Mortgage loan originators study continuously to stay abreast of changes in laws or loan options. They are also passionate about educating and advising their customers on those topics. Candidates must be licensed and registered by the Nationwide Multistate Licensing System in order to work, and employers typically prefer that they have a bachelor’s degree in business administration or finance. In addition, successful mortgage loan originators possess the following skills:
- Banking and lending legal knowledge – a strong understanding of state and federal laws surrounding loans is crucial, both for educating clients on how the process works and for checking the accuracy of applications
- Accounting experience – in order to advise applicants on which loan is best for them, mortgage loan originators must be able to analyze their clients’ finances and understand how that influences their options
- Salesmanship – although this is only one of several skills needed to successfully close new loans, it is nevertheless vital to have a solid understanding of how sales pipelines work and which techniques help convert leads into clients
- Service orientation – securing a mortgage can massively impact a person’s life, so a mortgage loan originator must always have the best interests of their clients at heart when advising on their options
- Communication skills – whether communicating with potential borrowers or lenders, mortgage loan originators must be able to discuss complex and sometimes sensitive subjects with clarity and tact