Last reviewed: 2 October 2026
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Questions to ask your loan officer
A checklist of questions drawn from the CFPB’s own consumer pages on lenders, brokers, loan officer pay and the Loan Estimate. It lists what to ask; it does not tell you which answer to prefer, and it does not compare lenders or rates.
What this term means: a “loan officer” or “broker” is the person who works with you to get a mortgage. The CFPB says loan officers often work for one specific lender and brokers typically work with multiple lenders.[2] Our guide to broker, loan officer and correspondent lender covers the roles in more depth.
Questions about who they are and who pays them
| Question to ask | What the CFPB source says |
|---|---|
| Are you a lender or a broker, and is a broker involved in my loan? | A lender is a financial institution that makes direct loans; a broker does not lend money. The CFPB says some financial institutions operate as both and that you should ask whether a broker is involved.[1] |
| How are you paid, and who pays you? | The CFPB says they are usually paid a loan-specific fee or commission, paid by you or by the lender you use. It says to understand their fees and who pays them.[2] |
| Is the way you are paid set by the terms of my loan? | The CFPB says federal law prohibits commissions from varying based on the terms of the mortgage, while lenders can pay in many ways: a salary, a fixed amount per loan, a fixed percentage of the loan amount, or a combination. See our compensation rule explainer.[2] |
| What is your NMLS ID, and are you licensed or registered in my state? | The CFPB says most loan officers are required to be licensed or registered with the Nationwide Mortgage Licensing System & Registry (NMLS) and can be looked up by name or NMLS ID. In most cases the record shows whether the officer is authorized to operate in your state and whether there are any disciplinary actions on their record.[3] |
Questions about your Loan Estimate
The CFPB’s Loan Estimate explainer tells you to review the form to make sure it reflects what you discussed with the lender.[3] These questions follow its “actions to take” and “definitions to know” items.
| Question to ask | What the CFPB source says |
|---|---|
| Does the loan term, purpose, product and loan type match what we discussed? Is the loan amount what I expected? | Make sure the information matches what you discussed. For a purchase, the CFPB says the loan amount plus your down payment should equal the sale price; if it does not, ask the lender why.[3] |
| Is the interest rate fixed or adjustable? | The CFPB says that if the right-hand column says “YES,” the interest rate is adjustable and can change after closing, and that an adjustable-rate Loan Estimate has additional tables.[3] |
| Does the loan have a prepayment penalty or a balloon payment? | The CFPB defines a prepayment penalty as a fee the lender can charge if you pay off your mortgage early, and a balloon payment as a final payment that is a lump sum much larger than the regular monthly payments. For both it says to ask your lender about your other options.[3] |
| Is mortgage insurance required, and for how long? | The CFPB says mortgage insurance is typically required if your down payment is less than 20 percent of the price of the home, and to ask the loan officer about different options and timeframes.[3] |
| Are property taxes and insurance included in my monthly payment through escrow, or will I pay some of them directly? | The CFPB says items not escrowed must be paid directly, often in large lump sums, and that you should know how often you will make payments.[3] |
| Do the figures include points or lender credits, and did we discuss that choice? | The CFPB says points are an upfront fee paid to the lender in exchange for a lower interest rate, and that an amount on the lender-credits line is a rebate to offset closing costs for which you may be paying a higher interest rate. It says to ask the lender what other options may be available and how they would affect the interest rate and total cost of the loan.[3] |
| Which services can I choose the provider for, and is there a list of approved providers? | The CFPB says that for services you can shop for, the lender should give you a list of approved providers; you can choose from the list or look elsewhere, but should check with your lender about any provider not on the list. See services you can shop for.[3] |
| Is my rate locked? | The CFPB says some lenders may lock your rate as part of issuing the Loan Estimate, but some may not.[3] |
| How much is the fee if I make a late payment? | The CFPB says it is good to know in advance how much the fee will be.[3] |
| Can the loan be assumed, and who will service it? | The CFPB says that if a loan allows assumptions, a buyer may be allowed to take over the loan on the same terms (most loans do not allow assumptions), and that the lender can service the loan itself or transfer that responsibility to a different company.[3] |
| Is the estimated cash to close what I expected, and what documents will I need to show where the funds came from? | The CFPB says if the figure is not what you expected, ask the lender to explain why, and that the lender will need to document the source of the funds you bring to closing.[3] |
How to verify this yourself
Open the three CFPB pages in the reference list; they are the source for every row above. To look up a loan officer, use NMLS Consumer Access, the free public lookup the CFPB points to, and read the record itself. Our step-by-step guide is how to verify a loan officer’s NMLS license. Our published standard shows what we check about originators, and the Register reports those checks for the category of mortgage loan originators; it is a record of findings, not a ranking or a recommendation.
What this page does not cover
This page is general information, not advice about your own loan. It does not compare lenders, rates or loan products, and it does not suggest which answers to a question are better. Some CFPB pages on this topic also discuss comparing offers; that is outside this page. The CFPB’s own disclaimer says its pages provide general consumer information and are not legal advice. The CFPB pages cited were last reviewed or modified on the dates in the reference list; this page was last reviewed 2 October 2026.