As a mortgage loan coordinator you are tasked with certain responsibilities. The career path of a loan coordinator is not easy. Well, no profession comes on a silver plater, it’s very stressful everywhere.
Individuals who wants to get a mortgage loan to either purchase or refinance a home get assisted and guided by someone. These persons who walk borrowers through the processes as known as mortgage loan coordinators. They play important roles in the processing of loan applications.
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Who is a mortgage loan coordinator?
A mortgage loan coordinator is charged with responsibility of reviewing loan applications and processing documents for underwriting. As a loan coordinator, it’s important to be equipped with certain skills and ability. You should be able to relate with clients or customers.
This is where good communication skills, time management skills, etc. comes to play. Being a mortgage loan coordinator is not for everyone, you must possess certain qualifications and a license. Be knowledgeable in the field of finance and business.
A Mortgage Loan Coordinator processes loan applications and confirming borrowers information. They also verify loan documents to make sure they meet requirements. Communications between loan coordinators and clients are done in person, over the phone or online.
Their salaries are solely based on commission. Thus, they get their commission if they are able to close a loan.
Duties or Responsibilities
- Cross-checking loan application including requesting for documents that will close the loan.
- A mortgage loan coordinator is the link between the lender, company or bank and the borrower or client.
- Ensures that customers present the right documents for closing a loan.
- Guide customers or borrowers through loan application process and also provide advisory duties.
- Reviewing files, retrieving vital information for loan processing and checking the credibility of loan documents.
- Update information on clients, tracking their loan applications.
- Put together items needed for borrowers.
- Recognize credit per loan officer.
- Carry it on with upcoming schedules and deadlines of loan officers on loans.
- Provide continuous communication to loan officer, clients and others important to work activities.
- Aid with mailing and other marketing activities.
Skills possessed by mortgage loan coordinators
- Have good and excellent customer service.
- Management skills
- Communication skills
- Problem solving skills
- Organizational skills
- Loan processing
- Computer literate