1. Are you registered?
Loan officers must be licensed with the National Mortgage Licensing System and Registry, as well as pass background checks. Ask for his or her registration number and check it out online at NMLS Consumer Access.
2. How long have you been a loan officer?
It is always good to know how long someone has been in business. However, new loan officers may be more aware of the most recent laws and may be more likely to give you personalized care.
3. How many loans did you underwrite in the last 12 months?
Keep in mind that the real estate industry has been in flux, so many lenders have switched companies in the past few years. Longevity in a company isn’t the only way to determine if a lender has experience. If your officer has been actively writing loans this past year, then you know they are still active and up-to-date on the latest mortgage requirements.
4. Do you specialize in a particular kind of loan?
If you are seeking an FHA or VA loan, finding a loan officer with experience and contacts can be very helpful. Additionally, if you are seeking a really large loan or are self-employed, having a loan officer knowledgeable about the extra requirements needed for these loans will make the entire process go smoother.
5. What is the loan origination fee?
Brokers are now required to post their prices, but if they work with several lenders, the fees will vary. Be sure that their explanation of fees in relationship to the loan you choose and the interest rates available makes sense to you.
6. How many lenders are you associated with?
The more lenders your loan officer works with, the more options you will have when it comes to finding the loan that works best for you. If you are speaking to a broker at a brokerage company, the answer will be that one company. Loan officers, on the other hand, often work with several lenders.
7. Do you work closely with other professionals we may need, such as a closing attorney or real estate agent?
When professionals are used to working together, the process will move forward like a well-oiled machine and things are less likely to fall through the cracks.
8. What are your working hours and how can I reach you after hours if I need help?
A good loan officer will give you their email and cell phone number so that you can reach them should the need arise. Reticence to provide you with contact information is a warning signal that they may not be available except during office hours.
9. Are you going to be here for the entirety of the loan process?
Check to see if a vacation or maternity leave is going to happen before the loan closes. If so, how is the officer’s absence going to be handled? If another loan officer is going to take over the process, ask to speak to that loan officer as well before making your decision.
10. How often should I expect to hear from you about my loan status?
The loan process takes time, but your loan officer should be willing to update you on a regular basis regarding the status of the loan and any additional information needed to move the loan forward.
Not only should you pay attention to the loan officer’s answers, but also pay attention to their demeanor. Are they friendly? Do they seem patient? Do they explain things in a way that makes sense to you? Do you feel comfortable? If you get suitable answers and feel good, then you are well on your way to finding the loan officer that is best suited to help you get the mortgage loan you are seeking.
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