I am looking at getting into the mortgage industry. Lots of choices. Can someone tell me the difference between a mortgage originator & mortgage processor. They seem the same. Is a originator a (Loan Officer)? Any feedback would be great!
2007-04-02 14:26:45 · 4 answers · asked by Le2007 2 in Business & Finance ➔ Careers & Employment
First, I have to say I'm glad you are considering a career in the mortgage industry. It can be a very rewarding career and despite what you may have heard about problems lately in the industry, not all companies are doing poorly.
I work at Quicken Loans and we just had our best month ever! We are growing and so are other mortgage companies. Look around in your area to see who is hiring.
To answer your question, a mortgage originator is the person who works with clients to find them the best home loan for their situation. At Quicken Loans, our mortgage bankers are given top level training and resources to match a client with the best possible mortgage.
A mortgage processor may actually be several people, depending on the company. They process the mortgage, take care of all necessary paperwork, title work, lien checks, etc. They essentially take the mortgage from beginning to end, at which time the client closes on the loan.
Depending on your career interests, you should look into what makes a good fit for your talents. Motivation, organization, honesty, and an understanding of mortgages and the financial industry are the main traits of a Quicken Loans banker. My guess is other successful mortgage and home loan companies share these employee traits.
I hope you do consider a career in the mortgage industry. It's been very rewarding for me. Good luck!
2007-04-05 09:40:39 · answer #1 · answered by Quicken Loans 5 · 0⤊ 1⤋
The mortage originator is the one who goes out and visits all of the builders and developers to get the business. The processor is the one who takes all of the information from the originator and puts it in a neat package to submitt for loan approval.
Normally the originator will make a percentage of the total loan values. The more the value, the more he makes. The processor usually makes a set number of dollars per loan processed, no matter the value.
2007-04-02 21:34:54 · answer #2 · answered by ttpawpaw 7 · 0⤊ 0⤋
An originator is the loan officer. The processor is the individual who gets all the paperwork, credit report, etc, together.
2007-04-02 21:50:23 · answer #3 · answered by Still reading 6 · 0⤊ 0⤋
Go Listen to The Dave and J Show. Dave and J are mortgage brokers and they are awesome! They cover everything related to the mortgage business and you can learn a lot from these guys. Also, you can emial them with any type questions you want and they will answer then.....they will even answer then on he air and it is cool. You can listen to them on the web at www.davenadj.com or on iTunes. you can even listen to all of their old episodes to learn more. Go check them out you wont be disapointed!
2007-04-05 00:39:42 · answer #4 · answered by Justin Lair 2 · 0⤊ 0⤋