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What is a loan officer?

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Answered 2006-08-01 23:13:30

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.

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Answered 2010-07-28 19:26:43

A loan officer is a professional who assists consumers in obtaining and applying for mortgages, car loans, and other forms of credit. Loan officers work for financial institutions, such as banks and credit companies. Loan officers represent the institution they work for when dealing with a customer on a loan. The loan officer interacts with the customer during the loan process and afterward with the loan payment plan.

Generally, loan officers may work in three different capacities. Commercial loan officers work for institutions that give out loans for businesses. Consumer loan officers will work with customers over loans meant for consumer purchases, such as car loans. Mortgage lending officers are loan officers who work in the specialty of giving out loans for housing purchases.

A loan officer must have through knowledge of the various financial products their company provides, as well as a solid understanding of state and federal regulations pertaining to loans. Many loan types are regulated by the federal or state government. A loan officer must be prepared to uphold and respect the laws of the state or federal government when giving a loan to a customer.

Loan officers work conventional hours, but they need to work some overtime in order to communicate with customers after regular hours. Some travel is required, especially for commercial and mortgage loan officers. Many of the major firms that a loan officer might work for are found in major cities across the United States. However, many loan officers are needed in small, local banks and small loan companies as well. Many firms utilize the internet so loan officers can communicate and distribute loans to customers across the country online.

Interested individuals who want to become a loan officer should have a college degree. The rate for growth in the loan officer industry will remain the same over the next decade, so competition could be fierce. Having the necessary banking and educational requirements are a must. Nevertheless, a loan officer is a lucrative position, offering many individuals a yearly income of around $60,000 a year.

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Related Questions

Can I get a loan officer license online?

You can take the courses to be a loan officer online. Most schools are accredited, but you still will have to take the national test to be a certified loan officer.

What does it take to be a loan officer?

Loan officers are generally associated with banks, financial institute who offers loan to customer. Loan officer directly originate loan from the financial institute for the customer.

What is the difference between credit officer and loan officer?

credit officer assesses the capacity to pay of the client. loan officer extends loans to the assessed cleint

How do I become a loan officer?

You can get training to become a loan officer at your local college. It is a very sought after career.

When was John Allison a manager of loan officer development?

1972-1973, manager, loan officer development program

Do you know of any good loan officer schools ?

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How do I file for a home loan at my local bank?

Simply make an appointment to see a loan officer. At that time you can speak with the officer about the type of loan you are looking for and they will provide you with the paperwork required to file a loan.

What are the responsibilities of a mortgage loan officer?

There are numerous responsibilities of a mortgage loan officer. These include making sure the client can afford the mortgage, an appropriate loan to value is offered, and that the loan is compliant with company policy.

Where is the loan officer on Skullduggery Island?

The loan officer is on the second floor of the Golden Harbor Bank (far right) at Golden Harbor.

What would someone that does loan applications be called?

That would be a Loan Application Officer.

What is the duty of a loan officer?

The duty of a loan officer is to take applications for loans and mortgages. The loan officer must look to protect both the interest of the client and of the lending institution. They will do credit checks on customers, and follow up with delinquent payments.

Can you get a loan to get my car out of the impound?

It is very unlikely that any trustworthy loan officer would approve a loan for this purpose.

Who is responsible for updating tax and insurance requirements of the lender in the loan process?

loan officer

If you don't have a job can you get a car loan?

If you can not prove to the loan officer that you have a stable source of income don't count on getting the loan.

What is the difference between a loan officer and a loan processor?

A loan officer is the initial point of contact to start a loan. They will gather all the information from the borrower and discuss various loan programs offered. The loan processor takes all the information and verifies through documentation in order for the loan to go be passed off to an underwriter who will make the decision to approve or deny the loan.

What qualifications do I need to become a loan officer?

In order to become a loan officer you must a high school diploma. Many loan officers require a bachelor�۪s degree for commercial loan officers; previous banking, lending, or sales experience.

Where are loan officer schools in CA?

Lots of schools in California provides educational programmed for loan officers. Cape School is one very good choice if you want to be up-to-date with the loan officer job.

What are the requirements to become a bank loan officer?

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How does a loan officer use math everyday?


Can a loan officer make comments about your disability?


Who do you talk to at the bank to check on your bank credit?

You can go to your local bank or the bank which you bank with and ask a mortgage loan officer, or a loan officer to run your credit to see what it is.

What is a bank loan officer?

an officer who watches how much you take out in loans and what you still owe in loans.

What is the job description for senior loan officer?

description of manager

What is the salary of a loan officer?

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What does a loan officer spends money on?

Asian porno.....yyyeeeeaaaaaahhhh!