The duties of a real estate lender can include marketing and advertising in order to attract potential borrowers. A person in this job may also review credit reports and pre-qualify people for a mortgage. They could then be responsible for taking the application and gathering the necessary documentation. Such a professional may also check this paperwork to make sure the information provided is accurate and complete.
Many times, this position is commission-based. This means a real estate lender might be paid a percentage of the loan amount as her salary. As a result, she may need to solicit customers by advertising her services. This worker may sometimes receive training in marketing and sales, in order to help her better target potential borrowers.
When shopping for a home or piece of land, many people are unsure how much they can afford to spend. They might visit a real estate lender before looking at property to pre-qualify for a mortgage. During this process, the lender usually runs a credit check in order to assess the amount a person could borrow. The mortgage officer can also advise customers of any issues that might affect their approval for a mortgage, so these concerns can be rectified.
People who have made an offer to purchase a home can visit a real estate lender to apply for financing. This individual can then take the application and secure any needed documents in order to process the loan. She might also be responsible for reviewing this application for accuracy, and making sure the financial information entered matches that on the credit report or proof-of-income documents.
A real estate lender should have a good working knowledge of the various types of mortgages and the benefits of each. This is because her customers may ask questions throughout the lending process. The loan officer should also keep current with trends and policy changes in the home loan industry, so she can provide accurate information to her clients.
This professional may find it helpful to be able to read and understand legal documents, such as insurance policies, property deeds, and appraisal reports. She should also be somewhat familiar with the laws regarding the sale of real estate in her area. Many lenders can find it helpful to have a background in real estate sales before beginning this type of career.
A real estate lender is usually an essential part of the home-buying experience for most people. This is because most individuals must borrow money in order to purchase a residence. Doing so can often be a frustrating experience, but working with a knowledgeable and friendly loan officer can make this experience much more pleasant for many families.
