the originator to have them fill out a form and sign when necessary. A mortgage broker has a similar role, but generally works for the consumer rather than a banking institution. So 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.
Customers 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 details about the loan. The servicer will work with clients once the loan is in effect, so escrow issues, delinquent payments, mortgage payment letters, and any other account monitoring tasks are usually the servicer’s job. Therefore, when customers 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 usually works for the lending institution and typically spends at least part of the workday evaluating the risk on 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 paperwork to ensure the loan is legally valid. The processor usually registers the mortgage with the necessary government entities and then archives the loan information so the lender can properly collect it.