Was prequalified for mortgage, loan officer quit, is my approval still valid?
Me and my husband were prequalified for a VA mortgage in May and have been looking for houses. I hadn’t heard from our loan officer for a while and when I called I found out she’s no longer with the company! They transferred me to a manager and I got a voicemail and I still haven’t gotten a call back! Does anyone know how long our preapproval lasts? Can they take it away at any time? Help is appreciated! Thanks!
Her quitting shouldn’t matter.
You do understand that a preapproval does not necessarily mean that you’ll be approved, although if nothing has changed about your situation and the house meets all the qualifications, you should be OK.
what is the difference between a morgage broker & mortgage loan officer?
i want the definition of mortgage broker & mortgage loan officer.
There are two types of mortgage lenders, mortgage brokers and mortgage bankers. A mortgage loan officer can work for either a broker or a bank. A mortgage loan officer can be an employee or self-employed. Every State has different regulations governing mortgage loans and the loan officer. Most require a license and that license can only be used through a mortgage broker or banker. In otherwords you cannot do business independently, but must be done through one of the above, much like a realtors relationship with their broker. Mortgage banks and mortgage brokers have different regulations governing their operations.
A mortgage loan officer originates a mortgage loan for a borrower, escrow closes the loan. I am a licensed mortgage loan officer in Nevada and hope I’ve help to clarify the difference.
What is the best state in the U.S to practice as a mortgage loan officer and why?
I would like to know the best state in the U.S where you can make tons of money as a mortgae loan officer.
Don’t focus on the cash. Focus on doing a great job for your client and the money will come, regardless of where you reside…
How do you become a mortgage/loan officer?
Does anyone know they steps to becoming a loan officer that is free of gimmicks
Depending on where you live, licensing may or may not be involved. I live in Michigan, and am a mortgage banker with Quicken Loans. They are a direct lender, so I interviewed for the position just like any other job, then they hired me, trained me, and provided the materials needed so I could obtain a license in the states that required it. If you are going to be new to the mortgage industry, I would suggest that you work for a direct lender, preferably a larger company that offers training so you can get a full understanding of the industry and how it works. Most larger companies have detailed training programs that will teach you about mortgages and also how to sell if you have not done so previously. Mortgage brokers tend to be smaller companies that don’t have the resources to provide you with all the knowledge you will need to be successful. If you decide you would like to be a broker, you can always do so, but I would start with a large company with a good training program so you can take that knowledge with you. Personally, I love working at Quicken, and we have offices in Detroit, Phoenix, and Cleveland. If you happen to be in any of those locales, shoot me a message and I can put you in touch with the right people.
Question for Experience Mortgage loan officer?
Im learning to become a mortgage loan officer and i do understand that i will not be successful immediately since im new to the business. My question is, Should i keep my current job and do it part time, at the same time promoting it? or what is suggestion?
You’ll usually get in return what you put into something. In this soft market it is a great time to study material, guidelines, FHA, negotiating skills, etc. You want to learn and sharpen your skills to be prepared when you speak with clients, referral partners and peers. Can you do this part-time? Maybe. Of course, 8-10 hours a day would allow you to immerse yourself completely.
If you have current obligations and bills, you might be better off to keep your current job and learn as much as you can “part-time”. No matter what, realize that it’s a true profession and not something you can or should try to “wing”. Remember, you would be dealing with most people’s biggest financial obligation/investment.
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