Senior Mortgage Loan Officer

Description Compensation

Base salary: $70,000-$90,000 annually (non-recoverable, depending on experience, qualifications, and production history; good-faith estimate based on the role's requirements).

Commission:
Uncapped, tiered commission on annual funded secondary market origination volume, paid monthly

• Achieve and exceed annual secondary market origination targets (e.g., $20M+) by sourcing, structuring, and closing high-quality retail mortgage loans; optimize profitability through strategic pricing, product selection, and fee generation.
• Prospect and cultivate a robust pipeline of quality borrowers and referral sources (realtors, builders, financial advisors, existing bank clients) in the Wayzata and greater Twin Cities area; actively network and cross-refer opportunities to other bank departments.
• Interview and counsel applicants on mortgage options; analyze financial profiles (income, assets, debts, credit, employment) to determine eligibility, assess risk, and recommend tailored financing solutions aligned with investor guidelines and bank policies.
• Negotiate loan terms, prepare and present credit packages for approval (exercising delegated authority where applicable or escalating as needed), and ensure timely completion of documentation and financial tracking.
• Conduct advanced pre-underwriting and credit/property analysis: review credit files, appraisals, automated underwriting reports, LTV, DTI, and supporting documents to confirm compliance with FNMA, FHLMC, FHA, VA, RD, and bank standards; issue pre-qualifications, approvals, or conditions promptly.
• Manage the full loan lifecycle: collaborate with processors, underwriters, and closers to resolve issues, expedite documentation, maintain pipeline velocity, and deliver timely, compliant closings with minimal exceptions.
• Proactively identify and mitigate potential problem loans early to safeguard bank profitability and asset quality.
• Maintain expert, up-to-date knowledge of secondary market products, in-house options, regulatory requirements (RESPA, HMDA, ECOA, Fair Lending, etc.), and investor guidelines; provide accurate counseling to applicants and communicate changes to internal teams.
• Support quality control and risk management: review applications, input sheets, and closed documents for accuracy and compliance; recommend procedural improvements or training to minimize audit/exam exceptions.
• Foster the bank's relationship banking culture through superior client service, ongoing contact, and deep product knowledge; contribute to department and institutional goals.

• Ensure accurate setup and maintenance of loans in the bank's core origination system; keep files (electronic/paper) organized, professional, and audit-ready.
• Monitor post-closing processes and workflows for ongoing compliance with federal/investor standards; assist in developing enhancements to reduce risk.
• Participate in community and networking events to promote home ownership and bank services.

• Responsibilities include the following:
  1) adhering to and complying with all applicable, federal and state laws, regulations and guidance, including those related to Anti-Money Laundering (i.e. Bank Secrecy Act, USA PATRIOT Act, etc.),
  2) adhering to Bank policies and procedures,
  3) completing required training,
  4) identifying and reporting potential suspicious activity to the BSA/AML Officer, and
  5) knowing and verifying the identity of any customer(s) that enters into a relationship with the Bank.
• Informs supervisor of important matters which must be known to effectively manage department operations.
• Adheres to the values of the mission statement, which in turn will prove a base of shared values for everyone who works within the organization.
• Follows self-development and participates in educational programs to increase skills and knowledge in lending, policies, programs, and systems.
• Develops and maintains good working knowledge of job responsibilities and procedures, which facilitates efficient performance of duties.
• Contributes to a favorable working climate within the organization through a friendly and cooperative…