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What Does a Loan Officer Do?

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What Does a Loan Officer Do?

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What do you do? Do you call another mortgage company or do you wait until you hear back from this one to see if you like what they say? No matter what you decide to do, you should know what a loan officer is going to do about your loan request so that you know what to expect and do not get taken advantage of. This is especially true if you are a first time home buyer. Loan Officer Has To Get Your Credit Report First Once your loan officer has completed their initial interview with you, also known as a pre qualification, they will review everything you told them and enter your information into their loan system. Most companies keep track of every loan inquiry for liability reasons and to conform with federal and state regulations. In order for your loan officer to give you accurate interest rate quotes and programs they will have to get a copy of your credit report from their credit provider. If you have a copy of your credit report then that will help you talk to your loan officer abou

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A Loan Officer checks, pre-qualifies and processes credit and loan applications. He/she works for banks, trust companies, credit unions and similar financial institutions. For us, it is important to own and afford house. Lenders provide the funds to achieve this dream, buy a car and college education, or aid investors to get started in and expand their business. A Loan Officer Job helps people apply for loans and plays an important role in facilitating the loan process. After gathering personal information from individuals and businesses, the Loan Officer tries to find out each borrowers creditworthiness and repayment capability, and guide the prospective applicant to better qualify for the best loan that suits his/her special circumstances. The three kinds of loan officers are: Commercial Loan Officers – handle commercial/business loans. Mortgage Loan Officers – work with buyers of homes (and other real estate) and homeowners loans. Consumer Loan Officers serve people who need loans f

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Known by several different titles in various financial institutions, a loan officer functions as the liaison or intermediary between an institution that provides personal and business loans to consumers and the applicants for a loan. A basic responsibility of loan officers is to seek to find a loan arrangement that is in the best interests of both the applicant and the bank or financial institution that has extended the loan. Sometimes referred to as a lending officer or a loan counselor, the loan officer possesses a comprehensive knowledge of the types of loans that are provided by a financial institution. Along with understanding the general terms related to each loan type, the loan officer will also have a complete working knowledge of the requirements or conditions that are necessary for applicants to successfully qualify for each type of loan. In addition, a competent loan officer will have the latest information on any upcoming promotional specials on loans, including any special

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Loan officers help people apply for loans. This lets people do things like buy a house or a car, or pay for college. Loan officers help businesses by loaning them money to get started or to buy equipment. Loan counselors help people who want a loan but have problems that could keep them from getting it. There are three kinds of loan officers. • Commercial loan officers work with businesses. • Consumer loan officers work with people who want a loan for things like a car. • Mortgage loan officers work with people who want to buy real estate or get new real estate loans for property they already own. Loan officers usually have to travel a lot. Commercial and mortgage loan officers often have to work away from their offices. At the same time they must keep in touch with their offices and customers. Commercial loan officers sometimes travel to other cities. This can be necessary for more complicated loans. Mortgage loan officers often work out of their home or car. They visit offices or hom

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A true Loan Officer approves or rejects applications for credit and credit line increases. I am A Sr Loan Officer with a Mortgage Banking Firm. In my job I do every thing from prospect through Financial Planners to take the application, proof the docs needed, pre qualify and structure the loan. Then once all items are in place I consult with the client as to their options. At that point I print GFEs have them signed and lock the loan.

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