Buyers benefit from having a loan officer on board during the application process. For most buyers, this means they can ensure the right documentation is compiled for their application.
It’s also a great way to save time, for a loan officer will already know about the relevant rules and regulations which may apply. Let’s take a closer look at the role of a loan officer.
What is a Loan Officer Exactly?
Every bank or financial institution will have a designated loan officer that can assist prospective buyers during the loan application process. These individuals will most often work with home loans in particular because these types of loans are usually the most costly and complex.
At the same time, a loan officer is knowledgeable about the many nuances which might affect a loan application process. With this in mind, a loan officer is nicely placed to give advice and options to home buyers, regardless of their personal, professional or financial circumstances.
This essentially means that a loan officer can not only advise which products of which you can avail but also help you when it comes to choosing the right one. Just so you know, a loan officer will use a screening process in such instances and compare the many products available with the intricacies of an application.
But what does this actually look like?
Working with a Loan Officer: Taking a Look at the Process
A loan officer can do most of his/her work online. While some buyers will appreciate a face-to-face meeting, it’s no longer necessary and the online process is much faster. More specifically, a loan officer will send all necessary forms etc to the buyer and then submit this documentation to the institution.
Once the application has been assessed by an underwriter, the loan officer will then relay the final decision to the buyer. What’s more, a loan officer will then prepare further forms such as the closing documents for the loan.
Now, the above is a rather simple explanation in terms of what happens during a loan application. There’s much more to process than meets the eye and some loans are far more complex than others. For example, federal and state regulations require a large amount of documentation for each home loan. In this sense, a loan officer can be invaluable for simplifying matters and removing any uncertainty or even confusion at the same time. And in case you might be asking yourself, a loan officer will usually receive commission for their time and work.
As you can see, a loan officer is there to provide assistance and peace of mind to buyers. These representatives can advise on the best options to consider but also the right products that will suit the circumstances of every individual. Given the extent of paperwork and regulations involved, this makes the role of a loan officer invaluable to buyers who want to save time and hassle with their loan application.
If you have any questions at all about a loan officer and how they can help you with your next home loan or refinance, contact City Creek Mortgage today.