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 may provide information and guidance about varying loan programs for which you may be eligible. Your LO may also gather your personal financial information needed to close your loan 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? 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 Draper, 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. Castle & Cooke Mortgage, LLC is not affiliated with, or endorsed by, the U.S. Government. Equal Housing Lender. Castle & Cooke Mortgage, LLC is licensed in AL, AR, AZ, CA, CO, CT, FL, GA, HI, ID, IL, IN, IA, KY, MD, MI, MS, MO, NE, NV, NM, NC, ND, OH, OK, OR, TN, TX, UT, WA, WI and WY. Licensed by the Arizona Department of Financial Institutions, Arizona Mortgage Banker: BK-0908287. Licensed by the Department of Business Oversight, under the California Residential Mortgage Lending Act License #4130740. Regulated by the Colorado Division of Real Estate. Georgia Residential Mortgage Licensee, License #43759. Illinois Residential Mortgage Licensee. Licensed by the Mississippi Department of Banker and Consumer Finance. Ohio Mortgage Loan Act Certificate of Registration #SM.502008.000. Oregon Mortgage Lending License #ML-4090. Washington #CL-1251.

Information contained in this this Blog does not constitute legal, financial, or other professional advice or services and should not be used as a substitute for professional advice. The purpose of the Blog is to provide Castle & Cooke Mortgage, LLC’s opinions and general guidance on certain matters related to mortgages. The reader accepts full responsibility for use of the information contained herein.