Mortgage Loan Originator

Eastern Bank•Manchester, NH

2d•Hybrid

About The Position

The Mortgage Loan Originator (MLO) is responsible for originating their own sales by contacting prospective clients and by developing and maintaining referral sources. The MLO spends significant time out of the office conducting sales calls, meeting with borrowers and attending closings. The MLO has flexibility in setting their working hours as well as scheduling the tasks performed in a workday. The MLO is compensated on a commission only basis. Individuals in this role exercise independent judgment within investor and regulatory guidelines. They serve as a subject-matter expert for complex loan scenarios and act as an escalation point for underwriting and borrower issues. Individuals have discretion to recommend loan programs and investors based on borrower profile.

Requirements

A minimum 1 year of Mortgage Origination experience is required
Thorough understanding of mortgage products, pricing and guidelines.
Up to date understanding of all regulatory compliance and participating in various required trainings Eastern Bank provides.
Ability to take accurate and thorough loan applications
Possess a working knowledge of credit reports, DTI, LTV, and CLTV ratios
Have excellent communication and interpersonal skills
Attention to detail and outstanding customer service is critical to success
Ability to create, implement and adapt a market penetration strategy for lead development, prospect to client conversion, and client to close conversion.
Ability to self-source business through sales activities including cold calling, appointment setting, and group presentations.
Ability to create marketing systems to source new business as well as keep in touch with existing clients, realtors, builders, etc.

Nice To Haves

Experience with Outlook, Microsoft Office, Encompass and other similar software preferred

Responsibilities

Principal duty is the origination of mortgage loans, i.e. sales.
Ongoing, in-person contact with referral sources, to ensure continuous leads and relationships with individuals such as borrowers and realtors.
Conducts sales calls, attends realtor sales meeting, open houses, functions and trainings.
Takes thorough and complete loan applications; analyzes and prequalifies applicant information to determine viability of the client’s desired loan program.
Pulls credit, analyzes credit, and compares for accuracy with the mortgage borrower’s statements
Corrects inaccuracies and determines correct loan options for the borrower based upon the applicant’s present situation, future plans and preferred loan product.
Provides guidance and information relevant to the risks and benefits of each program the applicant is qualified for.
Effectively explains and communicates the terms of each product and ensures all documents necessary are signed by the borrower.
Gathers all initial documentation required based upon the applicant’s selected loan program including disclosure requirements.
Provides loan package to the loan processor for review, stacking and pre-submission audit.
Works with the loan processor to provide any letters of explanation, or additional documentation as necessary and required by underwriting to clear all conditions and close each loan.
Maintains a working file for the office as required for compliance.
Acts as a liaison for all parties to the transaction, i.e. buyer, seller, realtor, builder, title company, appraiser, credit vendors, etc.