Here are some 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 How do you know if you have a good loan officer?
- 3 Does it matter who your loan officer is?
- 4 What is the average commission for a loan officer?
- 5 How often should I contact my loan officer?
- 6 Can a lender pull a mortgage offer?
- 7 What are three skills you think a good loan officer should have?
- 8 What are three important qualities that loan officers need?
- 9 Should I shop around for a loan officer?
- 10 Do loan officers work from home?
- 11 Is being a mortgage loan officer stressful?
- 12 How many loans does the average loan officer close?
- 13 Do loan officers need a degree?
- 14 Do loan officers have a base salary?
- 15 Is the loan officer test hard?
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.
How do you know if you have a good loan officer?
An experienced loan officer is well-versed in the guidelines, closing costs and interest rates of a wide variety of loan programs offered by lenders they work for. They’ll answer questions you have about different types of mortgages, and explain why the program they’re recommending is a good fit for you.
Does it matter who your loan officer is?
They don’t realize that the mortgage process steps are exactly the same no matter where the lender is located. What is important is that you are working with a lender who is experienced, responsive and well-reviewed. The experience that home buyers will receive will be the same as if the mortgage loan officer is local.
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.
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.
Can a lender pull a mortgage offer?
Can a mortgage offer be withdrawn by a lender? Yes, mortgage lenders usually reserve the right to withdraw mortgage offers and can even pull out of the agreement after the exchange of contracts.
What are three skills you think a good loan officer should have?
Loan Officer Qualifications / Skills:
- Financial skills.
- Time management skills.
- Knowledge of financial software.
- Customer service.
- Analyzing information.
- Decision making.
What are three important qualities that loan officers need?
What Makes a Good Loan Officer?
- Transparency – They are transparent with customers.
- Passionate – They are passionate about what they do.
- Measured & Data Driven – They measure all of their data and information- great loan officers understand that nothing can be improved if it is not first measured.
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.
Do loan officers work from home?
Loan Officers work from home more in today’s work environment than ever before. This will set you up for a fulfilling career as a remote loan officer. In today’s day and age, working from home is becoming more acceptable. In 2021, 55% of companies offer work from home options.
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.