Gratifying Profession and Professional Experience Serving as a professional Loan Originator Assistant is one of the most gratifying jobs available today. It's not often that individuals have the chance to guide consumers through the single largest investment they will make in a lifetime. As a Loan Originator Assistant, your role in providing the highest level of customer service and communication is integral to the mortgage process. Your ability to bond with a consumer, creating a customer for life, is a testament to the value you bring to the industry. Loan originators often build a network of Loan Originator Assistants to maximize the service experience, and your contribution to this network is significant. Originating a mortgage loan requires the loan originator or assistant to obtain significant private personal information that will be protected and managed with the utmost confidentiality. When done correctly, the consumer develops the utmost trust and security. Consumer Protection Requires Professional Licensing A remnant of the financial crash of 2007-2008 was the passage of legislation requiring professional licensing or registration in every state for individuals who conduct loan origination activities. All licensing is done as a requirement of the Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act. Consumers and their information are more secure due to the requirements and prohibited acts outlined in the SAFE Act. Securing a professional loan origination license requires education and testing. Still, the reward is well worth the time and effort to say you hold a loan origination license in one or multiple states throughout the country. In a single day, an individual loan originator and/or their assistants build relationships with consumers from California to Maine. It is nice to know that www.AAAMortgageTraining.com outlines your professional path and provides all the necessary education and exam preparation to get you licensed and on your way.
The Role of a Loan Originator Assistant Many top-producing loan originators (sometimes titled as Sr. Loan Originators) operate with one or more Loan Officer Assistants (LOA) to allow them to do what they do best, which is to secure new clients. Every loan requires that borrowers are interviewed by phone or in person. Information obtained from the borrower must be documented and verified so a correct determination can be made of the borrower’s qualification and ability to repay the obligation. Establishing a solid and trusting relationship with the customer is the job of the LOA. It is up to the LOA to secure the necessary information, supporting verifications, and documentation. The LOA must understand the complete process, how the acquired documentation will be evaluated, and how to work closely with the decision makers to get their customer’s loan approved and closed. Communication and setting the right expectations with the customer, inside staff, and decision makers are critical to the timing and success of the loan process. The LOA is responsible for providing and explaining disclosures and securing signatures or E-Signatures where necessary. The LOA must also understand when circumstances change and when new or modified disclosures must be reissued, executed, and explained. The LOA is a true information process professional.
Mortgage Loan Originator Assistant Loan Officer Assistant Qualities Decision-making skills. LOAs must assess an applicant’s financial information and decide whether to award the applicant the loan or if they are better qualified with other terms. Detail oriented. Each piece of information on an application can majorly affect the profitability, customer cost, or loan process success. LOAs must pay attention to detail and be alert for changes in information, the math of the transaction, or simply social/ economic events. Initiative. LOAs manage information and are best served if they do not procrastinate. Instead, take the initiative to obtain explanations for disparities or when misinformation is provided or misinterpreted—interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions, building trust and long-term customer relationships. Empathy. Perhaps one of the most essential qualities because many customers are confused and distrustful of the loan process. Understanding this, ensuring their understanding of the process, under promising and over delivering, and clear expected outcomes require solid communication and understanding of borrower emotions. As a Loan Originator Assistant, your ability to empathize with customers and understand their emotions is crucial in providing a positive and reassuring experience.
Mortgage Loan Officer Assistant Qualifications Typical qualifications like those listed below are good because they improve the learning curve. Each Mortgage Loan Originator will have different expectations of qualities, roles, work hours, reporting, and updates. • A high school diploma or equivalent is required. College degree in finance or banking invaluable • At least 2-3 years of professional office environment required, preferably as an administrative mortgage assistant or loan processor, underwriter or worked in a closing department • Possess an understanding of different loan products, such as conventional loans, FHA, VA, adjustable/ fixed, etc. Training is available through www.AAAMortgageTraining.com. • Highly motivated and goal-oriented with excellent customer service and communication skills. • Computer proficiency is required, including MS Office; some CRM, MLS, DU, and proprietary mortgage software, such as Encompass, are preferred. • Must be driven by compensation and service. Compensation varies from $45,079 to more than $60,000 annually
Licensing and Education To work or act as a Loan Officer Assistant, pre-licensing education and licensing are required. A state license is required within the state(s) where you intend to work. Securing a license can be done after employment or prior to employment. Individuals who take the required pre-licensing training and pass the exam before employment are issued a conditional license subject to employment by a sponsoring approved licensed company. These conditionally licensed individuals typically have a higher hiring income potential. Please contact Alan Griffin at alan@AAAMortgageTraining.com or 317 201 7612 for more information about the best training opportunity that fits your schedule.
Obtaining Your NMLS Number: If you haven't already, it only takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click' Request an account' and then 'Individual'. If you already have the number but don't have it handy, you can find your NMLS number at https://aaamortgagetraining.com/nmls-number/at. Having your NMLS number is a crucial step towards establishing yourself as a professional in the mortgage industry.
Click here to ask questions, or use the chat feature to the right. What do you want to know? Ask now.