Why Should Your Loan Officer Be Licensed?
In a word, confidence. The real estate and mortgage industries are complex, can be confusing and are evolving all the time. As properties change ownership again and again, each transaction generally requires some type of mortgage financing. And all of it is governed by a complex set of rules, regulations and laws that vary state by state. How can the average homebuyer navigate through it all?
This is the job of a licensed loan officer. These professionals are trained in the laws and regulations that oversee real estate financing in your community. Just as these requirements vary by state, so too do mortgage licensing requirements. For example, many states differ on how to license first vs. second mortgages and whether a physical office in the state is required.
When you choose a licensed loan officer, you can be confident that your personal and financial information will be in good hands, and that you’ll be conducting your real estate transaction legally.
The need to license loan officers was the result of the growing complexity of the real estate and mortgage financing industries. By becoming licensed, these mortgage professionals are demonstrating their skill in navigating these industries on your behalf. So you can be sure you’re getting the best advice for your situation, from choosing the right mortgage to complying with all local laws and regulations.
As the real estate and mortgage financing industries evolve, so does the knowledge of licensed loan officers. No matter what changes lie ahead, they are the real estate financing experts who will keep up with it all and guide homebuyers through the mortgage process from beginning to end.
Your licensed loan officer will walk you through the application process step by step and help ensure the closing process goes as smoothly as possible. And your consultant will help ensure all the legal paperwork remains in order from application through closing.
From the moment you start home shopping to the day you’re handed the keys, your licensed loan officer will be there for you.