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Mortgage loan officers in the United States must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements. [3]
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process.
The loan processor then orders services and coordinates loan documents. Underwriting : determining if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable, and includes verification, appraisal, title search and insurance, flood certification, and surveying.
Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders.
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A mortgage broker can save you money on the loan itself: Brokers have access to a broader mix of loans and lenders (including some you wouldn’t have access to as an individual). So they may be ...