Choosing the right mortgage loan originator can be a tough task, but it’s a necessary part of the home-buying and home-selling process. Many people are willing to help you finance your home, remember to consider these qualities that a good mortgage loan originator must have, in order to ensure that you will be happy with the services received.
Walk the borrower through the entire mortgage process
Good mortgage loan originators will go out of their way to make sure that their clients understand what the mortgage process entails, especially first-time home buyers. They know what loan programs are an eligible fit, and what basic requirements are.
Great at customer service and communicating with all 3rd parties involved in the transaction
Communication with realtors, builders, title companies and appraisal companies is very important, as well as communication within their processing, underwriting, and closing departments.
In order to be successful in the mortgage industry, one has to be able to create and keep up with a structured schedule, listing every to-do that must be completed, and more importantly, back to communication to appropriate parties.
Top of the best qualities of a good mortgage loan originator is being forthright. Building trust between the borrower, and the real estate agent is fundamentally important.
Knowledge of the industry, products and guidelines!
The mortgage industry is an ever-changing field, so keeping up to date is critical. If you don't work with someone who is aware of these changes, you will not receive the best possible guidance regarding your buyer’s various options.
Believe it or not, there are many loan officers who are not skilled at reading tax returns. It can make or break the mortgage approval if this is not done correctly. The qualifying income can be tricky to evaluate. If a loan officer is not very knowledgeable, there could be mistakes made resulting in a loan denial or additional conditions.
Today's loan officer needs to be tech savvy. Much of originating a mortgage requires complex software programs. If one is not skilled in this area, their time will be eaten up trying to navigate this aspect of the process. That means they will have less time to tend to needs of the client.
A Mortgage Banker, not to be confused with a Mortgage Broker or an institutional bank, originates mortgage loans and then immediately sells the loan to either an investor, or directly to the agencies. Unlike a bank or credit union, mortgage banks specialize in mortgages – not other types of financing products such as credit cards, automobiles, or commercial lending. A good loan officer will get you to the closing table in a timely manner. They will communicate with you throughout the process. They are always available here at One Republic Mortgage to work together with you. Call or email us for your next transaction.