Is determining a buyer's housing objectives considered a basic loan processing procedure?

Determining a buyer's housing objectives is not considered a basic loan processing procedure. Instead, it is part of the broader step of understanding a client's needs and preferences before initiating the loan process. Basic loan processing typically consists of verifying income, assessing creditworthiness, and gathering necessary documentation related to the financial aspect of the transaction.

Understanding a buyer's housing objectives is more aligned with the responsibilities of real estate agents and brokers, who focus on matching clients with properties that meet their personal and financial goals. This step is crucial for the real estate side but does not directly influence the technical procedures of loan processing, which are more focused on financial assessments and the lender’s criteria for issuing loans.

While it may help in tailoring the loan services offered, it is not a procedural step involved in processing a loan application itself. This distinction clarifies why the statement that determining a buyer's housing objectives is a basic loan processing procedure is false.