Although there are numerous people involved in the mortgage process, perhaps the most important individual is the loan originator. So what exactly does a loan originator actually do? And how do you know you’re working with a good one?
What Does it Mean to be a Mortgage Loan Originator?
A loan originator, sometimes referred to as a loan officer or LO, is an individual who is employed by a lender to help guide borrowers through the mortgage process. Typical responsibilities include:
- Consulting potential applicants
- Reviewing initial loan requests
- Collecting a borrower’s financial information
- Submitting applications to the processing department
- Oversee the loan’s progress
In short, a loan originator will help you select the proper loan product, and then proceed to guide you through to closing. The loan originator will be the borrower’s point of contact throughout the mortgage process, and acts as a liaison for the other departments.
Finding a Good Loan Originator
A good loan originator is one who has the borrower’s best interests in mind. They should be able to take the financial information presented to them, and work with the borrower to find a loan product that satisfies their needs.
Easy communication is one of the most important qualities a loan originator must possess, not just with the borrower, but with the other lending departments as well. The best way to find a good loan originator is to do your research. Check ratings, testimonials, reviews, and ask for referrals from friends and family.