A mortgage loan officer is someone who is licensed in their state as a mortgage broker, credit union, mortgage bank or institution that assists consumers quire home loans for a fee. In the banking world, regulators refer to them as “mortgage loan originators.” The main role of these individuals is to match you with a mortgage that fits your needs to whatever you’re shopping for in Colorado. Getting the lowest cost is of course the primary goal to help you achieve the home or property you;ve always desired.
Generally speaking, a loan officer works for a financial institution to produce loans that assist potential or current customers with the documentation needed to finish a loan application. Loan officers can exist in many different realms and subject matters. They can be used to help with car loans, business loans, personal loans & more. The loan officers we are discussing are exclusive to the residential home loans in Denver Colorado. Meeting minimum education requirements, passing a national test and becoming licensed in the state while maintaining continued education are all requirements to renew their license.
A loan officers job description can change depending on what niche they are in. But, most loan officers are responsible for the following tasks:
Collecting necessary documents to support loan request. A well equipped loan officer in Colorado will know exactly what documents to ask for – it could be tax returns for the self-employed and or letters that describe any “bad marks” on your credit report. This will speed up and optimize your chance of approval.
Vetting the information provided on the loan application. Here comes a acronym! The (URLA) Uniform Residential Loan Application is a form that is divided into nine sections. A properly trained loan officer is trained to spot inconsistencies that can cause confusion down the road.
Negotiating the best mortgage program terms with your finance information. A loan officer that is well versed in the closing cost, guidelines and interest rate of many types of loan programs offered can educate you effectively, your best option. They can answer questions you may have about your future home buying that can lead to a peace of mind and ease of transition. You should receive an accurate esitmate three business days from the time that you applied for the loan. A closing disclosure will be provided three business days before you close.
Managing deadlines and assisting with the final close. Another job of a loan officer is to keep track of important points to ensure you close by specific dates when you’re buying a home. In order to avoid paying mortgage rate lock fees, the expiration date will be “watched like a hawk” to ensure it does not lapse.
Michael and Melissa are always a pleasure to work with. They are extremely responsive, professional and work hard to get the best loan for us. I would recommend Colorado Mortgage to anyone. Thank you for another great experience!