Need a Mortgage Loan Officer

[ThrottleNP16]

Thanks for taking a moment to read this. Im trying to help my wife find a loan officer to answer the following questions for an assignment. She is in a real estate course where they need to briefly interview an MLO. If you are one could you please answer the following questions even if brief? Please and thank you

Please DM basic contact info as well please.



Loan officer questions:

Gather some basic information about the company:

What type of company do they work fir(mortgage broker, mortgage banker, Credit Union)?


Are they a local or national organization?


Do they keep and service their loans or sell them on the secondary market?

How long have they been working as a loan officer?

How many loans do they do a month/year?

Do they specialize in any type of loan?

What type of programs do they currently have available for low-income families, first-time buyers, any other (Federal, State, Local) programs that would be attractive to your customers.

Do they offer discount points and/or buy downs? Please clearly explain.

For conventional loans:
What is the current interest rate? do not move on until you get the current rate.
What is the minimum credit score required to qualify?
What is the minimum down payment required? Does the interest rate change if you have a larger down payment?
What is the housing ratio and total debt ratio required?
Do they offer variable rate mortgages?
What fees are charged to the borrower and how much are they? (loan
application fee, loan origination fee, processing fee, underwriting fee, etc.)

For FHA Loans: (Repeat same questions)
What is the current interest rate? do not move on until you get the current rate.
What is the minimum credit score required to qualify?
What is the minimum down payment required? Does the interest rate change if you have a larger down payment?
What is the housing ratio and total debt ratio required?
Do they offer variable rate mortgages?
What fees are charged to the borrower and how much are they? (loan
application fee, loan origination fee, processing fee, underwriting fee, etc.)

For VA loans: (Repeat same questions)
What is the current interest rate? do not move on until you get the current rate.
What is the minimum credit score required to qualify?
What is the minimum down payment required? Does the interest rate change if you have a larger down payment?
What is the housing ratio and total debt ratio required?
Do they offer variable rate mortgages?
What fees are charged to the borrower and how much are they? (loan
application fee, loan origination fee, processing fee, underwriting fee, etc.)