How Often Should I Contact My Loan Officer? (Perfect answer)

It’s probably not realistic to ask for your loan officer to touch base with you every single day, several times per day while you are trying to close on a house. In general, I think every 2 – 3 days is very reasonable for touching base if you haven’t heard anything specific and you are under contract with a home.

Is it normal to not hear from your loan officer?

The loan officer may feel like there is nothing to update you on until the underwriting process is complete so you may not hear back from her or him. In short, rather than communicate bad news, the loan officer communicates nothing at all. This is an unfortunate outcome but I have seen it many times.

What should I not tell a loan officer?

1) Anything Untruthful Lying to a mortgage lender can ruin your chances at approval. On top of that, providing misleading info on a loan application is a felony. Welcome to mortgage fraud! You can try to hide certain info, but lenders are required to perform verifications of key financial documents.

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Should I follow up with my loan officer?

It’s perfectly acceptable to follow up on issues, but hounding a loan officer repeatedly is really just making matters worse. The time spent on the phone telling you the same thing you’ve already heard multiple times, is time that could be spent trying to resolve the issue.

How do you follow up with a loan officer?

Follow Up Follow up with prospective customers, past clients, and referral sources. This probably involves emails, texts, phone calls, DMs, and even mail. It takes an average of seven contacts to get that first loan with a borrower or referral.

Do loan officers lie?

It most certainly is not your naivety. Unfortunately, the “lies” that loan officers tell are the result of a salesperson not doing their homework, and trying to sell you something they don’t understand. This is very common with call center lenders that you find online or hear about on TV or radio ads.

Why is underwriting taking so long?

Underwriting is the most intense review. This is when the mortgage lender’s underwriter (or underwriting department) reviews all paperwork relating to the loan, the borrower, and the property being purchased. It’s another reason why mortgage lenders take so long to approve loans.

Do loan officers look at your bank account?

What do mortgage lenders look for on bank statements? When you apply for a mortgage, lenders look at your bank statements to verify that you can afford the down payment, closing costs, and future loan payments. You’re much more likely to get approved if your bank statements are clear of anything questionable.

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What happens if you lie on your mortgage application?

If you misrepresent aspects of your loan application, your lender may have the right to “ call the loan” if this is discovered. When this happens, the entire balance of the loan is due immediately. If you can’t pay, the lender may begin foreclosure proceedings. Fines.

Should I speak multiple lenders?

Applying to multiple lenders allows borrowers to pit one lender against another to get a better rate or deal. Applying to multiple lenders lets you compare rates and fees, but it can impact your credit report and score due to multiple credit inquiries.

Is no news good news in underwriting?

Being in underwriting usually means it’s in the queue for an underwriter to approve. If your lender used the desktop underwriting application to pre-qualify you (and most do, I forget what it’s proper name is) then unless you have a weird situation like being self employed, no news is good news.

Can underwriting Take 2 Weeks?

The underwriting process typically takes anywhere between 1 to 2 weeks. But here’s the thing: It varies from person to person because each borrower is different. For example, you have a different income, debt ratio, and credit score from the person next to you.

How long does it take after underwriting to close?

Clear To Close: At Least 3 Days Once the underwriter has determined that your loan is fit for approval, you’ll be cleared to close. At this point, you’ll receive a Closing Disclosure. 6

Does loan officer talk to underwriter?

5. Communicates Well With Involved Parties. While a loan officer will advise you, crunch numbers and streamline your application process, their job involves a lot more than paperwork. A good loan officer will also communicate well with the other involved parties, such as the underwriter.

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What does a loan officer do on a daily basis?

On a daily basis, Loan Officers analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. They supervise loan personnel.

How many loans does the average loan officer close?

Most loan officers can close anywhere from 18 to 25 loans in a year, with some doing as many as 35 to 40. According to U.S. News, which ranks loan officers as #14 on its list of Best Business Jobs, the average salary for a loan officer in 2015 was $63,430 with the upper 75th percentile making over $90,000.

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