Responsible for originating retail mortgage loans. Contact may be either telephonic or in-person. Can sell direct to customers or solicit customers indirectly through third parties such as builders/developers or realtors.
The Mortgage Loan Officer (MLO) proactively solicits new residential mortgage business and sells Bank of America mortgage products to meet established loan quality and production goals.
In this ongoing sales role, the Mortgage Loan Officer continually identifies, develops and maintains a quality network of business relationships that serves as a recurring source of referrals for new mortgage lending opportunities. A Mortgage Loan Officer's network may consist of real estate professionals, builders, professional and personal contacts, as well as other valuable referral sources, and is enhanced by the Mortgage Loan Officer's regular participation in business related development opportunities, community efforts to promote homeownership and professional organizations. May be partnered with a Mortgage Loan Associates (MLA) to provide guidance around all aspects of the sales process.
The MLO responds to customer inquiries and referrals that are generated from both their own contacts and from other Bank of America business channels. The MLO conducts interviews with prospective borrowers in order to analyze financial and credit data, determine customer financing objectives, advice customers of product/pricing policies and guidelines, and gather any additional required information. The MLO ensures exceptional customer service by maintaining thorough knowledge of lending programs, policies, procedures and regulatory requirements, demonstrating a commitment to professional ethics, complying with all Federal and State compliance policies and adhering to HMDA requirements.
This position may be subject to SAFE Act registration requirements. Pursuant to the SAFE Act requirements, all employees engaged in residential loan mortgage originations must register with the federal registry system and remain in good standing. If your position requires SAFE Act registration, you will be required to register and to submit to the required SAFE Act background check and registration process. Failure to obtain and/or maintain SAFE Act registration may result in your immediate termination.
- Two to three years of experience in a loan origination experience
- Knowledge of conventional and/or government guidelines
- Knowledge of processing underwriting and/or closing procedures/federal lending regulations governing real estate lending
- Ability to manage a heavy pipeline of 50 plus loans
- Strong written and verbal communications skills
- Teamwork and customer service skills a must
- Self-motivated and highly organized
- Ability to prioritize multiple competing task
- Takes a complete application and obtains required documentation (app quality)
Appropriately sets and adjusts customers expectations throughout the process
Knows & Manages Pipeline Effectively
Strong knowledge of loan products (Conventional, Jumbo and Government) and appropriate skill set to analyze income and assets properly in order to qualify customers into specific loan products.
Ability to quickly build their network within BAC. Takes every opportunity the bank offers to expand their business (eager to adopt).
Has an ability to build and maintain solid referral base (i.e. strong community involvement/ties, established relationship with the local Banking Center)
Strong Sales Ability : Uses appropriate interpersonal styles, communication methods and approaches to gain customers
Strong service disposition: Understand the connection of the level of service provided is directly correlated to driving sales volume.
- Familiar with FHA and HUD guidelines
- Strong computer skills including MS applications and previous experience utilizing laptop technology for communication purposes including accessing rate, credit and loan status information.
- Solid time management skills and the ability to organize, prioritize and perform multiple tasks simultaneously
- Ability to communicate clearly and effectively, both verbally and in writing, across a variety of audiences
- Ability to analyze and comprehend complex financial data and provide financial alternatives
- Professional and effective interpersonal skills
Adaptable & demonstrates flexibility
Takes Ownership & Accountability
Effectively manages multiple priorities
Demonstrates Sales Ability
- Builds Relationships
Bank of America Corporation is a bank holding company. Through its banking subsidiaries (the Banks) and various non-banking subsidiaries...