5 Questions to Ask Before Choosing a Loan Officer
- What is your fee?
- How many lenders do you deal with?
- How long have you been in the mortgage business?
- Do you have any special expertise?
- Does your company hold loans or flip them after they’re originated?
- 1 What should I not tell a loan officer?
- 2 Should I shop around for a loan officer?
- 3 What is the average commission for a loan officer?
- 4 What is a preferred loan officer?
- 5 How often should I contact my loan officer?
- 6 What are good questions to ask a lender?
- 7 What are qualities of a good loan officer?
- 8 Is being a mortgage loan officer stressful?
- 9 How many loans does the average loan officer close?
- 10 Do loan officers need a degree?
- 11 Do loan officers have a base salary?
- 12 Is the loan officer test hard?
- 13 How do I hire a loan officer?
- 14 Why do Realtors recommend lenders?
- 15 Are Preferred Lenders good?
What should I not tell a loan officer?
10 things NOT to say to your mortgage lender
- 1) Anything Untruthful.
- 2) What’s the most I can borrow?
- 3) I forgot to pay that bill again.
- 4) Check out my new credit cards!
- 5) Which credit card ISN’T maxed out?
- 6) Changing jobs annually is my specialty.
- 7) This salary job isn’t for me, I’m going to commission-based.
Should I shop around for a loan officer?
Mortgage loan officers work for a particular bank or financial institution. Mortgage brokers can shop for the best deals at multiple lenders. Both loan officers and brokers may have their own financial interests at heart. You’ll want to do enough shopping around so that you know a good deal when you see one.
What is the average commission for a loan officer?
Mortgage broker commissions vary depending on the lender, but typically range between 0.5% and 1.2% of your full mortgage amount.
What is a preferred loan officer?
A CalHFA Preferred Loan Officer (PLO) is a loan officer who works for an approved CalHFA Lender and demonstrates knowledge of CalHFA loan products and loan processes.
How often should I contact my loan officer?
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.
What are good questions to ask a lender?
14 Mortgage Questions to Ask Your Lender — and the Answers You Want
- Which type of mortgage is best for me?
- How much down payment will I need?
- Do I qualify for any down payment assistance programs?
- What is my interest rate?
- What is the annual percentage rate?
- Are you doing a hard credit check on me today?
What are qualities of a good loan officer?
The Qualities of a Good Loan Officer
- Bring Expertise to Your Loan Process. Among a loan officer’s skills is expertise in the industry.
- Tailor Loans to Your Personal and Financial Situation.
- Possess Superior Customer Service Skills.
- Provide Suggestions for Improving Qualifications.
- Communicates Well With Involved Parties.
Is being a mortgage loan officer stressful?
You deal with stress well. Like any job working with the public, the position of a loan officer can sometimes be stressful. If you can deal with that stress in a calm manner, your career as a loan officer is likely to be lucrative.
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.
Do loan officers need a degree?
Loan officers typically need at least a bachelor’s degree, preferably in a business-related field such as finance, economics or accounting. Mortgage loan officers need a mortgage loan originator license, which requires passing an exam, at least 20 hours of coursework and background and credit checks.
Do loan officers have a base salary?
Well, take note that most loan officers do not receive a base salary, only commission, so they are paid for performance.
Is the loan officer test hard?
How difficult is the NMLS SAFE Act exam? Passing the exam is not easy… in fact, according to NMLS SAFE test passing rate, the first time pass rate is 54%, and only 46.7% for subsequent attempts. If an individual fails the test, they have to wait 30 days before being eligible to retake the exam.
How do I hire a loan officer?
1. Define the skills you want the loan officer to have.
- Speak confidently on the phone and in-person.
- Analyze loan applicants’ financial status.
- Determine creditworthiness and appropriate loan options.
- Answer questions via social media, email, and text.
- Explain complex topics clearly.
- Follow set processes.
Why do Realtors recommend lenders?
Some agents choose their preferred lenders because they get deals closed quickly and reliably. That’s also good for buyers, but the missing element in this equation is the loan cost. The in-house lender may feel that they have you “buttoned up” as a customer. They may feel they no competition for your business.
Are Preferred Lenders good?
Using a preferred lender can save you money, too. Not only do they offer a full range of financing, competitive rates and expert mortgage counseling but may often extend special incentives to buyer who secure their loan with one of the preferred lenders.