What does a mortgage specialist do?

Mortgage specialist is one of several job titles lenders use for the mortgage loan originator role; some institutions call these staff advisors or specialists. If the person takes residential mortgage loan applications or offers or negotiates loan terms for compensation, the person must be licensed or registered under the SAFE Act regardless of the title. Typical duties include gathering a borrower's financial information, explaining loan types and rates, and passing the application to underwriting for the approval decision.

Florida law has no license category called mortgage specialist. An individual performing those duties is licensed as a loan originator: someone who solicits mortgage loans, accepts mortgage loan applications, negotiates the terms or conditions of new or existing mortgage loans on behalf of a borrower or lender, or negotiates the sale of existing loans to noninstitutional investors. The term excludes an employee whose duties are limited to physically handling or transmitting a completed application form.

A mortgage specialist is generally a mortgage loan originator (MLO): an individual who, for compensation or gain, takes a residential mortgage loan application or offers or negotiates the terms of a residential mortgage loan. In New York, an MLO must hold an MLO license and work for a licensed mortgage banker or registered mortgage broker. Loan officers in this field typically need a bachelor's degree, usually in business or finance, plus on-the-job training.