topic Re: How to choose Loan Officers in Mortgage Loans

How to choose Loan Officers

Anonymous — Thu, 09 Feb 2012 00:40:17 GMT

Need to know how to choose a LO? Any specific questions I should be sure to cover before having them give me pre-approval? What should I watch out for? Fees etc.

Any help is appreciated!

Re: How to choose Loan Officers

Anonymous — Thu, 09 Feb 2012 00:55:02 GMT

I would also like to know this.

We sat down with an LO the other day who was a complete useless tool. He had all kinds of jokes about just about everything. But as soon as we started hitting "bumps in the road" he had absolutely no helpful advice. what. so. ever. His best advice was "come back in 2 months and we'll try again." He had no advice for what we could/should do in those 2 months to better our chances of being approved. And the sad thing is that I'm sure the reason he had no advice is because he lacks any useful knowledge on the area. I've found more help from you folks on this board in the last 2 days than I'm sure this guy could give me in his entire lifetime.

Re: How to choose Loan Officers

boomhower — Thu, 09 Feb 2012 01:00:03 GMT

Best way to find a goo one is through word of mouth. Whether from friends or your realtor. I got turned onto mine from my realtor and she has been great. A good LO won't show themselves until the process starts hitting bumps, that's when their true value comes out.

Re: How to choose Loan Officers

Duke-of-Earl — Thu, 09 Feb 2012 08:25:38 GMT

One bit of advice, based on personal experience: If he interrupts himself after five minutes or so and says "Oh wow, I've never seen anything like this before. We just got an e-mail that all our rates are going up by 5/8!!! But I can lock in the rate I just quoted for the next 45 minutes" ... just hang up. And of course, the rate he had quoted was the highest of any I was offered.

Re: How to choose Loan Officers

missdre — Thu, 09 Feb 2012 21:14:57 GMT

I have yet to choose one myself so I don't have any firsthand advice for you, but I've bookmarked the following threads from this board which I think have some very useful advice on this topic:

http://ficoforums.myfico.com/t5/Mortgage-Loans/Loan-Shopping/td-p/1144809

http://ficoforums.myfico.com/t5/Mortgage-Loans/The-mortgage-pre-approval-process/td-p/696635

Good luck!

Re: How to choose Loan Officers

techgirl — Fri, 08 Jun 2012 00:51:31 GMT

There are helpful - wish I would have read and understood sooner.