A loan officer shaking hands with their client

What’s a mortgage loan officer?

Mortgage loan officers in real estate guide homebuyers through the home financing process and match you with the best home loan solution. They’re also sometimes called home loan advisors, mortgage consultants or loan originators. They’ll answer all your questions, help you get pre-approved and assist you with the loan application process.

What’s the difference between a mortgage loan officer and a mortgage broker?

A mortgage loan officer is not the same as a mortgage broker. A mortgage broker is independent and acts as a middleman between you and a lender. It’s not required to work with a mortgage broker. You can choose to work directly with a lender.

Key differences between a mortgage loan officer and a mortgage broker

Mortgage loan officer Mortgage broker
As an employee of a lender, a mortgage loan officer gives you a direct connection to address questions or concerns with your lender right away As a go-between for lenders and borrowers, mortgage brokers may have less control over the financing process
Helps you choose which mortgage program is best for your situation and is with you for the life of your loan You may miss out on loan options that would fit your needs because not all lenders work with mortgage brokers

How can a mortgage loan officer help with the homebuying process?

A mortgage loan officer guides you through the entire homebuying process, from loan application and approval to closing and beyond. If you’re considering buying a home, a mortgage loan officer will first educate you on the loan products that best suit your needs.  After determining which product fits your situation best, they can guide you through the pre-qualification stage and give you an estimate on how much mortgage you can afford. A loan officer will also help facilitate your loan application by collecting and reviewing the financial documents needed to issue pre-approval letters that show sellers how much financing you qualify for.

Once you find a home and your offer is accepted, they serve as home financing advisors, guiding you through the process and informing your real estate agent on the next steps. They also facilitate the loan closing process, including coordinating with processing, underwriting and funding. During closing, they work closely with other mortgage professionals to ensure the loan closes on time.

At Guild Mortgage, our loan officers are here to serve as your partner throughout the life of your loan. By lending and serving many of the loans that we originate in-house, our loan officers can answer questions and assist you at any stage of your home loan. Whether you are moving into a new home, refinancing, renovating your home or wanting energy-efficient upgrades, our team is here to open the door to possibilities.

Common job duties of a loan officer

  • Knows the basic guidelines for dozens of loan programs and runs scenarios to find the most comfortable fit
  • Answers questions about down payment assistance programs (DPA) for those who qualify
  • Ensures that you have completed your loan application with the proper documentation and financial information
  • Notifies you if your loan has been approved or approved with conditions and what additional documentation must be provided for your loan to be submitted for final approval
  • Provides a Loan Estimate with estimated closing costs
  • Works with an underwriter to evaluate your credit report along with your income and debt to determine whether you qualify for a mortgage
  • Let the appraisal desk know when to order an appraisal
  • Coordinates the closing schedule with the title company and provides the complete closing package for you to sign at closing
  • Does routine refinance check-ins to determine whether your rate can be lowered, your term shortened or mortgage insurance can be removed

Guild Mortgage has loan officers across the country

With over branches in neighborhoods and communities from coast to coast, we deliver on the promise of home. Our loan officers are part of your community and have been working with your neighbors since 1960. While much of the mortgage process can be done remotely, over the phone or online, Guild Mortgage’s loan officers offer a personal touch. So you can sit down with them face-to-face to discuss your borrowing needs.

Connect with a loan officer in your community to get started.

The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

By |Published On: December 7th, 2022|Categories: Guild Blog, Mortgage 101|Tags: , , |

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About the Author: Guild Mortgage

Founded in 1960 when the modern U.S. mortgage industry was just forming, Guild Mortgage Company is a nationally recognized independent mortgage lender providing residential mortgage products and local in-house origination and servicing. Guild’s collaborative culture and commitment to diversity and inclusion enable it to deliver a personalized experience for each customer. With more than 4,000 employees and over 250 retail branches, Guild has relationships with credit unions, community banks, and other financial institutions and services loans in 49 states and the District of Columbia. Guild’s highly trained loan professionals are experienced in government-sponsored programs such as FHA, VA, USDA, down payment assistance programs and other specialized loan programs. Guild Mortgage Company is a wholly owned subsidiary of Guild Holdings Company, whose shares of Class A common stock trade on the New York Stock Exchange under the symbol GHLD.