Licensed Mortgage Loan Originator

What Is A Licensed Mortgage Loan Originator?

Licensed Mortgage Loan Originator

If You’re Looking To Take Out A Mortgage, You’ll Need To Work With A Licensed Mortgage Loan Originator.

If you are new to this, you may be wondering: What is a licensed loan originator? And how can they help me?

A licensed mortgage loan originator is a professional who assists potential borrowers. They are sometimes called a licensed loan officer. They do client interfacing and review financial documents.

They ensure that application requirements are complete and accurate. They check a borrower’s background including credit reports. They look at the debt-to-income ratio to assess the risk. In the end, they decide if the applicant is a ‘fit’ borrower.

A licensed loan originator will also oversee loan approval and closing. They provide updates on the progress of the loan. If there are any issues along the way, they offer advice and support.

Lending is a highly regulated industry. A licensed loan officer must be registered in the Nationwide Multistate Licensing System.

They must not engage in “discriminatory lending practices.” They must ensure that borrowers know enough to make a well-informed financial decision. This is especially applicable to high-risk mortgages.

The Truth in Lending Act (TILA)[1] requires lenders to provide loan cost information. The intent is to give borrowers an opportunity to “comparison shop.”

If your loan is covered under TILA, you have up to three days to reconsider your decision. You can back out of the process without losing money. This prevents borrowers from giving in to “high-pressure sales tactics.”

What Should You Look For In A Licensed Mortgage Loan Originator?

  • They are familiar with various loan products. They give you loan options based on your unique financial needs and situation.
  • They provide end-to-end support. In the beginning, they should be able to educate you and provide sound advice. They should be available to answer questions. Towards the end, they provide progress updates. A reliable loan officer should see you through a successful application.
  • They are aware of industry updates or changes in regulations that may affect your mortgage loan.
  • They have good relationships with real estate agents, accountants, and other industry professionals.
  • They understand the applicable state and federal laws on lending.
  • They have strong analytical skills. They can look at your financial history and assess your loan options.
  • They are customer-oriented. Taking out a mortgage is a major financial decision. A licensed mortgage loan originator should guide you through the process so that it improves your financial future.
  • They have excellent communication skills. There many complex terms and policies you may need to navigate. A loan officer should be able to help you grasp these concepts with ease. Discussing finances can also be a delicate matter for many people. Your mortgage loan originator should be able to handle this with discretion.

Meet Our Sun Mortgage Funding Team

Our team at Sun Mortgage Funding meets all these criteria and more. Our licensed loan originators, Dianne Corona, Tammie Cavanagh, and Annette Hesse, have a combined total of 94 years of experience in mortgage funding. When you work with us, you’ll know you are in very capable hands.

Let our experts help you. Contact us now to get started.

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