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Job Summary:
The Loan Officer Assistant position supports one or more Loan Officers by ensuring loan files are complete and loans close as scheduled. Supports the marketing activities of the assigned loan officers and provides administrative support.
Essential Job Functions:
Non-Essential Job Functions:
goals
interpersonal interactions
influencing others to reward performance and value "can-do" people, accountability, diversity and inclusion, flexibility, continuous improvement, collaboration, creativity and fun
Note: This job description is not intended to be all-inclusive. Employee may perform other related duties as negotiated to meet the ongoing needs of Fairway Independent Mortgage Corporation.
Required Knowledge and Skills:
Required Education and Experience:
Physical Environment:
Travel Expectations:
Reasonable Accommodations: To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Reasonable Accommodations may be made to enable qualified individuals with disabilities to perform the essential functions.
SAFE Act Compliance:
In compliance with the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008, a Mortgage Loan Officer must have an active mortgage loan originator’s license in every state where he or she does business.
Under the SAFE Act, a mortgage loan originator (MLO) is an individual who:
-Takes a residential mortgage loan application; and
-Offers or negotiates terms of a residential mortgage loan for compensation or gain.
The term mortgage loan originator does not include:
-An individual who performs purely administrative or clerical tasks on behalf of an individual who is an MLO;
-An individual who only performs real estate brokerage activities and is licensed or registered as a real estate broker in accordance with applicable state law, unless the individual is compensated by a lender, a mortgage broker, or other MLO or by any agent of such lender, mortgage broker, or other MLO, and meets the MLO definition; or
- An individual or entity solely involved in extensions of credit related to time-share plans.
The SAFE Act defines completing a loan application as receiving information provided in connection with a request for a loan to be used to determine whether the consumer qualifies for a loan, even if the loan officer:
-Has received the consumer’s information indirectly in order to make an offer or negotiate a loan;
-Is not responsible for verifying the information;
-Is inputting information into an online application or other automated system on behalf of the consumer; or
-Is not engaged in the approval of the loan, including determining whether the consumer qualifies for the loan.
Taking an application does not include any of the following activities, performed solely or in combination:
-Contacting a consumer to verify the information in the loan application by obtaining documentation, such as tax returns or payroll receipts;
-Receiving a loan application through the mail and forwarding it, without review, to loan approval personnel;
-Assisting a consumer who is filling out an application by clarifying what type of information is necessary for the application or otherwise explaining the qualifications or criteria necessary to obtain a loan product;
-Describing the steps that a consumer would need to take to provide information to be used to determine whether the consumer qualifies for a loan or otherwise explaining the loan application process;
-In response to an inquiry regarding a prequalified offer that a consumer has received from an institution, collecting only basic identifying information about the consumer and forwarding the consumer to a mortgage loan originator; or
-Receiving information in connection with a modification to the terms of an existing loan to a borrower as part of the institution’s loss mitigation efforts when the borrower is reasonably likely to default.
Under the SAFE Act, the following activities are considered to be offering or negotiating terms or conditions of the loan:
Presenting a loan offer to a consumer for acceptance, either verbally or in writing, including, but not limited to, providing a disclosure of the loan terms after application under the Truth in Lending Act even if:
- Responding to a consumer’s request for a lower rate or lower points on a pending loan application by presenting the consumer with a revised loan offer, either verbally or in writing, which includes a lower interest rate or lower points than the original offer;
- Further verification of information is necessary;
- The offer is conditional;
- Other individuals must complete the loan process; or
- Only the rate approved by the institution’s loan approval mechanism function for a specific loan product is communicated without the authority to negotiate the rate.
