A loan officer serves a very important role in the housing market for buyers, sellers, and mortgage lenders alike. They are the liaison between the institution that provides the mortgage loans and those applying for the loan. It is the loan officer’s job to find a loan arrangement that serves the best interests of the applicant and the financial institution offering the loan. Finding a good loan officer can significantly improve a buyer’s chances of securing favorable terms on their mortgage.
The state of New Mexico requires that loan officers be trained and licensed through the National Mortgage Licensing System. A high school diploma or GED is usually required in order to obtain a license while continuing education to keep the license current is also common. Some lenders and brokers will only hire loan officers with a bachelors degree in banking, economics or marketing. However, formal education in the mortgage industry is not a requirement.
Success in the field requires that the loan officer be competent in how mortgages work as well as be able to network with potential borrowers and real estate agents. A good loan officer will possess a working knowledge of the requirements and conditions necessary for applicants to qualify for each type of loan offered by the lending institution. Additionally, the loan officer will have up to date information on all promotional specials on loans and any special interest rates. When applicants are attempting to overcome adverse financial situations or just establishing a credit history, it is very important that the loan officer is knowledgeable about opportunities of interest to those in these circumstances.
For the reasons mentioned above, experience is the most important element for a loan officer’s success in the field. However, loan officers with an education related to the mortgage industry and experience will have an edge over all other loan officers. They will be proficient in business, accounting, financial statements, and cash flow analysis as well as the legal regulations, lending guidelines and interest rates, and be excellent assessors of a borrower’s ability to repay the requested loan. These loan officers will also provide the best services for buyers because they will have both the skillset and knowledge to offer the best terms for mortgage loans.
According to
Ben Lucero, Owner of Indigo Mortgage “…All loan originators working at Indigo
Mortgage including myself are all college graduates.” He further states, “I
think the reason Indigo Mortgage is growing is because borrowers are
finding out first hand how important it is for their loan officers to be well
educated and informed on the ever-changing mortgage market because in this environment
it can be a moving target.”
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