What Makes a Good Loan Officer?
- Transparency – They are transparent with customers. …
- Passionate – They are passionate about what they do. …
- Measured & Data Driven – They measure all of their data and information- great loan officers understand that nothing can be improved if it is not first measured.
Also, are loan officers happy?
Loan officers are one of the least happy careers in the United States. … As it turns out, loan officers rate their career happiness 2.5 out of 5 stars which puts them in the bottom 5% of careers.
Secondly, do loan officers look at your bank account?
What do mortgage lenders look for on bank statements? When you apply for a mortgage, lenders look at your bank statements to verify that you can afford the down payment, closing costs, and future loan payments. You’re much more likely to get approved if your bank statements are clear of anything questionable.
Does it matter who your loan officer is?
They don’t realize that the mortgage process steps are exactly the same no matter where the lender is located. What is important is that you are working with a lender who is experienced, responsive and well-reviewed. The experience that home buyers will receive will be the same as if the mortgage loan officer is local.
4 Key Requirements to Becoming a Mortgage Loan Originator (MLO)
- Adult Age. A person seeking to become a mortgage loan originator (MLO) must be at least 18 years old.
- Obtain an NMLS Number. Register with the Nationwide Mortgage Licensing System and Registry (NMLS).
- 20 Hours of Education. …
- Pass the National Exam.
Follow these 7 Mortgage Broker success tips:
- Always do your homework and offer multiple loan options.
- Make sure you respond to emails and phone calls in a timely manner.
- Never skip over the details of loan products, fees or services.
- Avoid rushing your clients.
- Provide proof of your success.
An experienced loan officer is well-versed in the guidelines, closing costs and interest rates of a wide variety of loan programs offered by lenders they work for. They’ll answer questions you have about different types of mortgages, and explain why the program they’re recommending is a good fit for you.
Loan Officers made a median salary of $63,270 in 2019. The best-paid 25 percent made $92,960 that year, while the lowest-paid 25 percent made $44,840.
It’s probably not realistic to ask for your loan officer to touch base with you every single day, several times per day while you are trying to close on a house. In general, I think every 2 – 3 days is very reasonable for touching base if you haven’t heard anything specific and you are under contract with a home.
Shopping around can save you thousands
But those few hours of work are proven to be worth it. The Consumer Financial Protection Bureau (CFPB) says borrowers could save $300 per year on average by comparing rates from just three lenders. And negotiating your rate can get it down even lower.
Loan Officer responsibilities include:
- Evaluating credit worthiness by processing loan applications and documentation within specified limits.
- Interviewing applicants to determine financial eligibility and feasibility of granting loans.
- Determining all applicable ratios and metrics and set up debt payment plans.
1. Money math. 2. Scheduling or budgeting and accounting math.
7 Qualities of a Good Mortgage Loan Originator
- They walk you through the entire mortgage process. …
- They get back to you. …
- They welcome questions…and ask a few of their own. …
- They are organized. …
- They are direct. …
- They continuously learn more about their field. …
- They don’t put any pressure on their clients.
1) Anything Untruthful
Lying to a mortgage lender can ruin your chances at approval. On top of that, providing misleading info on a loan application is a felony. Welcome to mortgage fraud! You can try to hide certain info, but lenders are required to perform verifications of key financial documents.