What are the responsibilities and job description for the Outside Loan Officer position at Msc Services Llc?
Department: Branch Specific
Reports to: Branch Manager
Location: Branch Location and/or other outside office locations determined solely by Loan Officer and in accordance with applicable employment and licensure laws
Exempt Status: Exempt
Hours: Determined by Loan Officer, and not monitored
Loan Production Requirements: None
Compensation & Benefits: Commission and bonus, reduced by Benefits Draw and Expense Draw, subject to Reimbursable Expenses Offset. Mortgage Solutions of Colorado, LLC d/b/a Mortgage Solutions Financial (MSF) offers a comprehensive benefit package. The benefit package includes Health, Dental and Vision Insurance, options to participate in a Health Savings Account, Flexible Spending Account, Health Reimbursement Arrangement, voluntary Life and AD&D coverage, voluntary Short-Term, Long-Term Disability and Supplemental insurance. In addition, eligible employees may have the option to participate in a company retirement plan.
MSF Mission Statement
MSF strongly believes every client should be served with integrity, dignity, and respect. Without compromise, MSF is committed to providing loans that are in the best interest of our clients, not our bottom line. We will continue to educate the community by empowering our clients to make responsible and informed fiscal decisions that result in greater financial peace of mind.
Role Overview
The primary duties of this position are to proactively solicit residential mortgage borrowers from personal referral sources, while developing and cultivating a strong pipeline. This position is responsible for assisting borrowers research loans and navigate the application, approval and closing process. Duties include recommending loan options to borrowers and explaining their terms, determining risks for loaning to borrowers based on their credit and processing paperwork.
In addition to employment definitions outlined by the Department of Labor, Outside Sales Loan Officers are defined to include employees who are not assigned a temporary or introductory status and who do not fall under regular or scheduled hours of work each week. While this position shall receive all legally mandated benefits (such as Social Security and Workers Compensation insurance), Originator is ineligible for other benefits including a salary or hourly minimum wage draw.
Essential Duties
Provides friendly residential loan origination services as a trusted alternative to big, impersonal financial institutions, redefining the mortgage experience for customers and team members
o Loan products offered may include conventional, VA, FHA, USDA, ARM, renovation, hobby farm, and rural and agricultural loans
o Minimum production requirement is two (2) units a month
Engages in marketing and promotional activities in support of Loan Officers personal leads
o Builds and maintains a pipeline of referral sources from which to identify new personal sales leads such as real estate brokers/salespersons, builders, bankers, community leaders, family members, etc.
o Spends at least one or two hours a day, two or more times a week outside of the office (including home office) originating loans, networking or marketing with referral partners, or developing personal relationships with potential borrowers.
o Conducts in-person calls outside of the branch office location (including home office) to real estate agents and brokers, financial advisors, and other potential referral sources to develop borrower leads.
o Meets with borrowers in person to sell mortgage loan products, with meetings occurring with prospective borrowers at locations other than MSFs branch locations, e.g., borrowers homes or other locations.
o Maintains communication with existing and previous customers, alerting them of new products, services, and enhancements that may be of interest, adjunct to in-person contacts
o Engage in marketing and promotional activities in support of loan officers own outside sales efforts
Any work done at MSFs Branch office is related and supplemental to outside sales activities. Work which may be performed at the Branch location in conjunction with outside sales activities may include:
o Calling prospects with whom the loan officer has been dealing during outside sales activities
o Dictating or writing letters to prospective loan applicants
o Talking to such prospects in the Branch about their particular transactions
o Calling a list of prospective buyers or sellers of homes with whom the loan officer has had no prior contact
o Preparing a contact and other forms required for a sale negotiated during the loan officers outside sales activity
o Talking to a walk-in prospect with whom the loan officer has had no prior contact and showing photographs and discussing terms on specific houses, if such activity results in subsequent outside sales activity with the prospect
Originator may choose to accept or decline Company Leads
Analyzes and exercises independent judgment and discretion in advancing MSFs business objectives and the interests of MSFs borrowers regarding significant financial decisions
Carries out major assignments affecting business operations of MSF or MSF borrowers through:
o Manages loan pipeline, review active loan files regularly to ensure there are no missing loan documents, follow up on outstanding loan conditions.
o Correspond with applicants to resolve questions regarding application information.
o Compile loan packages and facilitate negotiation with applicants according to MSF standards, such as origination fees, loan repayment options, and other credit terms.
o Reviews applications, collects, and prepares materials needed to secure a loan.
o Remains aware of loan application deadlines and informs borrowers about them.
Completes necessary continuing education in a timely manner and remains current on local developments and trends within the mortgage and real estate industries.
Compliance with applicable state and federal licensure and mortgage and fair lending laws and regulations
Nothing in this job description restricts MSFs right to assign or reassign duties and responsibilities at any time.
Qualifications & Experience
Must have NMLS registration and any applicable State License for mortgage origination activities
Loan origination experience required; average of two or more units a month in production
Excellent interpersonal and customer service experience.
Proven sales, negotiation, analytical and problem-solving skills.
Ability to effectively communicate and present complex financial information while fielding and responding to questions from applicants, support staff, and management
Ability to function well in a high-paced and at times stressful environment.
Must be a sales-oriented self-starter and able to act independently to achieve personal production goals
Ability to pass a background check and drug test
Demonstration of MSF core values: Connection, Respect, Agile, Revolutionary, Communication, and Resilient
Physical Requirements
Stationary position; prolonged periods at a desk and working on the computer.
Occasional movement about inside the office to walk to offices and office machinery.
