Applying for a mortgage loan is hardly ever a simple undertaking, which makes it crucial for prospecting home-buyers to be knowledgeable about federal and state laws and regulations. If you are unsure about the next steps in gaining a mortgage loan approval, a licensed mortgage loan officer will be able to help guide you through the process. 

Mortgage loan officers understand the real estate market and landscape and also know the process involved for loans and mortgages. They will also be knowledgeable about more specific things, such as permits or other regulations that might apply to your specific case. 

To get you started on the home-buying process, we’ll provide you with an in-depth guide on what a mortgage loan officer can do for you.

How Can a Mortgage Loan Officer Help?

Happy young couple shake hand of bank manager broker buy insurance services take mortgage loanMortgage loan officers are licensed professionals trained to assist you with the home loan process and provide you with important information. If you’re in the market to buy a new home, here are some of the responsibilities that can serve you.

Discuss Mortgage Loan Types

Depending on your current circumstances and the requirements of each loan, a mortgage loan will work with you to understand which mortgage loans you qualify for. Some types of loans that an officer may inform you about include:

  • FHA mortgage
  • USDA mortgage
  • Conventional mortgage
  • VA mortgage
  • Interest-only mortgage
  • Jumbo mortgage

Pull Credit Reports and Credit Score

A major detail mortgage lenders look for when approving clients is a good credit score. The higher your credit score, the more trusted you are to pay back your loans in the expected time frame. To assess your standing, the mortgage loan officer will pull up credit reports from the three credit bureaus (Equifax, Experian, and TransUnion) and, if necessary, may discuss what you can do to improve your credit score to qualify for a better loan.

Fill Out Mortgage Application and Paperwork

Real estate broker agent being analysis and making the decision a home estate loan to customer to signing contract documentsConsidering the amount of administrative work involved in the approval process, a respective mortgage loan officer will take care of most of it to ensure that everything is completed before the closing date. This includes filling out a mortgage application, assembling proper paperwork, and working alongside your real estate agent to ensure things are proceeding as they should. If all goes well, the entire process should take about a month, at minimum, to complete.

What Training is Required to Become a Mortgage Loan Officer?

The basic qualification for a mortgage loan officer is a high school diploma or GED, but more in-depth training is required by the National Mortgage Licensing Service (NMLS). This training involves coursework that involves key subject matter such as federal law, business ethics, and lending standards.

Licensing requirements and guidelines may vary from state to state, but all coursework will lead up to officers receiving a valid mortgage origination license in order to practice. To do this, each officer must take the SAFE MLO test as a measure of their knowledge of federal and state mortgage lending laws, as well as be registered with the NMLS using their NMLS identification number.

Looking to Apply For a Mortgage Loan?

If you want to apply for a mortgage loan, our mortgage advisors are equipped to guide you through every step of the process. With decades of experience, we offer customized mortgage solutions that will allow you to focus on other aspects of the home-buying process.

At Union Capital, we believe buying a home begins with working with trusted professionals. Start looking for a new home today by contacting us at (440) 585 – 5626 or requesting a free personalized rate quote by visiting our website!