What is a Loan Officer?
A loan officer is someone who serves as a guide for you as you go through the mortgage process. This person will walk you through the whole loan process from the initial phone call or personal interview to the day that you get your mortgage. Review The Steps To Buying a Home for a more complete purchase loan process. Loan Officers Are Called Many Titles – Consultant, Specialist Loan officers also call themselves a mortgage consultant, loan consultant, loan specialist, mortgage specialist, lending consultant, lending specialist, mortgage lender, mortgage broker, and even mortgage company. You’ll also see loan officers call themselves a senior loan officer, senior mortgage consultant, senior loan specialist and so on. The term loan officer is widely used by a lot of different people for a variety of different reasons. Loan Officers Work For A Licensed Company The most important thing to remember here is that loan officers call themselves – and get called – a lot of different things but t
A loan officer is an employee of a financial institution who reviews applications for loans, and makes the ultimate determination of whether or not the loan will be approved. In the United States, there were 291,000 loan officers in 2004, and small growth of the industry is expected, because computer systems have streamlined the loan application process. Typical places of employment for loan officers include banks and credit unions, and many of them travel as part of their jobs. In addition to reviewing loan paperwork, a loan officer also helps to recruit and educate clients. Most banks promote their lending program, to encourage customers who are already using the bank to take advantage of more services. In a consultation with a loan officer, clients can learn about home loans, business loans, and other loans designed to help people put children through college, purchase new cars, or deal with unexpected expenses. As part of the consulting side of the job, a loan officer is extremely
Also referred to by a variety of other terms, such as lender, loan representative, loan “rep,” account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution.
