How do I pick a good loan officer/originator?
It is very important to pick an excellent loan officer/originator when you are planning to buy a house. But, what does a loan officer do? Let´s start saying that there are two types of loan officers: the employees of a bank or credit union and the independent ones.
According to Joe Parsons, a senior loan officer at PFS Funding in Dublin, California, a “loan officer at a bank or a credit union is typically just the smiling face of the institution”. He/she is the person who accepts the application from the borrower and gives it to the underwriting department.
On the other hand, an independent loan officer provides a more complete service such as recommending you about the best loans available for your needs. This loan officer also orders the appraisal and communicates with the underwriter to make sure that the loan is approved. There are a few questions that you can ask to the loan officer in order to choose the best one for your specific needs.
These are some of them: what is your fee? How long have you been working as a loan officer? Do you specialize in any kind of loans? How many lenders do you work with?
Let us explain more about these questions. Although you will not pay directly to the loan officer, it is important to know how much is his/her fee. Regarding his/her experience, an officer with long experience can advise you better about the best options for your specific case. When the loan officer specializes in one kind of loan like for example the Veteran Affairs loan (VA) and you are interested in applying for this, then this officer will be your best choice.
Finally, knowing how many lenders are working with your loan officer, will give you an idea of the service quality you´ll receive. Mortgage professionals working with just one lender would be better for you. Since the loan officer brings them more business, then the trade relationship is stronger and it benefits you, the client.
Looking for the best loan officer for your mortgage? Contact us here o call us at 1-866-200-5250!