When you purchase a home, your first point of contact is most likely a Loan Officer, who will help you learn about your financing options, help you choose a mortgage that is right for you, and update you at key milestones in the mortgage process. Throughout your mortgage process, it is also likely that you could hear from a Loan Officer Assistant. But what exactly is a Loan Officer Assistant, and what are they responsible for when it comes to your loan?
Loan Officer Assistants have passed federal and state tests to be licensed to originate mortgage loans—the same tests and licensing, in fact, as your Loan Officer. A Loan Officer Assistant understands the mortgage loan and application process and is qualified to speak with you about your loan. It’s often a Loan Officer Assistant (also referred to as an LOA) who will be the one to answer questions that you may have along the way and be your day-to-day resource.
LOAs are there for you throughout the mortgage loan process. They make sure all the proper documentation has been gathered and ready to move to the processing step. They help prep your mortgage application to ensure the fees are accurate for your loan disclosures. They also may be the one to let the appraisal desk know when to order an appraisal (when applicable), and keep communication flowing with other parties involved in the real estate transaction.
Loan Officer Assistants play an essential role on a Loan Officer’s team. LOAs help borrowers to understand the complex loan terms that they are agreeing to. They are often the one in the most direct contact with clients, helping to build and maintain a positive relationship. They are there to make sure that the mortgage process runs smoothly and help clients achieve their dreams of homeownership. The next time you speak with a Loan Officer Assistant, give them a virtual high-five. They’re working hard to make sure your experience is top-notch.