Mortgage origination involves the process of creating a new mortgage, including processing paperwork, ensuring buyers are qualified, closing the mortgage, and even marketing mortgages to potential buyers. Mortgage originator jobs typically include such positions as loan officers, loan processors, underwriters, and closers. Larger mortgage companies also commonly offer corporate positions, including administrative positions in accounting, human resources, and marketing.
The loan officer is one of the mortgage originator jobs that has a high level of contact with clients — this person typically is the first contact a customer has with a company. A loan officer helps potential borrowers complete a mortgage loan application and answers any questions they may have about the mortgage origination process. They also help borrowers find the mortgage program that will work best for them. A career as a loan officer requires a solid understanding of the mortgage industry and a friendly personality since it is often considered a sales position. Loan officers typically work on a commission basis and are paid a percentage for each loan they originate.
Another of the mortgage originator jobs is the loan processor. This position usually takes over after the loan officer has completed the loan application. The processor’s job is to verify all of the information on the application and gather the necessary paperwork to ensure the information is accurate. This is a crucial part of the mortgage origination process and normally requires good customer service skills, as the processor is likely to have contact with the borrower.
Underwriting is one of the mortgage originator jobs that involves approving a clients loan application. Underwriters are the analysts who check to see if the borrower meets the criteria for loan approval. They do this by following the guidelines given to them by loan investors, but they must take a common sense approach in determining if an applicant qualifies, as the final decision typically belongs to them. Because of the decision making portion of the job, underwriters generally need strong analytical skills.
The closer usually completes the final step in the mortgage origination process. Once the loan approval is received from the underwriter, the closer ensures that the required documents are ready for the loan’s closing or settlement. This position may involve working with the borrower, the seller, attorneys, title companies and real estate agents. In a sense, it is the closer’s job to get the keys into the hands of the new homeowner.
