Work with businesses or individuals to help obtain a loan.
What does a Loan Originator do?
How’d you like to be a part of helping families to purchase their dream homes? As a loan originator, it’s your job to help people find mortgages. Sometimes known as loan officers, loan originators can work in either the residential or commercial market.
As a loan originator, you help to match people to the mortgage that is the best fit for them. That may include looking at various government programs, such as VA loans for military veterans, Federal Housing Administration (FHA) loans with lower interest rates and less stringent qualification requirements, or one of the many USDA rural development programs. Respective agencies insure each of these types of loans. For clients with good to excellent credit, you might recommend a conventional loan, which isn’t insured by a government agency. For homes with larger sticker prices (the amount varies depending on location), a jumbo mortgage may be required, which typically means higher interest rates as well.
Even though a specific degree isn’t required to be a loan originator, typically most employers require at least a bachelor’s degree. Good majors to choose include anything business or finance related. You’re also required by the Secure and Fair Enforcement for Mortgage Licensing Act (“SAFE Act”) to obtain a license which requires 20 hours of education courses, a criminal background check, and successful completion of a national mortgage test. There are often additional state licensing requirements that vary by the state(s) in which you do business, so check with your target state for specific guidelines.