Position: Mortgage Loan Officer
Department: Branch Specific
Reports To: Branch Manager
Location: Branch Location and/or other outside office locations determined solely by
Loan Officer and in accordance with applicable employment and licensure laws.
Hours: Determined by Loan Officer, and not monitored
Onsite: ☐ Remote: ☒ Hybrid ☐
Exempt: ☒ Non-exempt: ☐
Compensation & Benefits:
Commission and bonus, reduced by Benefits Draw and Expense Draw, subject to Reimbursable Expenses Offset.
BANK19 offers a comprehensive benefit package and PTO (paid time off) for eligible employees. The benefit package includes Health, Dental and Vision Insurance, options to participate in a Health Savings Account, Flexible Spending Account, Life and AD&D coverage, voluntary Supplemental Life, voluntary Short-Term, Long-Term Disability and Supplemental insurance. In addition, eligible employees have the option to participate in a company retirement plan.
Role Overview
The primary duties of this position are to proactively solicit mortgage borrowers from
personal referral sources, while developing and cultivating a strong pipeline. This
position is responsible for assisting borrowers research loans and navigate the
application, approval and closing process. Duties include recommending loan options to
borrowers and explaining their terms, determining risks for loaning to borrowers based
on their credit and processing paperwork.
In addition to employment definitions outlined by the Department of Labor, Outside
Mortgage Loan Officers are defined to include employees who are not assigned a
temporary or introductory status and who do not fall under regular or scheduled hours of
work each week. While this position receives all legally mandated benefits (such as
Social Security and Workers’ Compensation insurance), Originator is ineligible for other
benefits including a salary or hourly minimum wage draw.
Essential Functions:
- Provides friendly residential loan origination services as a trusted alternative to big, impersonal financial institutions, redefining the mortgage experience for customers and team members.
- Loan products offered may include conventional, VA, FHA, USDA, ARM, renovation, hobby farm, and rural and agricultural loans
- Minimum production requirement is two (2) units a month
- Engages in marketing and promotional activities in support of Loan Officer’s personal leads.
- Builds and maintains a pipeline of referral sources from which to identify new personal sales leads such as real estate brokers/salespersons, builders, bankers, community leaders, family members, etc.
- Spends at least one or two hours a day, two or more times a week outside of the office (including home office) originating loans, networking or marketing with referral partners, or developing personal relationships with potential borrowers
- Conducts in-person calls outside of the branch office location (including home office) to real estate agents and brokers, financial advisors, and other potential referral sources to develop borrower leads
- Meets with borrowers in person to sell mortgage loan products, with meetings occurring with prospective borrowers at locations other than BANK19’s branch locations, e.g., borrowers’ homes or other locations
- Maintains communication with existing and previous customers, alerting them of new products, services, and enhancements that may be of interest, adjunct to in-person contacts
- Engage in marketing and promotional activities in support of loan officer’s own outside sales efforts
- Any work done at BANK19’s Branch office is related and supplemental to outside sales activities. Work which may be performed at the Branch location in conjunction with outside sales activities may include:
- Calling prospects with whom the loan officer has been dealing during outside sales activities
- Dictating or writing letters to prospective loan applicants
- Talking to such prospects in the Branch about their transactions
- Calling a list of prospective buyers or sellers of homes with whom the loan officer has had no prior contact
- Preparing a contract and other forms required for a sale negotiated during the loan officers outside sales activity
- Talking to a “walk-in” prospect with whom the loan officer has had no prior contact and showing photographs and discussing terms on specific houses, if such activity results in subsequent outside sales activity with the prospect
- Originator may choose to accept or decline Company Leads.
- Analyzes and exercises independent judgment and discretion in advancing BANK19’s business objectives and the interests of BANK19’s borrowers regarding significant financial decisions.
- Carries out major assignments affecting business operations of BANK19 or BANK19 borrowers through:
- Managing loan pipeline, review active loan files regularly to ensure there are no missing loan documents, following up on outstanding loan conditions
- Corresponding with applicants to resolve questions regarding application information
- Compiling loan packages and facilitating negotiations with applicants according to BANK19’s standards, such as origination fees, loan repayment options, and other credit terms
- Reviewing applications, collecting and preparing materials needed to secure a loan
- Remaining aware of loan application deadlines and informing borrowers about them
- Completes necessary continuing education in a timely manner and remains current on local developments and trends within the mortgage and real estate industries.
- Compliance with applicable state and federal licensure and mortgage and fair lending laws and regulations.
- Other duties as assigned.
Nothing in this job description restricts BANK19’s right to assign or reassign duties and
responsibilities at any time.
Knowledge Skills and Abilities
- Excellent interpersonal and customer service experience
- Proven sales, negotiation, analytical and problem-solving skills
- Ability to effectively communicate and present complex financial information while fielding and responding to questions from applicants, support staff, and management
- Ability to function well in a high-paced and at times stressful environment
- Must be a sales-oriented self-starter and able to act independently to achieve personal production goals
- Ability to pass a background check and drug screening