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What Does A Mortgage Broker or Loan Officer Do?

A loan officer is responsible for generating loans and making sure those loans close. A mortgage broker needs to do the same thing. But a mortgage broker can be an employer of loan officers and this would require him to manage the office and the loan officers that work for him.

To be honest, most of the day is spent on things that are not business related. In a survey we did of hundreds of loan officers, the average amount of time they spent productively was only 4 hours a day out of 9.

But let's answer the question of what a mortgage broker does.

As stated above, the primary responsibility of a mortgage broker is to generate loans and service his customers.

In a normal day a mortgage broker can:

  • Do some marketing
  • Meet with prospective clients
  • Handle some paperwork
  • Visit with Real Estate Agents and other referral partners

A loan officer would do all these things as well.

What should a mortgage broker do?

Mortgage brokers should be doing all these things on a regular basis. But most do not. That is why it is not hard to succeed in this business, even with a lot of competition. The majority of loan officers simply do not take care of business.

A mortgage broker should do the following:

  • At least one activity per day to bring in new business.
  • Spend at least one hour educating him/herself on marketing and the industry
  • Delegate a lot of the paperwork and minimum wage work to others.
  • Spend more time on developing partnerships with referral partners.

But what does a mortgage broker really do?

It depends on the company. Some loan officers are nothing more than order takers. The phone rings or a customer walks in the door and the loan officer is supposed to convince that person to do their loan with that loan officers. Or basically, sell himself and his company to the prospect.

Once that is done, there is paperwork to fill out, and then the loan is turned over to processing. Information is gathered and sent to the lender who approves or declines the loan. If the loan is approved and everything with the property is fine, a closing is scheduled.

Other loan officers have to generate their own customers. Some loan officers have to process their own loans, others can turn the files over to processors for that function.

The answer to the question, what does a mortgage broker or loan officer do, cannot be satisfactorily answered because the answer is different in all companies.




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Just a Few of the Companies That Use Our Procucts

  • Lincoln Federal Savings Bank

  • Wells Fargo Home Mortgage

  • Bank of America

  • Allied Home Mortgage Capital

  • JP Morgan Chase

  • National Lending Corporation

  • 1st Metropolitan Mortgage

  • Arbor Mortgage

  • Wall Street Mortgage

  • Grossmont Community College

  • First Security Mortgage

  • Chase Financial Corporation

  • Coldwell Banker

  • CTX Mortgage

  • Southern Utah University

  • Union Savings Bank

  • SunTrust

"Over the last 60 days, you have supplied me with a wealth of information. I have taken the last 2 months off to devise a marketing plan to implement that should totally change my thought process

I truly see myself making a high 6 figure income within 3-4 years, and you have been a driving factor in my thinking. No more roller coaster ride, just steady $$ every month.

Thank you so much for all your help, and I will definitely be a customer for life. This is only a start!!"

Victor 'Scott' Blackburn

"Doing business over the internet is difficult usually with no personal service, however, Kamrock Publishing provided the support and personal service which made this a gratifying experience.

I have no reservation in highly recommending the services of Kamrock Publishing. It is evident that you are committed to your customers and their satisfaction.

Thank you for going above and beyond the call of service and support."

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"I am glad that I was able to make the committment to your programs. For my sake, I do hope that not many bankers or brokers buy your systems would make my job tougher to compete. I am the only mortgage banker/broker in my immediate area that truly defines "Amazing Service". Thanks a million.

Michael Locker, Duluth, MN

"Thank you so so much for sharing your experiences for all of us in the mortgage industry. I am a new loan officer, and by reading your materials I know that you have cut years off of my learning curve. All my education is going to come from you because I want to do it right the first time. Thank you for not forgetting where you came from and all the help you offer."
John Torres


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