Occasional lifting up to 10 pounds, stooping, bending, standing, reaching.
Reports to: Branch Manager
Location: Branch Location and/or other outside office locations determined solely by Loan Officer and in accordance with applicable employment and licensure laws
Exempt Status: Exempt
Hours: Determined by Loan Officer, and not monitored
Loan Production Requirements: None
Compensation & Benefits: Commission and bonus, reduced by Benefits Draw and Expense Draw, subject to Reimbursable Expenses Offset. Mortgage Solutions of Colorado, LLC d/b/a Mortgage Solutions Financial (MSF) offers a comprehensive benefit package. The benefit package includes Health, Dental and Vision Insurance, options to participate in a Health Savings Account, Flexible Spending Account, Health Reimbursement Arrangement, voluntary Life and AD&D coverage, voluntary Short-Term, Long-Term Disability and Supplemental insurance. In addition, eligible employees may have the option to participate in a company retirement plan.
MSF Mission Statement
MSF strongly believes every client should be served with integrity, dignity, and respect. Without compromise, MSF is committed to providing loans that are in the best interest of our clients, not our bottom line. We will continue to educate the community by empowering our clients to make responsible and informed fiscal decisions that result in greater financial peace of mind.
Role Overview
The primary duties of this position are to proactively solicit residential mortgage borrowers from personal referral sources, while developing and cultivating a strong pipeline. This position is responsible for assisting borrowers research loans and navigate the application, approval and closing process. Duties include recommending loan options to borrowers and explaining their terms, determining risks for loaning to borrowers based on their credit and processing paperwork.
In addition to employment definitions outlined by the Department of Labor, Outside Sales Loan Officers are defined to include employees who are not assigned a temporary or introductory status and who do not fall under regular or scheduled hours of work each week. While this position shall receive all legally mandated benefits (such as Social Security and Workers Compensation insurance), Originator is ineligible for other benefits including a salary or hourly minimum wage draw.
Essential Duties
Provides friendly residential loan origination services as a trusted alternative to big, impersonal financial institutions, redefining the mortgage experience for customers and team members
o Loan products offered may include conventional, VA, FHA, USDA, ARM, renovation, hobby farm, and rural and agricultural loans
o Minimum production requirement is two (2) units a month
Engages in marketing and promotional activities in support of Loan Officers personal leads
o Builds and maintains a pipeline of referral sources from which to identify new personal sales leads such as real estate brokers/salespersons, builders, bankers, community leaders, family members, etc.
o Spends at least one or two hours a day, two or more times a week outside of the office (including home office) originating loans, networking or marketing with referral partners, or developing personal relationships with potential borrowers.
o Conducts in-person calls outside of the branch office location (including home office) to real estate agents and brokers, financial advisors, and other potential referral sources to develop borrower leads.
o Meets with borrowers in person to sell mortgage loan products, with meetings occurring with prospective borrowers at locations other than MSFs branch locations, e.g., borrowers homes or other locations.
o Maintains communication with existing and previous customers, alerting them of new products, services, and enhancements that may be of interest, adjunct to in-person contacts
o Engage in marketing and promotional activities in support of loan officers own outside sales efforts
Any work done at MSFs Branch office is related and supplemental to outside sales activities. Work which may be performed at the Branch location in conjunction with outside sales activities may include:
o Calling prospects with whom the loan officer has been dealing during outside sales activities
o Dictating or writing letters to prospective loan applicants
o Talking to such prospects in the Branch about their particular transactions
o Calling a list of prospective buyers or sellers of homes with whom the loan officer has had no prior contact
o Preparing a contact and other forms required for a sale negotiated during the loan officers outside sales activity
o Talking to a walk-in prospect with whom the loan officer has had no prior contact and showing photographs and discussing terms on specific houses, if such activity results in subsequent outside sales activity with the prospect
Originator may choose to accept or decline Company Leads
Analyzes and exercises independent judgment and discretion in advancing MSFs business objectives and the interests of MSFs borrowers regarding significant financial decisions
Carries out major assignments affecting business operations of MSF or MSF borrowers through:
o Manages loan pipeline, review active loan files regularly to ensure there are no missing loan documents, follow up on outstanding loan conditions.
o Correspond with applicants to resolve questions regarding application information.
o Compile loan packages and facilitate negotiation with applicants according to MSF standards, such as origination fees, loan repayment options, and other credit terms.
o Reviews applications, collects, and prepares materials needed to secure a loan.
o Remains aware of loan application deadlines and informs borrowers about them.
Completes necessary continuing education in a timely manner and remains current on local developments and trends within the mortgage and real estate industries.
Compliance with applicable state and federal licensure and mortgage and fair lending laws and regulations
Nothing in this job description restricts MSFs right to assign or reassign duties and responsibilities at any time.
Qualifications & Experience
Must have NMLS registration and any applicable State License for mortgage origination activities
Loan origination experience required; average of two or more units a month in production
Excellent interpersonal and customer service experience.
Proven sales, negotiation, analytical and problem-solving skills.
Ability to effectively communicate and present complex financial information while fielding and responding to questions from applicants, support staff, and management
Ability to function well in a high-paced and at times stressful environment.
Must be a sales-oriented self-starter and able to act independently to achieve personal production goals
Ability to pass a background check and drug test
Demonstration of MSF core values: Connection, Respect, Agile, Revolutionary, Communication, and Resilient
Physical Requirements
Stationary position; prolonged periods at a desk and working on the computer.
Occasional movement about inside the office to walk to offices and office machinery.
Occasional lifting up to 10 pounds, stooping, bending, standing, reaching.
