Mortgage Loan Officer

Reports to the VP of Mortgage Processing/Sales

Exempt 

General Functions:

The Mortgage Loan Officer plays a key part in helping individuals secure financing for purchasing homes, refinancing existing loans, and for the construction of new home projects. MLO’s are responsible for guiding applicants through the mortgage loan process - from application to closing, assessing their financial situations, and recommending appropriate loan products. This role requires strong communication skills, attention to detail, and a deep understanding of mortgage regulations and products.

Duties and Responsibilities:

1) Interview applicants and explain the steps of the mortgage loan process.

2) Provide applicants with information on various mortgage products and terms.

3) Assist applicants in completing mortgage applications and gathering necessary documentation.

4) Evaluate applicants' financial status by analyzing credit reports, income, and assets.

5) Communicate loan approval or denial with the applicants. In case of denial, provide a transparent explanation and offer guidance on possible solutions or steps to take to help improve their future chances of approval.

6) Collaborate closely with underwriters, the loan processing department and other service providers to ensure a smooth loan process.

7) Maintain a strong relationship with applicants throughout the loan process, providing updates and answering questions.

8) Remain sole point of contact for applicant/member throughout the entire process.

9) Coordinate and attend closing with applicants, sellers, realtors, and title companies.

10) Ensure compliance with state and federal regulations governing mortgage lending.

11) Stay informed about industry trends and changes in mortgage regulations.

12) Develop and maintain a network of real estate agents and other referral sources.

13) Actively participate in local business and community activities.

14) Perform duties of Notary Public.

15) Cross-sell and/or refer other LLCU products.

16) Provide excellent member service.

17) Maintains work area in an orderly and professional manner.

18) Performs other duties and works other hours as assigned.

19) Provides backup to other departmental functions, as needed.

20) Assists in department projects, as needed.

21) This job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities that are required of the employee. Must be able to meet physical requirements: prolonged periods of sitting at a desk working on a computer or standing to complete activities; must be able to lift 30 pounds at times. 

Required Qualifications:

• High School Diploma or equivalent.
• Two or more years of experience in a credit union or other financial institution required.
• Thorough knowledge of real estate principles, practices, rules, and regulations.
• Ability and passion to collaborate with individuals in achieving their mortgage through an extensive yet rewarding process.
• Skill, aptitude, and interest in sales.
• Ability to communicate effectively, both verbally and in writing.
• Ability to establish and maintain effective working relationships with a diverse group of people including Realtors, Title Companies, and mortgage processing department.
• Ability to act independently and confidentially, using discretion and tact.
• Ability to analyze situations and recommend workable solutions.
• Ability to coordinate, multitask, and prioritize work.
• Must possess NMLS Mortgage License or the ability to obtain within 90 days of start date in position.
• Ability to maintain a valid Illinois driver’s license.
• Proficient understanding of navigating multiple computer programs and the internet.

Preferred Qualifications:

• Some university or business college, majoring in accounting, economics, finance, and communications preferred.
• Previous experience in mortgage lending a plus.

PAY INFORMATION

$55,000 to $80,000 salary dependent upon qualifications and experience

BENEFITS*

Insurance Options

• Health
• Dental
• Vision
• Accidental
• Hospital Indemnity
• Critical Illness
• Voluntary Life Insurance 
• Short-Term Disability, Long-Term Disability, and Basic Life/AD&D Insurance all covered by LLCU
• Flexible Spending Accounts (Medical FSA, Dependent Care FSA, and Limited FSA)
• Health Spending Accounts
• Employee Assistance Program

Time Off

• Paid Time Off (PTO) 
• Sick Leave
• Paid Holidays (those recognized by the Federal Reserve Bank)
• Paid Parental Leave
• Funeral and Grieving Leave
• Paid Disability Leave

Additional 

• 401k
• Clothing Allowance 
• Community Impact/Community Service - Staff are provided up to 14 hours per year of paid time for the purposes of volunteering. 
• Tuition Assistance and Professional Development Opportunities 
• Fitness Programs
• New Employee Referral Bonus

*Eligibility criteria must be met.