Sol Skolnick, Professor Home Loan - A STEP-BY-STEP GUIDE TO FINANCING YOUR HOME

The first person engaged in the lending process is the mortgage loan officer (MLO or LO). 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. The loan officer will be in direct contact with the you from the beginning of the mortgage process all the way through closing. The loan officer is 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 simple: you enter in a loan officer’s name, address, and other important information. 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. The NMLS number is always displayed next to the LO's name on written and electronic material. Origination: The LO will chat with you to find out where you are in the process: What is your price range, where are you planning to look, when do you want to move, are you working with a Real Estate agent? Once rapport has been established between the LO and the borrower the application is entered. This causes loan disclosures and a request for documents to be sent to you. Once you have executed and returned the disclosures, and all income and assets documents are provided they are matched to the application and the transaction moves into the second phase, which is Processing. The processor works with the loan officer to handle the documentation and tasks. They will coordinate with the departments inside the lender's office to have the appraisal ordered and a bank attorney or closing agent to be selected. Before sending the application to the underwriter they will verify that all of the documents reflecting income and deposits match

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