So you’ve spent a boring 20 minutes while your Loan Officer takes down a complete 1003 (pronounced Ten-oh-three), also known as a Uniform Residential Loan Application. If you’re lucky that Loan Officer at least made an attempt at keeping you from tearing up with boredom and took the opportunity to get to know you a bit during the process. Once the application is complete, you hang up the phone and the LO goes to work.
At this point your Loan Officer (LO) is in a position to accurately research the loan program that suits you best. By the way, for all you out there that call brokers and ask what their rates are, if you haven’t gotten at least to the application stage, any rate-quoting is merely a tactic to keep you interested. Most likely you will be Baited and Switched (Trust me no one wants to go that route).Realistically, rate and program qualifications cannot be determined without a complete application, especially in the current market, so don’t ask and expect a real answer. Anyway, back to business. Now your LO either contacts as many Lenders as possible through some sort of automated system or he contacts just a few of the lenders he thinks, based on his experience, offer the best rates for the loan program that suits you best.