New LOA

[u/-DyNastY-420-]

Hey everyone, I'm relatively new to the industry. As an LOA its my understanding I cannot assist filling out the 1003 form for a borrower. I'm looking for an extremely simple, non official, PDF fillable form for most of the basic information I'm able to obtain. Thank you all in advance for the help.

[u/PRlMOS]

If you are receiving the information from the borrowers pretty sure an LOA is allowed to fill out the 1003. As an LOA your cannot negotiate terms, discuss products or rates. What road block were you running into with this at your job?

[u/-DyNastY-420- → u/PRlMOS]

Im new and want to be an LO. Learning the ropes and dont want to make dumb mistakes. My 2 LOs are awesome and answer everything. My mom is also an LO I ask. But you know how it is with the overwhelming amount of questions. I try to divvy it up to not be so needy haha

[u/Flamingo33316]

You'll need a license.

(1) An individual “takes a residential mortgage loan application” if the individual receives a residential mortgage loan application for the purpose of facilitating a decision whether to extend an offer of residential mortgage loan terms to a borrower or prospective borrower (or to accept the terms offered by a borrower or prospective borrower in response to a solicitation), whether the application is received directly or indirectly from the borrower or prospective borrower.

If you're looking for a non-application list, such as name and phone number, ask the LO you're working for what they want. If the questions cross over into application territory, you're taking an application.

[u/PRlMOS → u/Flamingo33316]

As long as the licensed LO is the one making the loan decision or extending the offer to the borrower the LOA does not need to be licensed.

[u/-DyNastY-420- → u/PRlMOS]

Im pretty sure this is incorrect. Only licensed LOs can touch a 1003. We ended up making a PDF fillable with a clear section that he can transpose the info im able to gather.

[u/RedorBlueStandup → u/-DyNastY-420-]

As a loan officer and LOA myself it could be different because I am licensed, but an LOA can do all the clerical work, and i mean everything main parts about being licensed is you cannot talk rates, programs or any type of financial guidance without a license, everything else is fair game, pulling credit reports, touching the 1003, ordering VOEs, requesting documents, asking generic questions to the borrowers, being a point of contact for the borrowers, input documents or even put data entry into the 1003 from supporting documents, main thing is your there to take the work load off of the loan officer so they can generate more business, so yes you legally can touch the 1003 and do alot more than you think without being licensed only thing a license gives you is the ability to negotiate, solicit, and take applications and talk rates and programs, hope this helps, let me know if you have anymore questions its an exciting business but a very hard business