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What are some of the typical responsibilities of loan officers?
Wiki User
∙ 10y ago
Typical responsibilities of loan officers include assisting their clients in applying for loans, assessing how applicable their client is credit wise, and seeking out clients who may need the loan.
Wiki User
∙ 10y ago
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What are the responsibilities of a public company's officers?
The responsibilities of a public company's officers are to run the day to day operations of the company. Some of their duties include offering advice and strategic plans, financial monitoring and liaising with the public among other duties.
Can a realtor negotiate terms of a mortgage note?
It depends on your state. In California Realtors and Loan Officers use the same license to sell R/E and do loans. So I can sell a home and do the loan for the same property. However it's not ethical for a Realtor in California to negotiate terms of a mortgage note if they don't have the proper training or experience. Realtors should leave financing questions and negotiating up to the Loan Officer. Loan Officers don't typically give negotiating advice to their clients when it comes to buying or selling a home we leave that to Realtors. However again, some Realtors used to be Loan Officers, and some Loan Officers used to be Realtors so it can be acceptable in some cases in California.
What is a loan officer?
Your loan officer is your personal guide throughout the mortgage process. He or she will help you to identify your needs, select a loan program, complete the application process, offer advice and answer any questions you may have. 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.
Are parole officers certified?
In the USIn nearly all states parole officers must go through some kind of training. Certification varies from state to state. Some are full peace officers with arrest authority over anyone. Others are limited to just those they supervise and some do not have any law enforcement responsibilities at all.
How much money does a mortgage loan officer earn?
Median annual earnings of loan officers were $48,830 in May 2004. The middle 50 percent earned between $35,360 and $69,160. The lowest 10 percent earned less than $27,580 while the top 10 percent earned more than $98,280. Median annual earnings in the industries employing the largest numbers of loan officers in 2004 were as follows: Federal executive branch and United States Postal Service $56,900 Accounting, tax preparation, bookkeeping and payroll services 53,870 Management of companies and enterprises 52,260 Local government 47,440 State government 43,400 The form of compensation for loan officers varies. Most are paid a commission that is based on the number of loans they originate. In this way, commissions are used to motivate loan officers to bring in more loans. Some institutions pay only salaries, while others pay their loan officers a salary plus a commission or bonus based on the number of loans originated. Banks and other lenders sometimes offer their loan officers free checking privileges and somewhat lower interest rates on personal loans. According to a salary survey conducted by Robert Half International, a staffing services firm specializing in accounting and finance, mortgage loan officers earned between $30,000 and $100,000 in 2005, consumer loan officers with 1 to 3 years of experience earned between $30,000 and $35,000, and commercial loan officers with 1 to 3 years of experience made between $45,500 and $70,000. Commercial loan officers with more than 3 years of experience made between $61,750 and $100,000, and consumer loan officers earned between $25,500 and $50,000. Earnings of loan officers with graduate degrees or professional certifications are higher. Loan officers who are paid on a commission basis usually earn more than those on salary only, and those who work for smaller banks generally earn less than those employed by larger institutions. search www.bls.gov for more info.!!!!!!!!!
Do I need a college degree to work at a bank?
Yes, most banks would require a four-year degree, preferably in business. Here's what the US Dept of Labor says about "Training, Qualifications, and Advancement" for bank loan officers: Loan officer positions generally require a bachelor
What is a typical interest rate on payday cash loans?
The typical interest rate for a payday loan is usually between 300 and 700%. This is due to the rather extreme risk on the part of the person or business issuing the loan, and in some cases, the interest rate can go beyond 1000% APR.
What do loan officers make a year?
There are several scenarios that cover the way Loan Offices can be paid. Some Loan Officers are paid on salary. A large percentage of these loan officers work for banks and credit unions. I know one loan officer who only makes 15,000 per year full time in this environment. I know of another at a bank that makes over 100K. Most loan officers that work for brokerages are paid by commission. It is really hard to place an average on what they make. The percentage that they make per loan varies a lot. They usually pay a split to the brokerage they work for. Depending on the Loan Officer's experience level and need for mentoring, they will earn a different commission split. A new Loan officer will make between 40% and 50% commission. A very experienced Loan Officer may make 100% with a small transaction fee. My company for example changes $495.00 per file and then gives all Loan Officers 100% of their commission. Here is an "example" of what an experienced Loan officer may make. Loan Size $250,000. 1% origination fee and 1% on "the back". 250,000 X .02 = $5,000 If they are on a 100% split they make $5,000. If they are new and being trained and are on a 50% split they would make $2,500.
How much does a bank loan officer make per year or per month?
Median annual earnings of loan counselors were $32,010 in 2002. The middle 50 percent earned between $26,330 and $41,660. The lowest 10 percent earned less than $22,800, while the top 10 percent earned more than $57,400. Median annual earnings of loan officers were $43,980 in 2002. The middle 50 percent earned between $32,360 and $62,160. The lowest 10 percent earned less than $25,790, while the top 10 percent earned more than $88,450. Median annual earnings in the industries employing the largest numbers of loan officers in 2002 were: * Activities related to credit intermediation $47,240 * Management of companies and enterprises 46,420 * Nondepository credit intermediation 44,770 * Depository credit intermediation 41,450 The form of compensation for loan officers varies. Most loan officers are paid a commission that is based on the number of loans they originate. In this way, commissions are used to motivate loan officers to bring in more loans. Some institutions pay only salaries, while others pay their loan officers a salary plus a commission or bonus based on the number of loans originated. Banks and other lenders sometimes offer their loan officers free checking privileges and somewhat lower interest rates on personal loans. According to a salary survey conducted by Robert Half International, a staffing services firm specializing in accounting and finance, mortgage loan officers earned between $36,000 and $45,750 in 2002; consumer loan officers with 1 to 3 years of experience earned between $42,250 and $56,750; and commercial loan officers with 1 to 3 years of experience made between $48,000 and $64,500. With over 3 years of experience, commercial loan officers made between $66,000 and $92,000, and consumer loan officers earned between $55,500 and $75,750. Earnings of loan officers with graduate degrees or professional certifications were approximately 10 to 15 percent higher than these figures. Loan officers who are paid on a commission basis usually earn more than those on salary only, and those who work for smaller banks generally earn less than those employed by larger institutions. (The above is from the U.S. Bureau of Labor Statistics.)
What were some typical responsibilities for a medieval doctor?
Some typical responsibilities for a medieval doctor included diagnosing illnesses and injuries, prescribing herbal remedies and medicinal treatments, performing minor surgeries, and providing basic care for patients. They would also often advise on matters of hygiene and diet, and sometimes acted as counselors for their patients.
What is the origination of typical home loans?
The typical home loans origination fee is a fee charged by Mortgage Brokers or loan companies in order for them to arrange your loan. A reasonable fee is around 1% although some companies charge much more and you should always find out how much you will be charged before commiting to anything.
Will I need to have my home re-appraised to qualify for a construction loan?
Yes, the current value of your home needs to be assessed in order to find out how much of a loan you qualify for. Some loans officers have discounts or even wave the fee of the appraisal if you use their company.
