Loan officer
The person who helps you choose a loan, takes your application and guides it to closing. Loan officers must be licensed or registered through the NMLS.
Also called: LO, mortgage loan originator, MLO, loan originator
Related terms
The bank, credit union or mortgage company that provides the loan money. The lender sets the rate and terms, underwrites the loan and holds or sells it after closing.
A licensed go-between who shops your loan to several wholesale lenders instead of lending its own money. The broker is paid by the borrower or the lender, and that pay shows on the Loan Estimate.
A lender's written statement that you qualify for a loan up to a certain amount after reviewing your credit, income and assets. Sellers usually expect one with an offer. Final approval still depends on the property and underwriting.
A standard three-page form a lender must give within three business days of a loan application, showing the estimated rate, payment and closing costs. It makes offers from different lenders easy to compare.
A lender's promise to hold a specific interest rate and points for a set period while the loan closes. If the lock expires before closing, extending it can cost extra.