Mortgage Loan Officer Resume Samples, Tips, and Templates
A Mortgage Loan Officer is a trained finance professional who has obtained a license to act as a broker between borrowers and credit offering institutions, such as commercial banks or credit unions. This is a highly regulated profession and has become even more so after the financial crisis of the late 2000’s. The loan officer’s main duties include assessing the potential borrowers’ financial status, by checking past records, income statements and other documents, leveraging the client’s purchasing power in order to offer them the best financing solution for the desired acquisition.
Mortgage Loan Officers usually earn a commission as a percentage of the value of the loan, just a few earn a small fixed monthly salary, therefore having a proactive attitude towards work and being self-motivated are necessary for high-aiming earners. Other desirable traits include good communication skills, an analytical mindset and life-long learning attitude. A good loan officer needs to constantly update their knowledge on the rules and regulations in force, as well as on the new products available.
When applying and interviewing for a Mortgage Loan Officer showing industry-specific knowledge can set yourself apart form the competition.
Tips for Mortgage Loan Officer s Resumes
A Mortgage Loan Officer should be able to simultaneously evaluate the property, the financial status and the goals of the potential borrowers as well as their long-term ability to pay the loan. Furthermore, a successful loan officer will asses the match between the above mentioned variables and the proposed solution, by taking into consideration items such as the interest rate, the type of repayment chosen and the time period defined for the payment schedule. The best results are attained by meticulous and detail-oriented individuals with a good grasp of mathematics, who are also active listeners and identify the needs of the client.
A Mortgage Loan Officer’s duties include meeting with the borrowers and the representatives of the credit institutions and finding a middle ground between the two parts, by advising the borrowers and combining standard products into customized solutions. An important role of the Loan Officer includes explaining to the borrowers about all the components of the rate they will be paying and breaking down the scores they receive. In the case of a negative answer to their requirement, justifying such an outcome in a logical way is mandatory. These actions require superior negotiation skills, as no two clients are the same. The individual housing needs combined with their financial power can result in a wide range of situations. To make matters even more complicated, all solutions must be given within the limits set by federal regulations.
Since the eligibility computations involve a lot of mathematics, simulations are done by software, and even the application process is highly automatized, therefore the computer skills of a Mortgage Loan Officer play an important role in their success. Some good to have skills include: the MS Office Package and the online Google Drive version, specific financial analysis programs for loans and mortgages, risk management applications and general accounting software.
Mortgage Loan Officer s Resume Samples
The following resume samples and templates for Mortgage Loan Officer can help you get a better idea of what your resume can look like.
A Mortgage Loan Officer should always adjust their resume to the specific job description and make sure they highlight their strong points.
Additional Mortgage Loan Officer’s Resume Tips
- Industry-specific qualifications – As there are many types of mortgages, depending on their rating, if you tend to specialize in some of them, make sure you highlight this in your resume, as long as it fits with your potential employer’s goals. Note, for example, the reference to “Alt A” and “non-prime” mortgages from the sample resume. Also mention your licensing, as this is a mandatory requirement in this job.
- Selling Experience – The Mortgage Loan Officer’s main lucrative activity is to sell, therefore any previous selling experience, even in other lines of business could prove useful and noteworthy.