Seems anymore the singular function of a residential real estate mortgage Loan Officer is to encourage somebody to give over an application PERIOD – their job duties stop there. From that point forward, everything else is done by somebody else; therefore the LO doesn't need to know the loan business at all, right?

Somebody else reviews the loan application and it's credit report. That other person makes a determination as to rate, fees, LTV, DTI, etc. and which wholesaler will fund that sort of a transaction request. Still others provide the customer pipeline hand-holding, do the GFE, order the appraisal & title report, collect the necessary stips, and yet another person puts it all together and decides if what they have then – (the confirmed facts) is ‘really' going to be acceptable to the initial wholesaler with whom they pre-qualified the transaction.

This package is next shipped off to the wholesale funding source for the final authorization and preparation of the loan documents for customer signing, funding, and closing.

In the view of the whole picture, the Loan Officer was out of the picture immediately after day one. In this illustration, surely the LO's function is a very important one, but how much ‘training' do they seriously need regarding learning the lending business?

Some say what they really need are 'people skills' but not financial skills, per se. Being able to manage the borrowers, controlling their expectations & emotions.
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Under the final rule of the Fair And Accurate Credit Transactions Act ("FACTA"), the nationwide Credit Reporting Agencies must establish a "centralized source" for accepting consumer requests for no cost credit reports (called annual file disclosures in the final rule). This centralized source must include a dedicated Internet Web site, an 800 telephone number, and a postal address.

The final rule also provides for a gradual, structured roll-out of the centralized source. The centralized source will become available in cumulative stages, over a period of nine months, rolling-out from west to east beginning December 1, 2004. The entire transition will be complete by September 1, 2005. Consumers will become eligible on the following schedule: Western states (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming) will become eligible on December 1, 2004; Midwestern states (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin) will become eligible on March 1, 2005; Southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas ) will become eligible on June 1, 2005; and Eastern states (Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia), Puerto Rico, and all U.S. territories will become eligible on September 1, 2005.

The new FACTA provides that as of December 2004 the consumer must be given a copy of his credit score (but not a copy of the credit report you've pulled). Along with the credit score a mortgage broker or lender brokering or funding a consumer mortgage loan must among other things disclose the following:
A. Name, Address and telephone number of each credit scoring agency.
B. The current or most recent credit score from the credit reporting agency.
C. The range of possible credit scores under the model used.
D. All the key factors that adversely affect the credit score of the consumer in the model used.
E. The date on which the credit score was created.
The person providing the score is under no obligation to explain it to the consumer. The Act also provides any person maintaining the records comply with regulations to be issued by the FTC and federal banking agencies concerning the proper disposal of any credit information.
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