Mortgage loan officer cannot do his own loan for a property that he is going to buy?
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It would be very hard for one person to falsely influence the mortgage process.
Mortgage loan officer cannot do his own loan for a property that he is going to buy?it is true.
i just did a loan for a couple of guys in my office.
Mortgage loan officer cannot do his own loan for a property that he is going to buy?Well it's so interesting to see all these mixed replies. Kind of difficult to help make up your mind isn't it...
I am a mortgage originator. Think about it... IF a mortgage loan officer exagerates information about his own loan what's to stop him from doing it for everyone else that he does a loan for. Just wouldn't make sense. Then they're be the most corrupt department you could think of. So yes, they can do their own loans. Well this is the case in South Africa and the UK.
IF you're interested in more information regarding home loans and mortgage lending in South Africa check out the SA Loans site below.
Mortgage loan officer cannot do his own loan for a property that he is going to buy?The answer to this question varies by the Lender. This is NOT a RESPA violation unless you plan to rip yourself off. Some lenders don't have an issue with it and if you're doing your own loan it will have to go Full Income Documentation. Otherwise, you can have another Loan Officer in your office do the loan for you and you may be able to go stated or another documentation type. However, it's NEVER a good idea to write your own loan. It will raise too many eyebrows and your loan will be Audited for certain.
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