Loan Officer Assistance, Need and Necessity

By February 28, 2019 November 20th, 2019
Loan Officer Assistance, Need and Necessity

Mortgage Loan Officers (MLOs) are the facilitators between the mortgage lenders and borrowers. They play a major role in identifying prospective borrowers, engage with them till the mortgage deal is closed and continue to nurture the relationship for potential cross-sell opportunities like HELOC or home improvement loans.

While the MLOs do multitude of tasks, their primary objective remains ‘Sales’. A typical mortgage sales process  involves a lot of back-n-forth and loads of administrative tasks. From analysing and compiling applicant’s financial  status and property evaluation to reviewing loan agreements, and follow-ups for documents, the list of  administrative tasks are endless.

MLOs  should maintain focus on their primary goals

It is important that the MLOs maintain focus on their primary goals of getting in more borrowers. To be able to do this, they need assistance with several of the administrative tasks. This is where loan officer assistance services can come handy. There are multiple services that a Loan officer assistant (LOA) can take care of, from the time the borrower is in principle on-boarded to the time his loan is funded. Some of these include:


  • Indexing and validation of each borrower document, a tedious yet important task. Instead of having the MLO spend time on this, a Loan Officer Assistant can take care of this.
  • Update of 1003 forms and share Initial Disclosures to speed up the process.
  • LOS reconciliations, and pre-approval DU/LP submissions.


  • Credit reconciliation, verification of the assets and collaterals, income calculation, and credit reconciliation can be well taken care of by the LOAs
  • LOAs can ensure that the closed loans are audited for collaterals, and credits, ensuring these meet regulations and compliances.
  • In-depth audits, document authentication and detection of early payment defaulters is important data to have for a Loan Officer yet doesn’t need an MLO’s skills.


  • LOAs can help disclose loan estimates and closing disclosures and assist in submitting loan documents to check compliances and take related actions.
  • Auto-indexing, verification of post-close data and document splitting takes a lot of bandwidth from the MLOs. This entire portion can be taken care by the LOAs.
  • The monotonous yet important task of following up on pending documents can be taken care of by these assistants. Reminders over emails, calls, and in mail follow-ups along with a compiled report can free up large chunk of time for the MLO.

Market Support:

  • LOAs can also analyse the borrowers’ capabilities via the credit score and payment history eliminating the risks of defaults and frauds.

The assistance in notification of missing data, tracking of each borrower details helps to implement closed loop analytics and ensure faster closures, thus helping the MLO increase lead conversions. With the LOAs being on top of the administrative tasks, follow-ups and analysis tasks, the Mortgage Loan Officer can spend more time on using his domain knowledge, salesmanship, and experience in interacting with the borrowers to increase conversions. This certainly is the right use of their experience and knowledge that adds value in helping borrowers make the right decision on the loan plan.

Data shows that there are approxiately nine thousand mortgage loan officers in the US, and most of  them close around 8 loans every month. With LOAs taking care of the administrative tasks the mortgage loan officers can certainly close more loans in a fast, reliable and scalable way.

Visionet offers Loan officer Assistant services, which can significantly help mortgage lenders enable their Mortgage Loan officers to close faster.

Sameer Wadhwa

Sameer Wadhwa

Sameer is a market facing client relationship leader with 18+ years of experience of working with clients. He has been focused on implementing Digital Transformation solutions for client’s businesses and he has specific focus on Mortgage and CPG domains.

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