Mortgage Loan Originator

Summary of Duties and Qualifications

Job Summary:
A Mortgage Loan Originator (MLO) provides professional financial services to the public exclusively related to financing the purchase of residential real property and the refinancing of existing mortgages secured by residential real property.  MLOs work independently making sales calls on existing and potential customer referral sources.  Typical referral sources, with whom an MLO will seek to develop business relationships, include Realtors, home builders, land developers, real estate attorneys, accountants, financial consultants, real estate appraisers, etc.  This is a sales position that often involves working outside the office to represent First Niagara Mortgageat business development functions and community events; visiting the offices of customer referral sources; and meeting with loan applicants at a location convenient for them. 

Basic Job Duties:
The valuable time and energy an MLO expends establishing and maintaining a robust customer referral network will generate the mortgage leads needed to build a healthy pipeline of potential loan applicants who are seeking to purchase a home.  The MLO will meet with prospective loan applicants to evaluate their home financing needs, explain the available financing options and provide assistance with the customer’s selection of the loan program that best meets his/her needs.  Services typically provided by an MLO include pre-qualifying home-buyers who wish to know the maximum mortgage they qualify for prior to viewing homes for sale.  This service enables both the home-buyer and his/her Realtor to avoid wasting time and energy viewing homes beyond the home-buyer’s financial means.  Once a buyer’s offer to purchase a home is accepted by a seller, the MLO will meet with the home-buyer to finalize the interest rate, loan terms and complete a residential mortgage loan application.  The loan application is then submitted to our operations department to be processed and underwritten for a credit approval or denial decision.  Once an approved loan closes the MLO is paid a commission.

Training and Other Qualifications:
There are no mandatory academic prerequisites for the position of MLO.  However, industry specific pre-licensing education is required, as explained below.  While a college degree is preferred, MLOs should have at least a high school diploma.  Courses of study in mathematics, economics, finance, accounting and marketing are not required but may provide a good academic foundation for this profession.  Previous banking, lending or sales experience may provide transferable skills that can be applied to mortgage loan origination.  First Niagara Mortgage employs a full-time professional trainer who conducts a comprehensive MLO orientation course for new hires as well as on-the-job training support to keep our sales staff current with regulatory changes, mortgage industry trends and new loan programs.

The most successful MLOs are sales oriented, possess good interpersonal and communication skills and have a strong desire to succeed.  They are self confident, highly motivated and good at working with others.  Mortgage loan origination is a self-directed profession where the MLO has complete flexibility to set his/her own work hours.  Since MLOs are free to take on as many customers as they choose, there are times, depending upon the number of customers they have and the general demand for loans, when many MLOs work longer than the standard 40-hour week.  For example, loan application volume can surge during periods of low interest rates.  Compensation is straight commission, which is paid following the closing of a loan transaction.  Earnings can fluctuate with the number of closed loans each pay period.  Earnings tend to rise substantially during periods of declining interest rates. 

In compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) and various state banking laws, MLOs at First Niagara Mortgage must satisfy certain professional state-licensing requirements prior to engaging in loan origination activities on behalf of First Niagara Mortgage All state-licensed MLOs must pass a written qualified test developed by the Nationwide Mortgage Licensing System (NMLS); complete NMLS approved pre-licensure education courses and NMLS approved annual continuing education courses.  All MLOs must submit fingerprints to the NMLS for submission to the FBI for a criminal background check; and provide authorization for the NMLS to obtain an independent credit report from a consumer reporting agency.  In addition, each state may impose state-specific licensing requirements.  Because MLOs routinely handle the sensitive non-public personal identifying and financial information of prospective customers and loan applicants, they are bound by the provisions of the Gramm-Leach-Bliley Act and the First Niagara Mortgage Privacy Policy, which strictly limits their use of, access to and disclosure of such information.  This position requires a commitment to maintaining a high level of confidentiality.

In assessing an MLO state-license application, state banking regulators will evaluate an applicant’s personal history looking for evidence of financial responsibility, good character and general fitness so as to ensure that the applicant will command the confidence of the community and to warrant the belief that the applicant will carry out his/her professional duties in good faith with honesty, fairness and efficiency.  Applicants with certain felony criminal convictions and/or certain convictions involving crimes of dishonesty, financial services or a financial services related business may have their state-license application denied.  An unresolved chronic history of adverse personal credit issues may also result in denial of a state-license application.

Detailed MLO licensing information may be obtained by visiting the NMLS Resource Center at http://mortgage.nationwidelicensingsystem.org . All fees associated with MLO state-licensing are the responsibility of the MLO.

First Niagara Mortgage is a HUD approved mortgagee.  Pursuant to HUD exclusive employment requirements, while working at First Niagara Mortgage, an employee must not have outside employment in mortgage lending, real estate or any other related field.  For example, a licensed real estate agent may keep his/her real estate license while working for First Niagara Mortgage However, while employed by First Niagara Mortgage, the agent may not conduct any real estate related employment or business activity and may not receive any income from such activity.