The newest MLO can offer you advice and you will information since you look to possess features you to definitely meet your own preapproval requirements. Next, once you’ve discovered a home we want to buy, the borrowed funds originator will allow you to complete a completed mortgage software to have final recognition on the mortgage lender.
In the event your MLO is actually a bank staff member, the application could well be published to the financial institution. When you find yourself dealing with another MLO, based on Diaz, they may yield to a specific large financial company otherwise a lender it contract having.
The brand new MLO must also make it easier to setup a speed lock to the financial, claims Diaz. (more…)
