The Role Of The Loan Officer Assistant During The Mortgage Process

This Article Is About The Role Of The Loan Officer Assistant During The Mortgage Process

The mortgage process can be complex. There will be many different people working on your home loan during the mortgage process. The first point of contact when you apply for a mortgage will be the licensed loan officer. The loan officer will be your point of contact throughout the mortgage process. The loan officer will be in charge of your mortgage.

Your loan officer will be the direct person with who the mortgage team will be working from the point your mortgage loan application is received until closing. One of the key people your loan officer will work very closely with will be the loan officer assistant during the mortgage process. In this article, we will discuss and cover The Role Of The Loan Officer Assistant During The Mortgage Process.

The Initial Mortgage Loan Application Process

Every lender has its own way of originating, processing, underwriting, and closing a home loan. However, the basic concept is the same. Some smaller companies will have the loan officer do everything from taking the loan application, collecting the documents required for the mortgage processor, gather conditions, and work closely with the mortgage processor. Larger more advanced mortgage lenders may have the loan officer initially qualify the loan applicant and have one or more loan officer assistants assist the loan officer for maximum expediency and streamline the overall loan process.

The loan officer is the person who is in charge of your loan. The loan officer with the help of the loan officer assistant will be in charge of completing and sending out the Loan Estimate and Closing Disclosure. The loan officer assistant will package up the mortgage loan application for the loan officer to review before disclosing the loan.

Initial Documents The Loan Officer Assistant Will Collect

The LOA will not request all the documents required for the mortgage process at once. The initial mortgage docs the loan officer assistant will require are the following docs:

  • Last 60 Days Bank Statements – to source down payment
  • Last 30 Days Pay Stubs
  • Last Two Years W2’S
  • Last Two Years Tax Returns
  • Driver’s License
  • Certificate of Eligibility
  • Disability Awards Letter
  • Pension Awards Letter
  • Mortgage Statement
  • Homeowners Insurance Declarations Page
  • Bankruptcy Paperwork

As the LOA needs more docs or conditions requested from the mortgage underwriter, the LOA will request them as they come up.

The Role Of The Loan Officer Assistant Versus The Loan Officer

The loan officer will go over the various loan options that are best suitable for you with the best rates and terms. Your loan officer needs to be licensed in the state you are buying a home and/or qualifying for a mortgage. However, many veteran experienced loan officers will have one or more loan officer assistants that will assist the loan officer with various tasks. The loan officer assistant is a professional who has years of experience in the overall mortgage process. Most loan officer assistants are licensed and have many years of loan origination and processing experience.

Duties And The Roles Of The Loan Officer Assistant

What are the duties and roles of the borrower's assistant?

Loan officer assistants know all the documents required to process a loan. The loan officer assistant knows how to run credit reports, read credit reports, do rapid rescores, gather documents, make sure all documents are in order, and gather conditions once the mortgage underwriter issues a conditional loan approval. The loan officer assistant knows how to order a home appraisal, order verification of employment, and do other operational duties during the mortgage process. When you first apply for a mortgage, you will be working closely with the loan officer assistant after you have verbally qualified with the loan officer.

The loan officer assistant will gather many documents and paperwork to prepare the file to get assigned to a mortgage loan processor. An experienced loan officer assistant will make sure the file is complete with no missing documents for the mortgage processor. A file that is fully complete with no missing pages is key for the mortgage processor to process the loan and avoid delays in the mortgage process.

Credentials Of The Loan Officer Assistant And Interactions With The Borrower

Most loan officer assistants are licensed. To be able to get an NMLS license, the loan officer assistant needs to have passed the 125 questions 3-hour federal NMLS exam, undergo a one-time 20-hour NMLS course, and apply and get licensed in the state he or she wants to get licensed in. Basically, the professional credentials to become a loan officer assistant is the same as that of a loan officer. However, loan officer assistants do not have to become licensed.

As long as they do not quote rates and terms or advice borrowers on the individual mortgage loan program, you do not have to become licensed. However, most loan officers and lenders hire loan officer assistants that are licensed in one or more states. Most loan officer assistants have years of originating and processing experience. They enjoy being a loan officer assistant because they do not have to worry about hustling for new business.

The Main Role Of The Role Of The Loan Officer Assistant Is Customer Service

Loan officer assistants often referred to as LOAs do not have to go out and solicit new business. Loan officers are mortgage professionals who hustle for new business. Once loan officers get new business, they have their loan officer assistants help process the loan and help the loan officer take the file to close. The borrower mainly will communicate with the loan officer assistant and/or processor during the mortgage process. The loan officer is normally copied on all email correspondences and gets involved if there is an issue.

The LOA will be in constant communication with the borrower and third parties during the mortgage process from loan application until closing. The loan officer will go over rates, terms, and fees with the borrower. The loan officer will lock the loan. However, besides locking the loan and getting the borrower to the best loan program it will benefit them, the loan officer assistant will pretty much do everything during the mortgage process.

The Role Of The Loan Officer Assistant Versus Mortgage Processor

What is the role of an assistant credit officer versus the mortgage lender

Most mortgage loan processors at mortgage companies process loans for multiple loan officers. It is not uncommon for one loan officer to process loans for four or more loan officers. However, most loan officer assistants work exclusively for one top-producing loan officer. There are times where one loan officer assistant handles the workload of two licensed loan officers. LOAs work closely with mortgage processors. They realize that mortgage processors will kick a file to the side of the documents submitted to the processor that is not legible, incomplete, or has missing pages. Loan officer assistants work hand in hand with mortgage processors. Any incomplete documents or documents that are not legible can often be the cause for delays in the mortgage process and delay the closing date.

Teamwork With The LOA And Borrower

Cooperation from the borrower with the mortgage team is very important. If the borrower is not proactive and cooperates, there is no way the mortgage loan will close on time. One of the key roles of the LOA is to make sure the borrower understands the overall mortgage loan process from day one. Explaining and making the borrower understand that the mortgage process can be tedious and frustrating when mortgage underwriters keep on asking the same or similar conditions over and over again is important.

The main reason loan officers have loan officer assistants is to streamline the mortgage process and avoid delays with closing the loan. Loan officers cannot be bogged down on one particular file for hours when most top producing loan officers close 20 or more loans per month. This is why most top-producing loan officers have more than one LOAs under their team.

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