Mortgages
Arranging home loans: shopping lenders and carrying the application through to funding.
What it takes
- A loan to buy a home
- A refinance
- A loan on land or a ranch, where a lender will make one
What it leaves
- Lending our own money. A lender makes the loan; we arrange it.
- Commercial loans, until that line is opened.
How a job runs here
These steps make up the job's checklist. Its page shows each one as it is done.
- The borrower's application is taken.
- The loan is shopped to lenders, and the offers come back with their costs.
- The borrower chooses one, and the rate is locked in writing.
- Appraisal, title and the lender's conditions are met.
- The closing disclosure goes to the borrower before signing.
- Signing and funding.
What backs it
0 of 1 license in place. The full list for every line is the credentials register.
| Credential | Issued by | Covers | Status | Number |
|---|---|---|---|---|
| Mortgage loan originator license | Each state, through the Nationwide Multistate Licensing System | Taking home loan applications and negotiating their terms. A job needs the license of the state the home is in. | Not yet held | None yet |
Rules this line follows
Anyone who takes a home loan application, or offers or negotiates a home loan's terms, for pay must be licensed or registered as a mortgage loan originator, with a record in the nationwide system for every state they work in.