Selecting a Licensed Mortgage Loan Originator

Selecting a licensed mortgage loan originator is an important part of the home buying process.  Since purchasing a home is often the biggest financial decision we make in our lives – it pays to do a little research.

1. You can begin by asking your friends, family and co-workers for recommendations. We trust our friends and family more than any other source – so don’t disregard their input. Perhaps they had a wonderful experience with a lender, maybe they didn’t. Either way, your friends and family will be truthful with you and should be happy to provide their opinion on the matter. Inlanta Mortgage is pleased that 80% of our customers are past customers or were referred by other customers.

2. Another very important consideration when selecting a mortgage loan originator is to make sure they are licensed by the National Mortgage Licensing System (NMLS). As an example, Inlanta Mortgage’s NMLS # is 1016.  You can check to see if a mortgage lender or originator is licensed by visiting www.nmlsconsumeraccess.org.  The NMLS Consumer Access website lists when the mortgage company was formed and what states they are licensed to do business in.

3. What types of loan programs does the lender support? Is the lender a delegated authority to originate USDA, VA, or FHA mortgage loans? Not all mortgage lenders are able to originate USDA, VA or FHA mortgage loans. If you are a veteran seeking to utilize your VA benefits when purchasing a home – a lender without the authority to originate a VA mortgage loan wouldn’t be of much use to you. Review the loan programs offered by Inlanta Mortgage here.

4. Next, you can do a little online research. Social media may be a joke to some, but reputable mortgage lenders maintain transparency not only by having well-functioning websites, but by having business profiles on LinkedIn, a recently updated Facebook account, and maintaining a blog (like this one here). The point is – you want to know who you are really dealing with when you are making such a big decision.  You can find Inlanta Mortgage on Facebook, LinkedIN, Twitter, and Google +.

5. Another good question to ask yourself is what type of mortgage lender fits your needs? Do you want to meet in a physical office or are you just as happy if all forms are completed online? What would you prefer? Now days, most mortgage lenders can accept applications online – including Inlanta – virtually eliminating the need for you to come into a physical office and spend hours filling out forms. However, if you prefer to conduct business in an office – make sure the lender you found online actually has one! Click here to apply online for a loan at Inlanta Mortgage.

6. You may be interested in finding out whether you mortgage lender has
in-house processing, underwriting, or funding services. When a mortgage loan originator and processor work for the same firm – there is inevitably cleaner lines of communication. Improved communications can help to resolve issues that may arise during the processing of your loan. The same idea applies to underwriting and funding – the easier it is for an underwriter or funding manager to get verification or documentation from a mortgage loan applicant – the faster the process goes.

7. Finally, speak directly with a mortgage loan originator about interest rates and loan fees. The interest rate mortgage lenders quote you is largely based upon your financial assets, income, and credit worthiness.  Closing fees differ by lender. Shop around and make sure you are comfortable with the rates you are offered and the fees associated with originating a mortgage loan. Click here to find a mortgage loan originator near you.

So we have recommended that you ask your friends and family for advice, confirm a lender is licensed, determine what loan programs they offer, do some online research, check out their social media profiles, and find out if they have
in-house processing, underwriting, and funding.

Next week, we will discuss the next step in the home buying process:

Get Pre-Approved! Why Do You Need a Pre-Approval Anyway?

Inlanta Mortgage is licensed in fourteen states and offers a variety of mortgage loan programs to suit your needs including: VA, USDA, FHA, FHA 203k, Conventional, Reverse Mortgages, Refinancing, and Jumbo Mortgage Loans. NMLS #1016