1.8- What is a Registered Mortgage Loan Originator (RMLO) and its Job Description?


An Individual, who for the sake of a compensation or gain, or in expectation of a compensation or gain, takes a Residential Mortgage Application and offers or negotiates terms of a Residential Mortgage Loan is a Mortgage Loan Originator (MLO). Mortgage Loan Originators educate, advise, and guide potential borrowers through the loan application process. MLO's typically work full time in banks or other lending institutions.

A Mortgage Loan Originator is either a Registered Mortgage Loan Originator or a Licensed Mortgage Loan Originator.

Currently, the employees of Depository Institutions that meet the definition of a Mortgage Loan Originator such as Banks or Credit Unions are not required to be licensed and are known as Registered Mortgage Loan Originators. A Registered Mortgage Loan Originator is an Individual who is an employee of  a Depository Institution or its subsidiary that is owned and controlled by a depository Institution, is Regulated by a Federal Banking Agency or an Institution Regulated by the Farm Credit Administration and that is registered with and maintains a unique Identifier. Registered MLO's are required to be registered however are not required to take the pre-licensing or continuing education, nor are required to take the National Test Component with Uniform State test. A Registered Mortgage Loan Originator is not required to be licensed in each state but is required to be registered with the National Multi-State Licensing System and Registry (NMLS).



Job Description:

- To maintain Referral relationships, and Approach leads by attracting Potential Borrowers. To Cultivate relationships with Real Estate Agents, Financial Planners, Accountants, and others who could refer their clients to them

- To Advise Applicants on their loan Options, interview applicants to assess their loan requirements, to advise customers regarding different available loan options and to recommend which option would be best for them

- To analyze and submit all documents for the loan, including documentation from the credit bureaus, financial institutions and Employers. To assure accurate information is filled in the application and all required information for the loan is submitted timely in the system for approval.

- To oversee and monitor the entire loan process through closing. To advise client regarding the progress of their loan with the lender while in process and to help resolve any discrepancies, if any between the borrower and the lender.

- To Provide Ongoing Customer Support, Education, Advise, Progress Reports, answer questions and resolve problems.

Skills and Qualifications:

- Ideally a Bachelors Degree in Business Administration or Finance with two years of experience in the field, Must be Licensed and Registered with the NMLS. A strong desire of continuously staying abreast of changes in laws and loan options.

- A strong Legal knowledge of State and Federal Banking and Lending laws.

- Accounting experience to assist clients and recommend which loan is best for them based upon the client's finances with an understanding of how a particular loan options would suit their needs

- The ability to convert leads into successful clients

- Strong Communication skills to assist lenders and borrowers, to address complex and sometimes sensitive subjects tactfully and with clarity

Computer Software:

- Proficient in Lending software such as LendingWise, Experian and Calyx

- Proficient in Office Suite Software including Microsoft Word, Excel, Power Point and Outlook