Are all Loan Officers and Mortgage Companies the same? Isnt everyone required to adhere to the same standards and guidelines?
This is an excellent question. Buyers often believe that every Mortgage Company and its Loan Officers have a set of guidelines that are cast in stone. This is not correct. Remember, standards and guidelines are merely those. There are many different types of generic guidelines that form the basis for mortgage approvals. In effect, these are rules which lenders use as their baseline for evaluating loans. The most popularly known guidelines are FHA, VA, FNMA (Fannie Mae), and FHLMC (Freddie Mac). These guidelines and procedures are extensive and change frequently, but many Mortgage Companies will deviate from these guidelines in order to obtain a special competitive advantage. As a consumer, it is critical that you select a Mortgage Consultant, i.e. Loan Officer who has a good understanding of the basic guidelines. It is also equally important that he has access to different types of mortgage loans not of the norm that deviate from standard financing guidelines. You can make a big mistak
Related Questions
- When should a mortgage lender file the MU1 and MU2? Do loan officers working for a mortgage lender need to be licensed by TSML and be sponsered by the lender?
- Are all Loan Officers and Mortgage Companies the same? Isnt everyone required to adhere to the same standards and guidelines?
- Does Mortrax deal directly with Mortgage Brokers or Loan Officers?