Offering or negotiating terms of a loan does not include, solely or in combination:
- Providing general explanations or descriptions in response to consumer queries regarding qualification for a specific loan product, such as explaining loan terminology (i.e., debt-to-income ratio); lending policies (i.e., the loan-to-value ratio policy of the institution); or product-related services;
- In response to a consumer’s request, informing a consumer of the loan rates that are publicly available, such as on the institution’s website, for specific types of loan products without communicating to the consumer whether qualifications are met for that loan product;
- Collecting information about a consumer in order to provide the consumer with information on loan products for which the consumer generally may qualify, without presenting a specific loan offer to the consumer for acceptance, either verbally or in writing;
- Arranging the loan closing or other aspects of the loan process, including communicating with a consumer about those arrangements, provided that communication with the consumer only verifies loan terms already offered or negotiated;
- Providing a consumer with information unrelated to loan terms, such as the best days of the month for scheduling loan closings at the institution;
- Making an underwriting decision about whether the consumer qualifies for a loan;
- Explaining or describing the steps or process that a consumer would need to take in order to obtain a loan offer, including qualifications or criteria that would need to be met without providing guidance specific to that consumer’s circumstances; or
- Communicating on behalf of a mortgage loan originator that a written offer, including disclosures provided pursuant to the Truth in Lending Act, has been sent to a consumer without providing any details of that offer.
Note: This job description is not intended to be all-inclusive. Employee may perform other related duties as negotiated to meet the ongoing needs of Fairway Independent Mortgage Corporation.
Job Type: Full-time
Benefits:
Payment frequency:
Schedule:
Work setting:
Ability to Relocate:
Work Location: In person
Full Time
Lending & Credit
$55k-75k (estimate)
03/29/2024
04/11/2024
mortgagebancllc.com
Birmingham, AL
50 - 100
Lending & Credit
The job skills required for Mortgage Loan Officer Assistant include Mortgage Loans, Customer Service, Underwriting, Attention to Detail, Mortgage Lending, Flexibility, etc. Having related job skills and expertise will give you an advantage when applying to be a Mortgage Loan Officer Assistant. That makes you unique and can impact how much salary you can get paid. Below are job openings related to skills required by Mortgage Loan Officer Assistant. Select any job title you are interested in and start to search job requirements.
The following is the career advancement route for Mortgage Loan Officer Assistant positions, which can be used as a reference in future career path planning. As a Mortgage Loan Officer Assistant, it can be promoted into senior positions as a Mortgage Loan Funding Clerk, Sr. that are expected to handle more key tasks, people in this role will get a higher salary paid than an ordinary Mortgage Loan Officer Assistant. You can explore the career advancement for a Mortgage Loan Officer Assistant below and select your interested title to get hiring information.
If you are interested in becoming a Mortgage Loan Officer Assistant, you need to understand the job requirements and the detailed related responsibilities. Of course, a good educational background and an applicable major will also help in job hunting. Below are some tips on how to become a Mortgage Loan Officer Assistant for your reference.
Step 1: Understand the job description and responsibilities of an Accountant.
Quotes from people on Mortgage Loan Officer Assistant job description and responsibilities
A mortgage loan officer assistant works under the direct supervision of a mortgage loan officer (MLO) or mortgage loan originator.
04/14/2022: Cedar Rapids, IA
Follow up and respond to customer and in-house inquiries on transactions as needed in order to provide superior customer service.
04/13/2022: Huntsville, AL
The Loan Officer Assistant position supports one or more Loan Officers by ensuring loan files are complete and loans close as scheduled.
05/04/2022: Bremerton, WA
Supports the marketing activities of the assigned loan officers and provides administrative support.
03/18/2022: Canton, OH
Facilitate the completion of real estate loan applications, collect, analyze, and review supporting loan documentation in accordance with loan guidelines, and provide support throughout the loan application process.
05/04/2022: Bangor, ME
Step 2: Knowing the best tips for becoming an Accountant can help you explore the needs of the position and prepare for the job-related knowledge well ahead of time.
Career tips from people on Mortgage Loan Officer Assistant jobs
Study mortgage applications and processes.
04/21/2022: Petaluma, CA
Teach financial advisers about mortgages.
04/13/2022: Las Vegas, NV
Learn Interviews from applicants.
03/24/2022: Vincennes, IN
Explain the mortgage process and popular loan programs.
04/07/2022: Austin, TX
recommendations regarding the loan products
05/11/2022: Medford, OR
Step 3: View the best colleges and universities for Mortgage Loan Officer Assistant.