Loan Officer Criteria- TRUST
There are still way too many people that will tell you almost anything you want to hear when it comes to getting a home loan. Be advised, some will say anything to get you as a client.
I am dealing with several loan officers, as I write, that have become deaf and mute as the close of escrow date approaches. I am just trying to get a feel for how things are going in the transaction and can not get a phone call returned or an e-mail answered.
The big picture is that getting a home loan is about as hard as it has ever been. And this is for people with great credit and good income included. While guidlines may not have changed much, they are being enforced as never before. Everything has to be included in the loan package and the underwriters are catching mistakes made by loan officers that are delaying transactions.
So what does this mean to you, the prospective home buyer. Find a loan officer that you trust. If things sound too good to be true, they probably are. Some things to look for and ask:
1.- Are you a mortgage broker or a loan officer?- Brokers are licensed, LO's do not have to be.
2.- How many investors do you have access to?- A Broker will generally have more than one at their disposal.
3.- How long have you been in the business?- Beware of the LO that got into the business in 2005 or 2006. While they may be competant, many got in to make a bunch of money, they did, and now they are hurting. Some are in the wave of people losing their homes right now and are severly distracted by their own life. Some are probably on their way out of the business and are looking to get one last commission before they move on. And guess what, if the commission turns out to be difficult to obtain, they are nowhere to be found.
4.- When will you have loan documents to Escrow for me to sign?- This is almost a trick question because it is almost indeterminate in the best situations. However they answer should be something like, "I will strive to have them to Escrow at least two days before the scheduled close date." Some caveats should follow but that is the goal.
5.- Will you keep me informed of the progress of my loan?- Loan progress is not a mystery. There are steps that should occur in a timely sequence: appraisal, termite, preliminary title report, etc.
Listen to the answers to these questions and any others you have. Better yet, watch the LO while you are asking them, if you see noticable discomfort, beware.
I have a great Mortgage Broker that will answer any and all questions you have. Call me and I can get you his number or you can ask me the question and I will get the answer from him.
Why is he so good?- Because I trust him! He will tell me "no" just as soon as he will say yes.
Always remember, if something sounds too good to be true...it probably is. Money is cheap by historical standards but there are hurdles to getting it. Make sure the person jumping them for you is someone you trust!
I am dealing with several loan officers, as I write, that have become deaf and mute as the close of escrow date approaches. I am just trying to get a feel for how things are going in the transaction and can not get a phone call returned or an e-mail answered.
The big picture is that getting a home loan is about as hard as it has ever been. And this is for people with great credit and good income included. While guidlines may not have changed much, they are being enforced as never before. Everything has to be included in the loan package and the underwriters are catching mistakes made by loan officers that are delaying transactions.
So what does this mean to you, the prospective home buyer. Find a loan officer that you trust. If things sound too good to be true, they probably are. Some things to look for and ask:
1.- Are you a mortgage broker or a loan officer?- Brokers are licensed, LO's do not have to be.
2.- How many investors do you have access to?- A Broker will generally have more than one at their disposal.
3.- How long have you been in the business?- Beware of the LO that got into the business in 2005 or 2006. While they may be competant, many got in to make a bunch of money, they did, and now they are hurting. Some are in the wave of people losing their homes right now and are severly distracted by their own life. Some are probably on their way out of the business and are looking to get one last commission before they move on. And guess what, if the commission turns out to be difficult to obtain, they are nowhere to be found.
4.- When will you have loan documents to Escrow for me to sign?- This is almost a trick question because it is almost indeterminate in the best situations. However they answer should be something like, "I will strive to have them to Escrow at least two days before the scheduled close date." Some caveats should follow but that is the goal.
5.- Will you keep me informed of the progress of my loan?- Loan progress is not a mystery. There are steps that should occur in a timely sequence: appraisal, termite, preliminary title report, etc.
Listen to the answers to these questions and any others you have. Better yet, watch the LO while you are asking them, if you see noticable discomfort, beware.
I have a great Mortgage Broker that will answer any and all questions you have. Call me and I can get you his number or you can ask me the question and I will get the answer from him.
Why is he so good?- Because I trust him! He will tell me "no" just as soon as he will say yes.
Always remember, if something sounds too good to be true...it probably is. Money is cheap by historical standards but there are hurdles to getting it. Make sure the person jumping them for you is someone you trust!
posted by Terry at 6:37 AM
0 Comments:
Post a Comment
<< Home