Ads
related to: job description loan originator
Search results
Results From The WOW.Com Content Network
What is a mortgage loan originator’s salary? It depends. MLOs employed as loan officers are generally compensated through an annual salary or at an hourly rate, and earn a commission on every ...
Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual ...
A loan officer typically works for a single financial institution and can only offer products and interest rates set by that institution. Mortgage bankers, on the other hand, might have more ...
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 banks have used brokers to outsource the job of finding and qualifying borrowers, and to outsource some of the liabilities for fraud and foreclosure onto the originators through legal agreements. [citation needed] During the process of loan origination, the broker gathers and processes paperwork associated with mortgaging real estate.
Mortgage loan origination is the process of your loan being established. When you formally apply for a mortgage , the lender or loan officer “originates,” or initiates the loan (or, to be more ...