Junior Loan Officer Job Description


Author: Lisa
Published: 19 Sep 2021

A JLO Position in Home Mortgage Finance, Commissioning Loan Officers, Loan Officers, A Sales Representative for a Loan Officer, A Bachelor of Arts Degree in Business Administration and more about junior loan officer job. Get more data about junior loan officer job for your career planning.

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A JLO Position in Home Mortgage Finance

A junior loan officer works alongside a senior mortgage loan officer to find potential home loan mortgage applicants, help them navigate the loan process, and assist with preparing and closing the mortgage loan transaction. They help applicants apply for various loan products and mortgage programs, prepare loan packages that meet their specific financial needs, collect, verify, and analyze financial data to determine their creditworthiness and ability to repay a home mortgage loan. Entry-level JLO positions are available for training at many companies.

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Commissioning Loan Officers

Loan officers can receive a salary and commission the loans they put into place. Occasionally, but rarely, they will earn commission. Bonuses are not uncommon.

Loan Officers

Loan officers evaluate and approve loans for business, real estate, or credit. They are experts in evaluating the financial status of loan applicants. Updating account records and reviewing loan files are some of the duties. They work for banks.

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A Sales Representative for a Loan Officer

The skills mentioned above are only part of the job duties of a loan officer, they need to be able to communicate and advise potential customers in order to satisfy their particular needs and wants.

A Bachelor of Arts Degree in Business Administration

A junior loan processor needs an associate's degree or a Bachelor of Arts degree in a business related field such as economics, accounting, business administration or banking. There are courses that can be taken that are related to customer service, credit counseling, fraud detection, processing terminology and basic appraisal principles. Some companies will hire graduates straight out of high school if they have a high school degree.

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Mortgage Loan Officers: A Short Course in Finance

Loan officer jobs pay more than most other jobs if you haven't passed the bar or medical school, and you're still working. Or be a financial advisor pro athlete. Even if the market is in a down cycle, there is always an opportunity for a loan officer.

Even if mortgage rates are not as low as they used to be. If a mortgage loan officer only gets one of those deals, it can mean a huge paycheck, as much as a few months of salary working a minimum wage job or other lower paying jobs. You will waste a lot of time when deals fall through.

As deadlines loom, you will have mental breakdowns as loans slip through your fingers, and real estate agents scream at you. If you can handle all that, being a loan officer can be quite lucrative and easy to do, if you get yourself organized and educated on the many loan options available to homeowners. A loan officer is any one of the following: mortgage professional, senior of any of these, dedicated lending associate, loan consultant, loan agent, or junior of any of these.

The broker or bank may provide leads to the loan officer, or they may be on their own, making their own sales and marketing to get the business. Loan officers at smaller shops and independent companies need to manage their time and call out up to 100 contacts a day. It can be difficult when demand for loans is low.

In both cases, your main goal is to originate loans and assist in processing them, at the same time making sure your borrower is attended to during the entire loan process. They may be the ones that work in call centers and plug in numbers into a loan application, as opposed to coming up with creative loan solutions. They may not need to know much.

A Loan Officer in a Fast-paced Environment

A loan officer with over five years of experience is in a fast-paced environment. FinanceGuru wants to become a market leader through creating the ultimate customer experience and developing cutting edge financial solutions. In previous roles, they managed a large amount of loans. The company exceeded sales targets by 50%.

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Loan Officers: A Mathematical Background

3. Managerial skills are important. Loan officers have to have strong organizational skills and a good ability to plan spatial and financial activities because they manage files, relationships, resources, time, people, and expectations.

Loan officers may not need direct managerial experience, but they do need to juggle many tasks at once, for instance, creating a guiding process to achieve a controlled direction. They should be able to see the forest. Loan officers need to be able to effectively use a host of mathematical procedures if they want to be able to originate sound loans, establish successful relationships with clients, and serve the bank or financial services company they represent.

Loan officers rely on Scheduling and Budgeting, Accounting Math, and calculations of caps on loans to give to clients, as well as calculation of funds to be transferred into clients' accounts once loans are approved and processed. Monitoring the movement of funds going to and from clients' accounts to evaluate the appropriateness of the activities is one of the examples of Scheduling and Budgeting. Data analysis

The loan officer can estimate the amount of time required to perform specific duties using the analysis of numerical or mathematical data. A loan officer can use past experience to estimate the time it will take to make an appointment by assessing the client's current phase in the application process and their level of sophistication with loan products. It is a mathematical background that is applied to the reading and writing of credit ratings, tracking prospecting calls, calculating terms, and other things.

Rational numbers. Loan officers need to be able to read and write, add and subtract fractions, and divide fractions by whole numbers and other fractions. You ask why fractions.

Mortgage Loan Officers in the U.S

The Bureau of Labor Statistics says that demand for mortgage loan officers will grow as fast as employment opportunities in general. Job opportunities may decline during periods when mortgage interest rates are rising because the mortgage market is very sensitive to interest rates.

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