You want to pursue a career as a loan officer, congratulations! This high-reward career is perfect if you want to help people achieve their dreams of homeownership in addition to having a stable, flexible job. But what are the requirements and qualifications of a loan officer and how do you get them?
You hear the term “mortgage loan officer” a lot, but what does that mean and what do they do? Could this be a viable career for you? Let us go over the basics of what a mortgage loan officer is, their job responsibilities, and what it takes to become one.
Buying your first home? Congratulations! Your first home is an exciting new adventure and you want to make sure you do it right. Finding a home takes time, research and lot of patience but with the right tools and asking the right questions, you can be one step closer to finding the home for you:
As a loan officer, you will have clients come to you for advice about restructuring their loan. Also known as loan modifications, restructuring a loan makes the current loan more affordable for the borrower and they can possibly avoid foreclosure. Restructuring verses Refinancing First, you must understand that restructuring a loan is not the same […]
As a loan officer, mortgage rates affect every aspect of your business. One of the things that affect mortgage rates the most is mortgage-backed securities, which is why mortgage professionals need to know what it is and how they work in the market. Understanding will help you guide your clients towards more affordable financing at […]
As a loan officer and a consumer, it’s important to know about the secondary mortgage market and the corporations that are involved. These publicly-traded corporations are called government sponsored enterprises.
As a loan officer, you must know that there are three primary parts of the mortgage industry. Each mortgage that a borrower applies for goes through a process of buying and selling in the mortgage “production line” before it gets to them. This process helps determine the mortgage’s mortgage and interest rates. That way, borrowers […]
Now more than ever, people who are interested in buying a home are demanding loss history reports from the seller as a contingency to a purchase offer. Buyers don’t want to be hit with any surprises about the condition of the home when they purchase it. As a loan officer, it’s important for you to […]
If you are buying a home via contract for deed, you will more likely than not have to pay a balloon payment. Since contracts for deed are not fully amortized Kansas City home loans, you do not pay off the principal when you make your monthly payments. Rather, it is paid off when you make […]
If you are thinking about becoming a loan officer at a Kansas City mortgage company, you will need to be knowledgeable about consumers’ rights in relation to property financing. There are many regulations, acts and laws that loan officers must know when working in the mortgage industry. The Garn-St. Germain Depository Institutions Act is one […]