What do loan of­fi­cers do, ex­actly?

Home - Santa Fe Real Estate Guide - - MORTGAGEMATTERS OURWATERQUALITY - JIM GAY

You have se­lected a mort­gage com­pany you feel will suc­cess­fully se­cure the loan you need to pur­chase the house you can’t live with­out. Your se­lec­tion is prob­a­bly based on rep­u­ta­tion, longevity and that all-im­por­tant team cap­tain, the loan of­fi­cer (LO). Knowl­edge of the LO has come to you by way of your Re­al­tor or other sources and you feel con­fi­dent lay­ing your fi­nan­cial life out be­fore this trusted pro­fes­sional. You and your LO will soon know each other very well. Re­spon­si­bil­i­ties are de­fined and du­ties of the LO and client are per­formed in uni­son.

At your first meet­ing, the avail­able loan choices will be de­scribed and dis­cussed un­til an in­tel­li­gent de­ci­sion is made to­gether. Once you know which type of loan is best for you, the LObe­comes your guide through the maze. The de­scrip­tion “guide,” “teacher,” “con­fi­dant,” and even “friend” is what sep­a­rates the ex­pe­ri­enced and his­tor­i­cally suc­cess­ful LO from the crowd. He or she only re­ceives such a ti­tle if it is de­served and val­i­dated by the com­mu­nity served. Along with the guid­ance comes fol­low-up like you have never known be­fore. You can ex­pect to be in­formed at ev­ery turn and your LO’s name will be­come a house­hold word. This is the way it is sup­posed to work!

So, what are the of­fi­cer’s re­spon­si­bil­i­ties to you? Pric­ing and lock­ing at the ex­act, most op­por­tune and ad­van­ta­geous mo­ment is pri­mary. With­out this abil­ity, vast knowl­edge and, some say, tal­ent, you will not get the best rate and terms. In ad­di­tion to lock­ing the loan, your LO co­or­di­nates with the un­der­writer and the pro­ces­sor the many facets that go into ob­tain­ing a mort­gage loan.

Ti­tle work be­gins early on. A pro­fi­cient loan of­fi­cer will re­view the ti­tle and ad­vise you of any con­cern­ing items. The ap­praisal is or­dered and co­or­di­nated by your LO. And the closing date is set in com­pli­ance with the pur­chase agree­ment. Your “quar­ter­back” works with ti­tle, ap­praisal, in­sur­ance, and un­der­writ­ing peo­ple to lead the en­tire pro­cess­ing team to touch­down!

Your Re­al­tor has ex­pec­ta­tions of the LOaswell. As you al­ready know, your Re­al­tor has your best in­ter­est at heart and de­mands high per­for­mance from all in­volved in se­cur­ing your pur­chase. Your LOis ex­pected to keep in close touch­with your Re­al­tor, ex­plain where the process is and what is needed for com­ple­tion. The Re­al­tor and LOper­form as your very own all-star team!

Fi­nanc­ing in to­day’s mar­ket is over the top with pa­per­work and seem­ingly un­nec­es­sary ver­i­fi­ca­tions for the bor­row- er. The loan of­fi­cer plows through this pa­per­work to lead you to a suc­cess­ful pur­chase of your newhome, with a min­i­mum of stress.

Jim Gay was a real-es­tate bro­ker for 20 years and has been a fi­nan­cial con­sul­tant to For­tune 500 com­pa­nies. He is cur­rently a bro­ker/owner ofThe Mort­gage Place, Inc. (986-9080) and can be reached at jim@ jim­gay­home­m­o­rt­gage.com.

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