to conduct business, and, if so, what organizations they are authorized to represent. It goes without saying that if you start working with a loan officer who is not up-to-date on their NMLS certifications, you and your clients should not work with them. This could not only cause serious delays in the mortgage process, but could put you and your clients into considerable financial danger. Once the borrower has found an NMLS-certified loan officer, the preliminary discussions of the loan can begin. This is the first step in the loan process we discussed earlier: Pre- Approval. The borrower will provide all income and asset documentation to their loan officer. Once documents are reviewed with the buyers, the loan officer will continue the process towards obtaining an approval The newest option is to run a safe check on the credit rather than a full credit report. The benefit of this is there will not be a hard inquiry on the borrowers credit, AND bigger yetthere will be no trigger leads causing the borrower to be bombarded with calls, texts, and emails from other lenders, realtors, and insurance agents trying to capture that borrower (the credit bureaus sell the buyers information). This is extremely important for your loan officer to protect your client from these trigger leads. Not all loan officers or lenders offer the soft credit check, so please beware. Once the borrower is approved and the buying power is determined, an automated approval process should also be completed. As your Certified Loan Advisor, I contact the agent and provide the approval letter, the DU approval and my bio to be presented when the borrower identifies the property they wish to present an offer. This is a market with multiple offers presented on one property. As your mortgage partner, I also connect with the listing agent after you present the offer to introduce myself, share the strength
15
Powered by FlippingBook