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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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