Private money loan officers

Job Description

Job Description

I. Job Summary

A. The Private Loan Officer will originate residential, commercial, and land loans funded by private

investors.

B. This position includes loan underwriting and the preparation of closing documents.

II. Skills Needed

A. Typing (minimum of 30 words per minute)

B. Strong Math Skills

C. Orderliness and Organizational Skills

D. Ability to communicate clearly and concisely

E. Ability to operate office machines, such as computer, photocopier, fax, scanner, E-mail, standard and

financial calculators

F. Ability to calculate income based on wage stubs, W-2s and 1099s, tax returns, bank statements,

DSCR, and self-employed borrower cashflow analysis.

III. Experience Required

A. The Private Money Loan Officer should have a minimum of 3 years experience originating private

loans.

B. The experience should include not only private residential originations, but also commercial, land,

manufactured home, construction, and rehab loan originations.

III. Licensing Required

A. The Private Money Loan Officer must have a NMLS Residential Loan Originator’s license in the

State of Oregon.

B. The Private Money Loan Officer must maintain this license by taking all required annual continuing

education.

IV. Basic Duties

A. Prequalify potential borrowers.

B. Send initial authorizations, disclosures, and loan documentation checklist to the borrower(s) of loans

that are determined to be doable.

C. Gather property documents from assessor websites.

D. Pull comparables and fill out the Comparables Worksheet.

E. Analyze property value and Loan To Value.

F. Pull Credit Reports.

G. Gather financial and income documents.

H. Analyze credit, income, and debt ratio.

I. Take loan applications.

J. Inspect and photograph subject property.

K. Fill out the Underwriting Worksheet.

L. Prepare Loan Investment Summaries.

M. Send Loan Investment Summaries to private investors and record responses.

N. Open escrow and order preliminary title report.

O. Order the appraisal.

P. Do environmental searches on the Oregon Department of Environmental Quality website.

Q. Order Insurance binders.

R. Prepare and send the Loan Investment Package to Investors prior to closing.

S. Prepare the Escrow Instructions, Promissory Note, Trust Deed, and other closing documents.

T. Assist with clearing funding conditions.

U. Obtain signed Note, recorded Trust Deed, Final Settlement Statement, Loan Servicing Agreement,

and lenders Title Policy from escrow company after closing.

V. Record loan data on closed loan registers.

W. Assist with preparing Mortgage Call Reports.

V. Job Terms

A. Full Time

B. Schedule : 8 – 5 or negotiable, Monday - Friday

C. Pay Rate : Commission based : 50% of the company origination fee for each closed private loan, plus

you get the full processing fee, underwriting fee, and document preparation fee charged by company.

D. Work Location : In person and in office

Company Description

We are a small mortgage brokerage known for honesty, creativity, a full array of conventional, sub-prime, and private lender options. We also do construction, rehab, land, and commercial loans, plus we buy seller financed land sale contracts and Notes and Trust Deeds.

Company Description

We are a small mortgage brokerage known for honesty, creativity, a full array of conventional, sub-prime, and private lender options. We also do construction, rehab, land, and commercial loans, plus we buy seller financed land sale contracts and Notes and Trust Deeds.