classroom
Real Estate Finance
Job Description
The loan originator works in the residential mortgage industry, pre-qualifying prospective borrowers and pairing them with appropriate financial programs. A loan originator needs to know about the latest laws, regulations and required forms, and have the ability to communicate well with clients in interviewing them, reviewing applications, and explaining loan papers, payment schedules and terms. Loan officers analyze the applicants' financial status, determine the value of property that is offered to secure the loan and check the value of the house being mortgaged. Loan officers read credit analysts' reports and, based on the loan committee's recommendation, approve or deny loan requests. Officers use computers to process data and often supervise others in the preparation of loan documents. Many loan officers examine the market for the possibility of new business and make sales calls to potential borrowers. Some negotiate the sale of groups of loans to investors. Officers collect past due loans, prepare legal documents to reclaim property, and arrange for the care and sale of property. Loan officers often specialize in commercial, installment, agricultural or real estate loans.