A loan officer is someone who has extensive knowledge of the various types of loans that a financial institution can provide, as well as a complete working knowledge of the requirements or conditions that are necessary for applicants to successfully qualify for each type of loan.
Loan officers can specialize in consumer, mortgage or commercial loans and often work for commercial banks, mortgage companies or credit unions. They act as the liaison between the institution and the applicant, and will seek to find a loan arrangement that is in the best interests of both parties.
What does a Loan Officer do?
A loan officer assists customers with loan applications for cars, college tuition, homes, and businesses. They are experts at evaluating the financial condition of a loan applicant, and will also be aware of loans that will fit just about every financial situation. They determine the applicant’s ability to repay the loan according to the various requirements and stipulations of the institution they represent.
Some applicants may be just beginning to establish a credit history; some may be in the process of overcoming a severe financial blow. Either way, a competent loan officer will be aware of loan opportunities that may be of interest to applicants who are seeking a loan, but have extenuating circumstances that are necessary to address. They may be able to offer the applicant upcoming promotional specials on loans, or any special interest rates that are offered for only a short period of time.
Loan officers are now able to evaluate online applications for loans on the internet, therefore applicants can interact with a variety of loan institutions rather than relying on just their local bank.
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