Mortgage Loan Officer Qualities and Responsibilities, Part 1

When you or any other potential mortgage client contacts our Altius Mortgage offices, or our partners at Mortgage Ogden, with interest in a home loan, you’ll be directed to one of our experienced, dependable loan officers. Our team has years of experience assisting clients with every element of the mortgage process, from screenings and applications all the way through closing and a future relationship.

For many, including those entering the homebuying world for the first time and looking for the best mortgage rate, you may be wondering exactly what a loan officer does and how they assist you. This two-part blog series will go over everything you need to know here, from the basic definition of a loan officer to many of the services they provide to clients on a regular basis.

Loan Officer Definition and Basics

A loan officer can be defined as a representative of a financial institution like a bank, credit union or mortgage lender who is in charge of helping borrowers during the process. Technically speaking, there are loan officers for loan types besides mortgages – but because these are the most common, complex and high-cost loan type, they’re sometimes simply referred to as mortgage loan officers.

In most cases, the loan officer will serve as the point of contact for borrowers as they attempt to apply for a mortgage. While there are parts of this that can be done online today, maintaining contact with a specific loan officer who can answer questions and divert you away from potential issues holds significant value.

Our subsequent sections will dig into several of the areas loan officers handle.

Screening and Identifying Customers

Loan officers spend much of their day-to-day time in the realm of new customers, but moving between a few sub-categories here. For starters, they make phone calls, send emails and attend various events or meetings to try and drum up prospective customers.

In addition, they spend time interviewing and pre-qualifying potential buyers, both in person and over the phone. Through these processes, they help numerous clients understand their likely purchasing power and the sorts of mortgage rates they’re likely to receive.

Helping Clients With Options

When clients are moving a bit further down the road in the process, loan officers are here to help at every stage. They begin with homeownership goals and desires, then dig into important financials like credit history, savings, taxes and several other vital areas that will help determine the mortgages you qualify for and the rates you’re eligible for.

For more on the role loan officers play during the mortgage loan process, or to learn about any of our team members or our quality home mortgage rates, speak to the staff at Altius Mortgage today.