It is the responsibility of the Mortgage Loan Officer to be able to handle all functions of originating a loan.
Essential Functions
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Origination Requirements
- Develop application sources through internal and external centers of influence including but not limited to: Burke & Herbert Bank branches, realtors, builders, stockbrokers, financial planners, attorneys, accountants and past customers.
- Develop new business from personal and nontraditional resources.
- Work independently.
- Complete 1003 Residential Loan Application.
- Collect all data and documents necessary to process the application. Assign loan number.
- In-put or upload application information into Loan Origination System, Encompass.
- Submit to Desktop Underwriter™, Loan Prospector™ or other decision engine.
- Issue initial disclosures accurately and in a timely manner.
- Follow up on conditions necessary to close or decline loan as requested.
- Price and lock interest rate with investor, meeting Burke and Herbert Bank pricing expectations.
- Monitor lock expiration dates for closing and delivery.
Other Banking Requirements
- Call on Burke & Herbert Bank branches in assigned territory.
- Make introduction of all market applicants to appropriate Burke & Herbert Bank personnel. Generate new leads for the Bank from outside sources.
- In consultation with Burke & Herbert Bank personnel, explore opportunities for cross-sell of other Burke & Herbert Bank products.
- Collect fees in accordance with Burke & Herbert Bank standards.
- Participate, as requested, in opportunities to promote the Burke & Herbert Bank.
- Maintains lending compliance including but not limited to: early disclosures, government monitoring, high priced mortgage loans documentation, and customer information procedures.
Closed Loan Requirements
- Expected minimum closed loan volume of $1,000,000 per month after 60 days.
Skills/Abilities
- A Mortgage Loan Officer must be able to communicate and work well with the public.
- Must have the ability to analyze credit information necessary to originate and assist in processing a residential loan application.
- Individual must have knowledge of lending compliance requirements and general knowledge of conventional and government loans available to the consumer.
- Must be resourceful and have the ability to work with secondary market investors insuring all loans meet established guidelines.
- Must be extremely detailed oriented to insure accuracy of data supporting loan files.
- Data integrity must never be compromised.
- Must have ability to work independently inside and outside the office, manage loan pipeline, follow-up with borrowers, Burke & Herbert Bank partners, and sources of business.
- Work to ensure timely loan closings.
- High Level of experience with FHA – VA – USDA and VHDA.
Education and Experience
- College degree preferred.
- At least 1 year of mortgage loan sales and an active NMLS number
- Origination and sales experience.
- Encompass experience preferred.
This position is classified as Exempt under the Fair Labor Standard Act. Mortgage Loan Officers must be customarily and regularly engaged in making sales away from the bank’s places of business. Compensation for this position is 100% commission based.
Supervisory Responsibility
This position has no supervisory responsibilities.
Work Environment
This job operates in a clerical office setting. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines. Office environment with job duties conducted via telephone, face to face meetings, and on the computer.
Physical Demands
This position requires manual dexterity, the ability to lift files and opening cabinets. This position requires bending, stooping or standing as necessary.
Travel
Travel may be required for this position.
Equal Employment Opportunity/M/F/disability/protected veteran status.
