{"id":388,"date":"2015-09-28T18:59:00","date_gmt":"2015-09-28T18:59:00","guid":{"rendered":"http:\/\/dev.gahomesdigest.com\/blog\/why-your-loan-officer-matters.html"},"modified":"2015-09-28T18:59:00","modified_gmt":"2015-09-28T18:59:00","slug":"why-your-loan-officer-matters","status":"publish","type":"post","link":"https:\/\/search4.homes\/why-your-loan-officer-matters\/","title":{"rendered":"Why Your Loan Officer Matters"},"content":{"rendered":"

Why Your Loan Officer Matters<\/h1>\n

Other Trends – Loan Professionals, Underwriters and Appraiser… \u00a0Or more commonly referred to “Why Your Loan Officer Matters<\/strong>” \u00a0It used to be that you could just fill out an online app and if you had A+ credit the loan was a slam dunk. \u00a0However, in today’s market, this is no longer the case. \u00a0The world of finance now includes conversations with Underwriters and appraisers and many times your loan professional may not know exactly how to navigate that.<\/p>\n

Who Will Help Manage Appraisers?<\/h2>\n

Let’s start with Appraisers. \u00a0They may seem benign enough but we previously wrote that they may be the most powerful persons in real estate<\/a>. \u00a0They determine the value and now many are becoming defacto inspectors. \u00a0(You can read about the issues with values on the other post) They may not say this overtly but somewhere along the line someone is asking is them to inspect homes while they do their appraisal. \u00a0They might say, “that door doesn’t close properly – suggest a structural engineer to inspect,” or perhaps, “there is a stain on ceiling – suggest licensed professional to inspect.” \u00a0 All of this leaves the underwriter guessing as to how to clear these items so that a would-be investor will buy this loan.<\/p>\n

\"Underwriter<\/p>\n

Who Will Help Manage The Underwriters?<\/h2>\n

It’s not all Appraisers, it’s also underwriters. \u00a0The above is from an actual underwriter. \u00a0Instead of calling the appraiser out for the bad report they will force buyers and sellers to jump through hoops in order to satisfy the vague statement. \u00a0It could be that the door could be fixed with a screwdriver or that the stain was mentioned in the seller’s disclosure as a previously leak fixed. \u00a0That would require too much effort or to give them the benefit of the doubt, it could be that they aren’t capable of making any sort of decisions.<\/p>\n

Intentional Loan Officers<\/h2>\n

So it all comes back to the loan professional. \u00a0 Sure you can and should inspect the company a loan officer works for, it makes a difference. \u00a0The best person in the world isn’t going to help you close on time with Quicken Loans or Wells Fargo, but it won’t do you any good to pick the best company with a slacker. \u00a0 If you are a buyer, you’re loan officer’s job is to be the fixer and communicator. \u00a0Their job title and key result areas are just about collecting apps and closing loans, but in order to do that they need to fix the loan for you. \u00a0That means communicating with the underwriter or holding an appraiser accountable. \u00a0Some mortgage folks won’t do this or can’t. \u00a0If this is your loan officer then I’m sorry, it’s time for a new one.<\/p>\n

Some questions to know if you have the right loan officer team –<\/h3>\n
    \n
  1. Are you located in Georgia? \u00a0– (This would eliminate Quicken)<\/li>\n
  2. What is your underwriting turn around time (Good answer – 24 hours or less. \u00a0Movement Mortgage has 6 hours or less for example)<\/li>\n
  3. At what point do you send your application to the underwriter (not processor) – (Correct Answer: \u00a0in the beginning, even before the home is selected)<\/li>\n
  4. What happens if you have an issue with an appraisal? (Here, most “we try” answers would be ok, but a bad answer is, “we’re not allowed to talk to the appraiser.”)<\/li>\n<\/ol>\n

    So you can see why your loan officer matters so much. \u00a0Luckily, the Jarvis Team has teamed up with Movement Mortgage among others to provide a level of accountability to your loan process.<\/p>\n

    Related Real Estate Resources:<\/strong><\/p>\n