What Does a Loan Officer Do?
A loan officer is employed by a bank, credit union, or other mortgage lender, and will only present programs and mortgage rates offered by the bank. Their employer can make home loan funds directly available to borrowers if they work for a home mortgage bank, credit union, or institutional bank. Both the loan officer and the mortgage broker will inquire about your financial situation and assist you in completing and processing a mortgage application.
Once you have determined your plan of action, a loan officer will provide you with a loan evaluation, assist you in obtaining a pre-approval letter so that you can make an offer on a home, complete your application as you sign your purchase agreement, and close any gaps in the underwriting process as you close.
Loan Officers Determine How Much You Can Borrow
The mortgage loan officer will evaluate your debt-to-income ratio to determine how much money you can borrow, based on your ability to make monthly payments and repay the loan. The loan officer will consider your annual salary, credit score, debt-to-income ratio, and total debt; however, your annual salary is not the only factor relevant to your mortgage qualification.
A good loan officer plays a significant role in ensuring that you have the best interest rate, as well as a loan structure that is approved and provides you and your family with long-term financial security. If you find a competent Loan Officer, you will likely also locate a lender with competitive mortgage rates and closing costs.
Modern loan officers work not only with customers, but also with Realtors, builders, title companies, appraisers, and the processing, underwriting, and closing departments; therefore, they must have excellent customer service and communication skills. If you’re looking for a loan officer, contact us today.
