How to Choose a Loan Officer

September 28, 2018

Buying a home is a big step for many Americans. It would be nice, of course, to have the money set aside to just buy a house outright, but that certainly isn't the case for most Americans. Buying a home requires a loan and many years, sometimes decades, to pay off. Loans for a home traditionally come from a bank or some other lending source. This means that if you buy a home, you will come into contact with someone who is called a loan officer.

What is a Loan Officer?A loan officer, sometimes called a mortgage loan originator, is someone who works at a bank or other lending institution. While many loan officer works for a financial institution, such as a bank or credit union, others may work for a mortgage company or some other financial institution as well. A loan officer acts somewhat as a middle man between lenders and borrowers, building loan cases and presenting them to the lender and the borrower. The loan officer is always very familiar with loan sources, loan procedures, and the individual requirements either of the lender they represent or a number of lenders if they try to secure loans for customers from more than one source. In addition to banks and other financial institutions, you can find loan officers in businesses that deal with financing, such as an automotive sales business, where they need a dedicated loan officer to secure financing for automotive loans.

How to Choose a Loan OfficerIf you are a borrower, you may not need to choose a loan officer. The bank, credit union, or other financial institution you choose to go through to get a loan for the purchase of your home will have a loan officer available. Your realtor may be able to recommend a loan officer. Although that person works for the bank, keep in mind that they want to get you a loan. They will be working with you on a personal level to ensure they do all they can to get your loan, including reviewing credit scores, finances, collateral, and anything else necessary to ensure all details are in order to meet the requirements of a loan.

You can, of course, hire a loan officer to work for you, or you may be able to find one through your realtor. Many realtors have their own lenders and loan officers on site. This is a great symbiotic relationship. It allows the realtor the convenience of having loan specialists right there at their disposal, plus they get compensation from the lender on for referrals. The lender, of course, has instant access to the agents and buyers. When choosing a loan officer, finding one that works so closely with your realtor is a great way to go.

Things to Consider When Looking for a Loan OfficerDepending on the type of financial institution a loan officer works for, some of the duties can vary. In any case, loan officers have a varied set of job duties, and many of them are essential to you as a customer because they can dictate your success when applying for, and receiving, a loan.

Some of the responsibilities of a loan officer include:

1. Explaining to customers the details of certain loans and how they will work with the customer's particular financial standing.
2. Being knowledgeable on various types of loans and how they work.
3. Working closely with individuals and businesses to accurately analyze credit and financial status to better be able to serve the needs of the customer.
4. Being skilled at working through common roadblocks when trying to secure loans.
5. Choosing the right loan for the right customer based upon credit history, financial standing, and the needs of the borrower.
6. Be able to find and implement alternative loan sources to meet the needs of the borrower.
7. Act as an advisor to borrowers to help them bring together the necessary copies of individual and business-related financial documents, credit histories, and other financial documents that are necessary to meet the requirements of getting a loan.
8. Provide sound advice to customers regarding their financial goals and how they can meet the goals they need to meet in order to successfully get a loan.
   
9. Work closely with title company to ensure all title requirements are met in order for a loan to go through.

These are just some of the things to look for when you choose a loan officer you'd like to work with. Keep in mind, the loan officer wants to give you a loan. That's the business they are in, and if there is any way they can work alongside a borrower to expediate the loan process, they are going to do it. If you feel you're working with someone who isn't working toward getting you a loan, then you may need look elsewhere.

Realtors and Loan OfficersAs a borrower, you might be more likely to trust your realtor's recommendation for a loan officer if you understand some of the questions they ask loan officers before working with them.

What is your fee, of course. The fee isn't typically a direct payment. It is built into the mortgage, but it is good to know. Other questions realtors like to ask are, how long have you been in the business of securing loans and how many lenders do you work with? These are important because there can be so many different ways of getting financing for a customer that someone who has years of experience working with a variety of lenders will have contacts and relationships that can help secure a loan. Many lenders value the assessment of the loan officers they work with, and a loan officer with a great track record might have additional pull.
Key Title & Escrow Can Answer Your QuestionsAfter you've chosen a realtor and gotten the loan you need to buy that new house you've been waiting to buy, Key Title & Escrow is here to help you close on the deal. At Key Title & Escrow, we will professionally handle all of your property title and escrow needs. Our job is to make the closing process as stress-free and smooth as possible for you. Our title and escrow services streamline the closing process, which can be a particularly nervous time for the customer. Our services include property title searches, searches for judgement and liens, record owner searches, and Florida title and homeowner's insurance. We work closely with your loan officer and lending institution to make sure we help you meet all of the requirements necessary so your loan goes through without a hitch.

We are the best title and escrow company in the state of Florida, having been in business for more than 21 years. This means we have built a reputation in the industry that is based on professionalism and adequately serving the needs of customers. We've have built a solid reputation with consumers and real estate professionals alike. At Key Title & Escrow, we take pride in our work and the level of service we provide, adhering to a high set of standards that gives our customers the assurance they need. Our professional, efficient, and reliable service and our commitment to getting the job done is at the center of everything we do. When you need title and escrow services, Key Title & Escrow is your best choice. You'll be satisfied with the quality of our service and our commitment to buyers, sellers, realtors, and anyone else associated with the closing of your home purchase.


When you choose Key Title & Escrow as your title and escrow company, you're choosing a company with the experience to handle all of your real estate closing needs at a professional level while offering the personal touch of treating your closing like it's our only closing.

Key Title & Escrow handles closings throughout Florida. We offer after-hours closings for your convenience. Our goal is always to give you the absolute best closing services in Florida. Contact Key Title & Escrow and let us help you close on your home today.

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