These are just some of the things to look for when you choose a loan officer you’d like to work with. Keep in mind, the loan officer wants to give you a loan. That’s the business they are in, and if there is any way they can work alongside a borrower to expediate the loan process, they are going to do it.
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To become a loan officer you need to have a high school diploma, possibly a little on-the-job training or experience, and it always helps to have a Bachelor’s degree in economics, finance, business administration, or any other business-related field although it isn’t a necessity.
Choosing the Right Loan Officer When Buying a Home. A loan officer works directly for a bank or mortgage company, while a broker works independently and requires licensure. Because loan officers offer their institution’s own loan products, they often have more say-so in the approval process. Brokers, on the other hand,
Licensure: There are currently no specific licensing requirements for loan officers working in banks or credit unions, but licensing requirements for loan officers who work in mortgage banks or brokerages can vary by state. They must generally have a Mortgage loan originator (mlo) license, however, which requires at least 20 hours of coursework and passing an exam, as well as a background check and a credit check.
How to choose a Loan Officer? Whether you are a Borrower, Real Estate Agent, or Financial Professional, it is only a matter of time before you are tasked with the decision of How to choose a Loan officer.. note: click here for Part 2 of How to choose a Loan Officer In this 2 part article, a detailed yet objective analysis will uncover the facts to enable you to make the best selection for your.
If you choose a bad mortgage loan officer they can do more harm than good. They can: 1. Put you in the wrong (or bad) mortgage loan program. 2. Change you a higher interest rate. 3.
Matthew Cole, head of data protection law at Prettys Solicitors, says everyone has rights to choose how their information is.
In this chapter of How to choose a Loan Officer, the topics of corporate culture, marketing strategies, and customer service philosophies are discussed. The chart above describes the 2 basic philosophies of how a Mortgage Company attracts new business (i.e. how they make their phones ring).