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As a loan officer who has worked in Ventura County for over 27 years, I’ve seen the processing and underwriting of home loans change dramatically.  Before it all went to “tighter guidelines” (that’s an understatement), the loan officer could be nothing more than an order taker.  “Yes, sir.  May I interest you in a Home Equity Line of Credit to go along with your First Trust Deed?”

Getting approved today may be more difficult than it was before the mortgage crunch, but getting the loan closed is where you really must have a veteran loan officer to guide your loan through the murky waters.  Recently, I was able to approve and close borrowers who were previously approved by another lender, but were “un-approved” before the loan could close.  Yes, (he said boldly) they should have come to me first, but how could that have happened, anyway?

It’s called WORK, or lack of it in this case.  Many loan officers nowadays are just taking loan applications and giving them to processors who may or may not put the deal together properly.  It’s an experienced loan officer who knows how to structure a deal before it even gets to the processor.  In other words, it takes work.  It takes listening to the borrowers and showcasing them to the processor and underwriter in the strongest possible light.

The talent for doing this does not come overnight.  It comes from doing the job for many years and suffering through the process enough times to know how to do it right.  Even though most of today’s initial underwriting is done by a computer, if it isn’t put together properly, it will fall apart when it gets to final underwriting as it did with the borrowers I mentioned.

When it comes time to get pre-approved with a lender, find an expert loan officer who comes recommended from a professional you trust.  Don’t just shop rates or you may end up having to do your loan more than once.  Get the picture?  There’s “work ahead” for your loan officer to get it done right!

Let me know if I can be of any help with your financial needs.  Jay Friedman, senior loan consultant at jay.b.friedman@chase.com or (805) 585-2326.