However, due to the cost-of-living being different across the country, certain areas have higher conforming loan limits than others. Therefore conforming and jumbo loans will be different depending on your area. There are many non-conforming options too, also known as Non QM loans. These are for buyers that may not fit the standard guidelines, but do have the ability to pay a mortgage. One product you may have heard of is a Bank Statement loan (instead of using tax returns) - but there are so many others! Now you know about the mortgage options on the table. Let’s talk a bit about the people involved in making the mortgage a reality.
THE PLAYERS INVOLVED IN THE LENDING PROCESS
The first person engaged in the lending process is referred to as the loan officer (Me!). The loan officer is the project coordinator, overseeing the transfer of information between you (the prospective buyer) and their organization’s processing and underwriting departments. It is likely that the loan officer will be in direct contact with the borrower from the beginning of the mortgage process all the way through until closing. The loan officer should be licensed with the National Mortgage Licensing System (NMLS). The loan officer’s licensing status can be verified with the NMLS at www.nmlsconsumeraccess.org. The site is incredibly simple: you enter in a loan officer’s name, address, and other important information, and the system tells you if they are on the level. It will let you know if they are an active registrant in the federal database, if they are authorized to conduct business, and, if so, what organizations they are authorized to represent. I am licensed in several states, and can direct you to a trusted colleague if I’m not licensed in your state.
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