It has been brought to my attention that some people don’t realize what a home mortgage specialist or a loan officer does. Especially if one does not work for a depository bank, and only for a mortgage bank or broker shop. Hopefully this post will be bring to light about any confusion that you might have…
I specialize in lending on home loans so that a client can buy a home or refinance their current mortgage.
Most individuals take out loans to buy a house with a home mortgage, unless they have enough assets to buy a home in cash. I gather information to determine the likelihood that individuals will repay the loan. If a client that doesn’t currently qualify for a home loan, I will work with them and put them on a plan so that they can qualify for a loan.
I help guide clients through the process of applying for a loan. The process begins with the client contacting me through a phone call, visiting a branch, or filling out a Web-based loan application. As the loan officer, I obtain basic information from the client about the purpose of the loan and the applicant’s ability to re-pay the loan. The loan officer may need to explain the different types of loans and terms available to the applicant. Through out the process, I will answer any questions about the process and sometimes assist clients in filling out the application.
After a client completes an application, I will begin the process with a processor of analyzing and verifying the information on the application to determine the client’s creditworthiness. Often, loan officers can quickly access the client credit eligibility through automated underwriting software that determines if a client is eligible for the loan.
The Loan Processor and I comment on, and verify, the information of a loan application in a loan file, which is used to analyze whether the prospective loan meets the lending institution’s requirements. The processor will then work with loan underwriters to determine if the loan qualifies for a mortgage. As a team we will then work with a title company to get it closed.