Over the years, the mortgage business has become digitized. Yes, most loan officers still like to meet their clients in person, either at the loan officer’s place or at the client’s. Yet there are those who meet with their loan officers “virtually” and communicate by phone, text, email or video conference. Loan officers really don’t have a “9 to 5” job but rather work around their client’s schedules. You can contact your loan officer on a Sunday afternoon with questions. Wednesday evening. Pretty much anytime, within reason of course. Loan officers know this because many borrowers can’t take off work during the day in order to meet with a loan officer.

The mortgage industry is not dependent upon face to face transactions. More and more clients apply directly online at the loan officer’s web page. The loan application is electronically submitted then subsequently reviewed at the mortgage office. This review prepares the loan application to be submitted to an online automated underwriting system, or AUS. Once this submission takes place, a response from the AUS is provided, listing all the items needed for a final approval.

Loan officers get their rates online. They order third party services online. Credit reports or appraisals, for example among many others. This is the world loan officers have lived in for years so the question of whether or not a loan officer needs to be in the office in order to complete your loan application has been answered long ago. And the other question of whether or not a mortgage company is essential or non-essential is moot. It doesn’t matter because the loan officer doesn’t have to be in the office but can really be anywhere as long as there’s an online connection.

This is important to note in light of today’s economic activity. Rates are at or near historic lows on a daily basis. Mortgage companies are extremely busy right now and loan officers are taking loan applications every single day. When a loan officer has a question or needs more documentation, the request can be made via email or text. In turn, the applicant provides the requested documentation via email. This back and forth has been the norm for years. 

If for example, you’re thinking of refinancing, just pick up the phone and make a call. Your loan officer can provide you with current rates, terms and estimated closing costs over the phone. If you want to meet your loan officer, you can do so via a video conference. And with apps the way they are today, you can schedule a meeting with your loan officer and have your entire family and friends Zoom in at the same time.

For those currently in the market for a mortgage, there’s no need to wait. In fact, it might be the best time ever. The mortgage industry is alive and well. And online.