Mortgage loan officers help prospective property owners secure mortgage loans for commercial or residential properties. During a typical work day, mortgage loan officers market to attract potential new clients, complete lender application forms for existing clients, and submit lender application forms to the potential lenders.
Skillset: Mortgage loan officers must understand the different types of mortgage loans that exist on the market. They must be organized to deal with multiple clients issues on a daily basis. They must also be able to effectively communicate with employees within their organization, and with employees at several different lending institutions.
Education: Mortgage loan officers must undergo at least 20 hours of coursework that prepares them to successfully pass the Mortgage Loan Originator, or MLO, licensing test. Once licensed, they must adhere to state laws concerning ongoing training to renew their yearly MLO licenses.
Career Path: Many mortgage loan originators work on commission only. Therefore, pursue a MLO license only when willing to market independently for new clients, and go for long periods of time without receiving a commission check.