Why Choose an Independent Mortgage Loan Officer?

Mortgage Loan Officers, or MLOs, are independent real-estate financing professionals, who generally work with dozens of different lenders. Their expertise allows you access to hundreds of loan products from different wholesale lending sources, and their knowledge of different companies' requirements and product lines allows you to get financing tailored to your financial goals. MLOs are not actual lenders, they pass the actual funding and servicing of your mortgage to mortgage companies.

What Does A MLO Do?

There are literally thousands of variables that can affect the approval, process, and outcome of your loan. A qualified MLO escorts your loan application through the entire process, acting as a liaison between you, the real estate agent, the appraiser, the lender, the credit agencies, the underwriters, the attorneys, the mortgage processors, and the title and escrow agency. In the sometimes volatile lending market, it is important to have a professional MLO to serve as safeguard, to sift through mountains of data and options, to research current market conditions, and in the end to provide you with the most accurate information about what loan options are available to you.

Here is a breakdown of how a qualified MLO should help you through the mortgage or reverse mortgage process:

• Explain the loan process to you, from application to closing
• Communicate with you in a timely manner throughout the process
• Provide details about the various financing program options available to you
• "Translate" all loan-related documents for you
• Generate a good faith estimate of all fees
• Explain in writing the lock-in options with your loan
• Inform you about the disbursement process
• Coordinate your loan closing