A mortgage loan officer tells financial story to an investor in order to get you approved for a mortgage loan.

How does a mortgage loan officer do this?

The loan officer gathers information on your income, assets and liabilities as well as credit and puts it in a way that an underwriter see your financial risk to a bank.  I will start by asking for your income, how do you earn your money?  Are you a salary, hourly, commission employee or are you self employed or an independent contractor?  Are you retired?  Do you receive social security, pensions, annuities?  Do you have rental income?

I will next look at your assets and how much money you have for a down payment and closing costs.  How long has the money been in the bank?  Will you be receiving a gift from a family member.

I will finally look at your liabilities and credit.  What is your monthly debt in car payments, credit cards, student loans.  Do you have alimony payments, child support.  Do you have any liens against you? Collection accounts unpaid?  Have you filed for bankruptcy? Foreclosure?  Short Sale?

From there I will put your story together to tell to an underwriter.

I will advice you on interest rates, loan programs.  Give you options on different types of mortgages.

I will get the conditions that the underwriter asks for and send them to a processor to send tot he investor.

When it is time to close I will be there at the closing table.

Most importantly I will answer my phone to answer any questions you might have.

A loan Officer isn’t just someone who takes a loan application and passes your information a long.  They are someone who is there through the entire process and after you close.  If you loan officer isn’t doing this than you need to find one that does.