Inside Look: A day in the life of a loan officer
Have you ever wondered what your loan officer does all day?
In a nutshell, they are working hard on your behalf to close your loan while also managing many other tasks. At times, it may feel like they’re doing everything but working on your loan, so keep in mind that loan officers typically only make money when they actually close loans. They want your deal to close!
Your loan officer will change hats constantly throughout their day. They’re a consultant in the morning, a documents processor in the afternoon, a marketer in the evening, and a problem solver just about all of the time. One of their toughest jobs is overcoming obstacles associated with documentation requirements and other questions brought up by underwriters. They’re running interference for you all day long and making a complex process feel a lot more simple than it actually is.
A typical path of working with a loan originator looks like this: You’ll be introduced through MortgageCS or some other way, where you have an opportunity to interact and then exchange information when the time is right. Keep in mind that a good loan officer listens carefully, takes time to understand your complete situation, and then develops a proposal that meets your short-term and long-term needs.
A good proposal is much more than the lowest rate being offered. It considers interest rate as well as the length of time you plan to stay in the home, the best strategy for the down payment, the amount of the mortgage, and the estimated closing costs.
Loan Originators stay up to date on program guidelines, complete numerous licensing classes and work hard to set proper expectations that result in delighting their clients. At MortgageCS, loan originators know that a happy customer will leave positive feedback and this will help them build their reputation in the platform – which is about the best marketing a loan officer can get.