In this blog, we will discuss and cover working with a loan officer during the mortgage loan process. One of the most important decisions that you will need to make is selecting the right loan officer and lender. This is because the mortgage process can be stressful and working with a loan officer that you get along with is not just a necessity but a must. The mortgage process can be confusing. Most borrowers are not aware of the constantly changing mortgage guidelines and the way the mortgage business works. Working with a loan officer who can explain and guide borrowers from taking mortgage loan applications to closing with little to no stress is the most important factor in the overall mortgage process.

Communication With Your Loan Officer

Borrowers should be able to contact their loan officer anytime. Borrower communication with borrowers is extremely important The mortgage process can be quite confusing and complex at times may seem like there is no end to new mortgage regulations. Every loan officer has their own way of dealing with their borrowers as I have my own system with dealing with my borrowers. Over 75% of our borrowers are borrowers who either got a last-minute mortgage denial by another lender or because they are going through a major stressful mortgage process.

Proper Qualification Of Borrowers Prior To Issuing Pre-Approval

Here are some of the most common complaints I get by borrowers who had enough with their first loan officer and lender and wants to transfer their loan process to me:

• Loan Officer will not return phone calls and/or emails promptly
• Loan Officer will not communicate with the borrower and will have a loan officer assistant or loan processor to deal with the borrower
• Loan Officer will only text or email and not communicate over the phone
• Loan Officer is not available after business hours and cannot communicate with the loan officer outside business hours
• Loan Officer keeps on asking for more conditions after conditions after the initial conditional loan approval
• Loan Process keeps on getting dragged on and loan closing keeps on getting delayed due to the mortgage loan process

The above can bring on stress on any borrower especially since most borrowers are not familiar with the complexities of the mortgage process and that is why choosing a loan officer that you can work with is extremely important.

Consulting With Loan Officers Before Hiring Them

Not all lenders have the same mortgage lending requirements. Just because borrowers meet the minimum lending guidelines for government and/or Conventional Loans does not mean that the lender can do the loan. Most lenders have something called Mortgage Lender Overlays that may affect you.

Here are examples of overlays:

• FHA requires a 580 Credit Score to qualify for an FHA Loan but the lender may require a 620 Credit Score
• This lender has a lender overlay on credit scores
• HUD allows 580 Credit score to qualify for a 3.5% down payment home purchase FHA Loan
• But the lender will not accept this borrower
• This is because they have their own lending requirements on credit scores of 620 FICO
• HUD does not require borrowers to pay off outstanding collection accounts and charge off accounts to qualify for FHA Loans
• Many lenders will require borrowers to pay off the outstanding unpaid collection and charge off accounts for them to qualify for an FHA Loan

Unfortunately, there are loan officers who are not familiar with their company’s lender overlays. Just because they get an approve/eligible per Automated Underwriting System they think that the borrower is qualified but that is not the case. This is one of the main reasons for a last-minute mortgage denial due to not properly qualifying borrowers.

Question Loan Officer During The Initial Consultation

Again, working with a loan officer and a loan officer that will work with you is one of the most important factors of your mortgage process. Here are some questions that you should ask your loan officer during the pre-qualification stage of your mortgage loan process:

• Does your company have any lender overlays?
• And if so, would it affect my credit and income profile?
• How do you do your business?
• What days are you off?
• Do you work on weekends?
• Are you available after business hours?
• Who do I contact when I have questions?

Loan Officers Should Always Be Available For Their Borrowers

Many loan officers do have families and do not give out cell or home phone numbers and do not work evenings and weekends. Some loan officers will talk to the borrowers initially and pass the borrower to a loan officer assistant or several loan officer assistants. Working with a loan officer who meets your needs is important so it is best to iron this out during the initial consultation. Some borrowers get extremely stressed where if they cannot get a hold of their loan officer during the weekend. Not being available for their borrowers will ruin their whole weekend when loan officers are not accessible. This can ruin the relationship between the loan officer and the borrower.

Working With Gustan Cho Associates

I have been a real estate for many years and did countless closings myself and fully understand being on the other side. The side of the borrower. Here is how to operate my business and work with my borrowers:

• I preach to my loan originators and support staff that we have a great responsibility to all of our borrowers
• Our borrowers are trusting us with all of their financials and are relying on us to make sure that they close on their home loans on time
• It is not just our borrowers who count on us
• Home sellers, real estate agents from both buyers and sellers side, attorneys from both buyers and sellers side, title company
• Open communication is key and a borrower has the right to have their loan officers accessible 7 days a week
• The Team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays for all of our borrowers as well as for all of my loan officers who may have any questions
• Many times I may be on the phone due to my hectic schedule
• However, whenever a borrower calls me and I see their number on my calling ID, the next outbound phone call after I hang up with the person I have been on the phone with will be the borrower who has called me
• The team at Gustan Cho Associates enjoy it when a borrower calls me often and encourage my borrowers to contact me anytime or text me

The team at Gustan Cho Associates represents borrowers throughout the United States from all time zones so I start early and my day is not done until past midnight CDT.

Working With A Loan Officer With Access And Communication

The answer to the above question on how frequently should you communicate with your lender should be often. The loan officer’s job is to take your calls, emails, and texts and answer any and all questions you may have. If you are not getting that type of service, you deserve better and there are plenty of loan officers that will give you the service that you deserve. You are depending and counting on your loan officer and your loan officer has the most private and confidential information which includes financial and personal information as well as countless letters of explanation.

Working With A Loan Officer Who Is Always Available

If a loan officer is too busy to return your phone calls in a timely fashion, he or she needs to rethink taking on more borrowers. We have no lender overlays on FHA, VA, USDA, and Conventional loans. There is no reason why a borrower cannot close on their home loan in 30 days or less. Working with a loan officer is one of the most important factors during the mortgage process. If you are getting the runaround and need a loan officer who is available 7 days a week, evenings, weekends, holidays, and has no lender overlays, please contact us at Gustan Cho Associates at 800-900-8569 or text for a faster response. Or email us at gcho@gustancho.com.