What is a mortgage loan officer? These are people who are employed by lending institutions like banks. a mortgage officer is the person in charge of helping the clients get the right kind of loan for their mortgage needs.
Let us say that you want to apply for a VA home loan. Your mortgage officer will help you with the steps when applying for it. First off, you will be asked to prepare for your financial documents. Make sure that you have your recent W2s or tax returns if you are self employed. Pay stubs and Government issued IDs will also be asked from you so better have those handy. There will be more, but your loan officer will be helping you with the list. Minimum loan requirements are changing as well because of the COVID-19 pandemic so you can ask us for a more updated and detailed requirements.
Another thing that a mortgage loan officer will ask you to prepare for a VA home loan is the Certificate of Eligibility (COE). This document is a must to get approved for your VA-back mortgage. The COE will be the basis for your lender that you qualify for a VA loan. You can apply for your COE online or through the web LGY system. If you do not like these options, you can apply through mail as well but it will take a longer time that if you apply online. Whichever way you choose, your mortgage loan officer will help you how to go about this.
Your COE is just a part of the mortgage process when applying for a VA loan. The house that you want to purchase needs to be appraised of its market value and the lender will also need to know your credit to income ration so that they can decide if your loan application can be approved.
Once approved, your loan mortage officer will help you until the closing and the ownership is then transferred to you.