unlock_loWhen you begin the homebuying process, whether you’re getting prequalified for a loan or ready to submit a complete mortgage application, chances are you’ll be working with a Loan Officer. A Loan Officer, also referred to as a Loan Originator or LO, is a licensed mortgage professional that can provide information and guidance about varying loan programs for which you may be eligible. Your LO also gathers your personal financial information to complete your loan application and is typically your main point of contact and source of updates throughout the mortgage process.

So what does your Loan Officer want you to know as you prepare for the exciting milestone that is buying a home? According to David Hosterman, top producer for Castle & Cooke Mortgage, here are three things your LO wants you to know:

1. Don’t quit your job

As the lender, we are required to verify your employment in order to fund the loan.  Should your employment status change at any point between application and funding, the loan could be jeopardized. The final verification typically occurs three days prior to closing.

2. Don’t open up any additional credit

Prior to the funding of your loan, we, the lender, are required to verify that you, the borrower, have not opened any additional credit lines. Changes to your credit file could also greatly jeopardize the loan.  The final credit verification also typically takes place three days before closing.

3. Make sure the source of down payment funds can be verified

Per the Good Funds Act, lenders are required to verify that all funds related to the transaction, like your down payment and closing costs, can be sourced from reliable financial institutions. The lender will verify if you have adequate funds at a reliable financial institution like a bank, credit union or an investment company.


Ready to get prequalified or begin your mortgage application? Apply online or find a loan officer near you!

>>3 Things Your Processor Wants You to Know >>

Castle & Cooke Mortgage, LLC® (NMLS #1251) is a leading independent mortgage lender headquartered in Salt Lake City, Utah, with locations across the United States.

Restrictions may apply. Not all who apply will qualify. Program qualifications & offerings are subject to change at any time. Equal Housing Opportunity. Click here to view state-specific disclaimers.