Mortgage banking posted a record $2 trillion worth of loans last year as consumers bought more homes and refinanced more mortgages than any time in history.
And while the real estate market is expected to cool this year, the Mortgage Bankers Associations of America still expects Americans to seek $1.77 trillion worth of loans this year, making it the third best on record.
Behind each loan is a coordinator whose job it is to make sure the loan process goes smoothly. That point person, often referred to as the mortgage loan officer or loan originator, is responsible for the sale of the home from the application stage to closing.
The record business has created a welcome challenge for loan officers. Scores of clients and millions of dollars worth of loans are being handled every day. And in most cases, brokers and bankers have enjoyed a market that brings clients to them since historically low mortgage rates have pushed more consumers to consider refinancing or buying a new home.
Experts said consumers should ask plenty of questions and shop around before hiring the person who will see the mortgage loan through settlement. Finding the right loan program often can save a consumer money.
And industry leaders are encouraging their members to prepare for a slight slowdown and search for business the old-fashioned way.
"Our biggest challenge we've had over the last year is trying to maintain a high level of customer service and at the same time dealing with the volume of business we've had coming in," said Guy Silas, a vice president with Sandy Spring Bank. "It's not just ourselves that are part of the process. There are various pieces of the puzzle that have to all fit in. We're responsible for coordinating all of that, but we need to do so and still meet our clients' expectations."
Silas said it wasn't that long ago that a mortgage loan typically took two to three months. During the past few years, an application can be completed and approved in one or two days with closing occurring within 10 to 14 days.
The advent of automated underwriting systems together with improvements in online application processing, better software systems and cellular technology have streamlined the industry, allowing many loan officers to be more efficient.
