Mortgage Loan Officers (MLOs) essentially act as facilitators between mortgage lenders and borrowers. Their role involves engaging with prospective borrowers to set up meetings with the MLO and continues by engaging with them for collection of documents and any other engagement as the MLO sees fit till the mortgage deal is closed.
Even though MLOs handle many tasks in the mortgage process, their primary focus is generating and processing borrower leads and achieving sales. However, they often end up spending a lot of valuable time in interactions with prospective borrowers and already onboarded borrowers, engaging with them. These interactions could range from setting up meetings with the MLO, gathering applicant’s documents to ensuring that the list is fulfilled.
It is important to obliterate all these administrative tasks from the MLO’s worklist and allow them to focus on their primary goal of closing a higher number of applications of prospective borrowers. This is where loan officer assistance services come into the picture.
Role of Loan Officer Assistant (LOA)
LOAs works directly under a loan officer to provide assistance in the organization and processing of loan applications. They manage most of the administrative tasks that an MLO requires — from the time the prospective borrower is identified to the time his loan is funded. LOAs are the ones who can work with borrowers in order to gather documents or support the MLO in keeping the prospective borrowers engaged through the loan process.
As mortgage lenders, adding LOAs to your team to support MLOs can exponentially increase your ability to process loan volumes by allowing your MLOs to focus on the high-value tasks. LOAs can take a huge load off the MLOs so that the latter can redirect their focus on other more important business priorities.
How LOA helps in Loan Processing:
Collection of borrower’s documents is a tedious task in the mortgage process, however, it is also an essential step. LOAs can take care of the collection so that the MLO does not have to spend time on this.
Generally, the 1003 form is completed twice during a mortgage transaction: once during the initial application, and again at closing to confirm the terms of the loan. LOAs can support in this paperwork collection process for the loan officer
LOAs can take care of other administrative tasks as well as per the requirement of the MLO..
Other support services in Underwriting & Post-Close:
Mortgage underwriting is an extremely important step in the loan process because it is the underwriter who prepares a careful, detailed analysis of the loan package to determine if a potential borrower presents an appropriate level of risk. Since the amount an underwriter charges as fees is substantial, it is essential that the services are utilized in the best possible manner.
Visionet teams help to ensure that all the necessary documents are in place for the underwriter’s scrutiny to speed up the process. The team also manages the tasks of handling the credit reconciliation, verification of the assets and collaterals and income calculation which are essential for the underwriting process. They also see to it that the closed loans are audited for collaterals, and credits, ensuring these meet regulations and compliances.
The Post Close process also requires the MLO to play a key role. Here too, Visionet teams can help in handling the myriad tasks like disclosing loan estimates, closing disclosures and assisting in submitting loan documents to check compliances along with related actions. It is possible that Auto-indexing, verification of post-close data and document splitting can consume a lot of time and bandwidth of the MLOs.
Visionet teams can also take care of the monotonous yet important task of following up on pending documents. Reminders over emails, calls and mail follow-ups along with a compiled report can free up a large chunk of time for the MLO.
MLOs can benefit immensely in optimizing their time by handing out their tedious administrative tasks to a Loan Officer Assistant. Visionet support teams along with dedicated LOAs can help loan officers close more loans faster and in a reliable manner.
Visionet offers end-to-end Loan officer Assistance services which can significantly help mortgage lenders enable their Mortgage Loan officers to save their time, streamline operations and provide a superior customer experience.
Thomas is a Real estate professional with over 25 years of experience in the mortgage banking and financial services sector specializing in client relationship management, business process management and digital technology sales within the mortgage originations and servicing space. He has additional experience in default mortgage servicing and commercial portfolio/asset management. He is a strategic thinker, the performance-driven leader with broad origination and servicing experience, excellent communication skills, and experience in strategic planning.