I'm the middleman. On one side of my business I have my clients that need money to buy, build or refinance their home. On the other side are the lenders that have the money. What stands in the way? Guidelines, pages and pages and pages of guidelines. Minimum credit scores, maximum loan to value, source of funds, debt to income, debts that are part of the borrower DTI, debts that don't have to be counted in the DTI, appraised values, home types that eligible for funding and those that are not, and it goes on and on and on. Their are hundreds, if not thousands of pages of guidelines.
In my opinion, a good loan officer asks a lot of questions upfront. They many not know ALL the guidelines but they know a red flag when the see it. They discover issues in the beginning of the process, not days before closing. The good loan officer knows where to go in those hundreds of pages of guidelines to find out if the issue can be avoided or resolved.
That's what I do and I've been doing it for over 25 years.