What do you need to know about mortgage loan officers?

A licensed mortgage broker, credit union or institution bank is required to help customers obtain a mortgage loan. These mortgage loan originators are responsible for matching your financial situation to the best possible mortgage rates and prices.

What is a loan officer?

The job of a loan officer is to make loans and assist consumers with loan applications. Customers can get personal, commercial, and car loans through loan officers. Mortgage loan officers cannot originate residential mortgages. They must pass a national exam and complete an academic minimum level to become licensed.

The duties of a loan officer

Lenders have different requirements for loan officers. Most mortgage loan officers must follow these guidelines:

• Verification of your loan application data
• To avoid confusion and delays, the loan officer must spot any inconsistencies on the URLA form.
• Collecting loan documentation

• To speed up approval, loan officers often request tax returns from self-employed borrowers and letters of explanation for credit problems.

Advise you on the best mortgage program conditions to suit your needs

Expert loan officers are familiar with the requirements, closing costs and interest rates of lenders they represent. They will discuss all of the mortgage options available and explain why they think the program is best for you. Three business days after applying for a loan, a loan estimate and closing disclosure are due.

Closing your loan and meeting deadlines

Loan officers keep track of important dates when you buy a property to make sure you meet the contract deadline. To avoid costly extensions or relock penalties, they also keep an eye on the date that your mortgage rate lock expiration is.

Differences in a loan officer and a brokerage

A mortgage broker can work with multiple lenders to obtain the best interest rates or lending options. Mortgage brokerage companies act as intermediaries between the borrower, multiple lenders, and does not provide the loan funds.

A loan officer works for only one lender and can therefore only sell goods to that lender. The employer of a loan officer may be a credit union, mortgage bank or institution bank. They may also give cash directly to borrowers. Find the best officers for mortgage loans in Brevard by clicking here!

How can I locate a trustworthy loan officer in my area?

There are many ways to find the right loan officer for you. These are some suggestions to help get you started.

Talk to a relative or friend

Ask a friend who has just purchased a property to forward the number and name of their friend.

Get a loan from the web

Many lenders offer mortgage and home-buying information websites that will help you understand basic mortgage terms. Many lenders offer an online application which connects you to a loan officer after your application is complete.

Get a referral from your realtor

Many real estate brokers work with "preferred loan officers" who are able to close loans on-time. Many real estate companies have loan officers in-house who prequalify buyers prior to showing them the property.

Consult a real estate agent

You can find local housing counselors via the HUD website. A HUD-certified counselor can recommend a local lender.

Visit the bank

Many banks offer house loans. Some offer lower rates for large deposits. You can usually meet loan officers at banks branches so that you can bank with them.

Find a local broker or mortgage bank

You'll find a lot of options if you search "mortgage brokers or mortgage banks near me" on Google. For those with low income or poor credit, mortgage brokers might be able to help you get a "non-qualified" loan program.

Ask questions to each loan officer

Apart from asking about fees and rates, it is important to prepare a list with questions that will help you assess the experience and understanding of the loan officer. Asking questions like:

What are your work experience? If you have poor credit or unclear tax filings, a seasoned loan officer will be able to help. They are also able to handle communication between all parties involved in the loan closing process.

What length of time do you work?

It is important to have a loan officer available for you even if it is late at night or on weekends, especially if your area is a hot market. A mortgage pre-approval is required immediately if you are looking for your dream home at night.

Is it possible to communicate with the loan officer during the process? Although texting and email are very popular, you should still be able to communicate with your loan officer by phone in an emergency or if there are any questions.

Why should you choose your company? You should consider more than just low rates and low costs. Before you buy a house, look into special down payment assistance programs and 14-day closings.

Talk to three to five loan officers. Borrowers who compare loans can save thousands of dollars. However, you should make sure to click because you will be working with the loan officer for several weeks or months.