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What Does it Cost to Buy a House in California
Picking the right licensed loan officer to help with your purchase or refinance home loan should be done correctly.
Not all loan officers are licensed equally, which means some license numbers have an R in it. Like my is NMLS #292056 and a registered loan officer appears as NMLSR #276380. The difference between the two is that the NMLS # licensed loan officer had to take a state and national test and had to pass a credit check, where a NMLSR did not have to do these things.
Work with a fully dedicated individual who takes pride in their craft and understands your needs during the home loan process. You can feel the difference in professionalism and product knowledge when working with a NMLS mortgage professional than a NMLSR loan officer. It has been own my experience with Realtors®, escrow and other affiliates in the lending community that express the difference when working with a NMLS mortgage professional and a NMLSR loan officer.
Also, from my own experience with my professional Real Estate Agents that, when they have a buyer that elected to use the services of a loan officer who works with a company that allows the NMLSR license (these companies are depository banking institutions) no doughtably has a break down during the home loan process.
When hiring a loan officer to assist with your home loan process during a purchase or refinance process, interview that individual to ensure they are the right fit to help you achieve your goals. Some questions you may want to ask.
- How long have you been in the business
- What kind of license to you hold the NMLS to NMLSR
- How many transaction do you close a year, 36+ a year is a good starting point, the more the mortgage professional closes the more product knowledge they have and should anticipate any road blocks and the individual has a system in place that streamlines the process
- How do you communicate, cell, email, texting, fax (should be all the them)
- Ask what their goal is to assist you, do not except “I am going to do my best”. Their answer should be “My goal for you is to have smooth, pleasurable and stress free home loan process that meets your goals and your budget”
- Also, ask the loan officer, “If you are out, is there someone else I can speak to in your absences?”
My goal on every transaction is to ensure you have a pleasant experience, I surround myself with the same goal minded professionals. Do not settle for a discounted individual that just goes through the motions, this is a people person industry and that is my mission to you the home buyer or home owner is to be your trusted home loan professional and not a number.
Purchasing a home should be an exciting time in your life, finding and buying something that is going to be yours should not have barriers during the escrow process. The VERY last thing you want to hear 3 weeks in the escrow process, “Sorry Mr. and Mrs. Homebuyer, you do not qualify for a home loan, we have to decline your loan request.”
A Mortgage Professional should never have to utter those words to you. If he or she completed the up front process before issuing a pre-approval letter, that is where the professional loan officer can anticipate any speed bumps and address those issues right away. The professional loan officer sets high standards for themselves and one of those standards is “No loan fall out”. Which means, once we have a loan in process there should be no reason the loan should not close, because all the prep work was done before issuing a pre-approval letter.
How do I work with a properly licensed mortgage professional? Start here at 909-503-5600.
by Nathan Rufty
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