Local Is Better

Posted on April 20 By Justin McHood

When choosing a loan officer to work with, many times it can be confusing. There are the larger lenders who all operate slightly differently, the mortgage banks and the mortgage brokers. Depending on where the loan officer works, they will have access to different tools that will help make the loan process smoother (or more difficult).

In a perfect world, you would probably want your loan officer to have as much local decision making on your file as possible - because in my experience anytime decisions are made on your file that aren't right next to the loan officer (as in right down the hallway), it adds time and sometimes complexity to the loan process.

Here are five simple questions that you can ask your loan officer to see if they have "local decision making" on your file:

  1. Do you have in-house processing?
  2. Do you have in-house underwriting?
  3. Do you have in-house closing doc drawers?
  4. Do you have in-house funding?
  5. If there is a problem with my file, who makes the final decision as to whether or not I get a loan?
The answers to these questions will tell you quite a bit about how much influence your loan officer has over your file. If the question to many of the questions is "yes, they are right next to me in another office" then chances are that that particular loan officer has quite a bit of influence on your file and can get your loan done quickly.

If the answers to the questions are "no, those are all done in our operations center" then chances are that your loan officer ends up taking a number and waiting in line regarding your file. It will probably take longer to get done and if there are any problems on your file that need special attention, it will be more difficult to get done.

So remember - when it comes to getting your loan done...

Local decision making is better.

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