Working in the mortgage industry can be a lucrative and satisfying profession. Residential and commercial mortgage loans are originated loan officers. Loan officer jobs necessitate a diverse set of skills; to succeed in the mortgage industry, a loan officer must excel in these skills, not just be competent in them.
Because loan officer positions are sales positions, a successful loan officer must be very comfortable and proficient with all aspects of the sales process. A loan officer should be skilled at attracting and keeping customers, as well as persistent in following up with potential borrowers, overcoming objections, and closing the deal.
Historically, the telephone was the most common method for borrowers to contact lenders. While the internet has become a popular way for customers to communicate with lenders, the telephone remains an important part of a loan officer’s job. Even in the age of the internet, a mortgage professional’s ability to communicate over the phone is essential.
In fact, many mortgage companies provide their loan officers with a script or guidelines for speaking with borrowers over the phone. Employees benefit from scripts because they provide a tried-and-true structure. The key to success on the phone for a loan officer working for a company that provides a sales script is simply following and implementing the guidelines.
It is critical for a loan officer in a company with no established phone guidelines to receive training on effective telephone techniques. Being skilled on the phone entails more than being courteous, speaking in a pleasant tone, and answering any questions the caller may have. A good mortgage officer can take command of a conversation and accurately determine a borrower’s specific needs and desires.
Another important skill that a loan officer should have is professional written communication. Borrowers are increasingly contacting mortgage companies via the internet and email. Many customers will choose to do business with someone based on the quality of their written communication. As a result, the loan officer who can communicate clearly and professionally has a better chance of attracting and retaining customers.
In addition, loan officer jobs necessitate the ability to communicate with borrowers of various ethnicities, nationalities, cultures, religious backgrounds, socioeconomic status, and educational levels. People skills are required in this position, as they are in all sales positions. Customers prefer to do business with people they like and trust, and interpersonal skills are an important part of that.
The mortgage process is complicated, and the best mortgage professionals are detail-oriented, thorough, accurate, and comfortable with basic math. Finally, loan officer jobs necessitate a commitment to honest, ethical behavior, a desire to provide the best possible customer service, and a desire to provide a loan that best meets the needs and desires of a customer.