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What is a Loan Officer?

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$66,812
Based on 8720 salaries
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Loan Officers are, by definition, those helpful individuals that assist borrowers in qualifying for loans. Loan Officers are, essentially, representatives of banks, credit unions, or other financial institutions and assist borrowers with all application process steps. Many Loan Officers are specifically Mortgage Officers by trade, handling mortgage borrowing applications as they are more involved and lucrative for these professionals.    
   
In addition to mortgages, Loan Officers will also manage loan applications for students attending post-secondary institutions, financial loans for small businesses and evaluate all potential risks of granting loans to any applicant, no matter the source. To differentiate the two, Loan Officers are appointed to a single financial organization, providing direct contact with the company. In contrast, Mortgage Officers stand as intermediaries between the borrower and the lender.   
   
Aspiring Loan Officers must analyze complex data, including financial records and statistical information, regarding the applicant’s capability of repaying the credit in full. They oversee determining the interest rates of the outstanding credit and the expected time for repayment. Many Loans Officers work in exchange for fees due to the intermediary labor required when acquiring a loan. It is why borrowers face the origination process when they have conferred a loan or a mortgage.   
 

Loan Officer Personality Traits

  • Trustworthy
Loan Officers have a responsibility to provide accurate information to their clients. They benefit by holding themselves to a higher standard of professionalism where trust is concerned and should remain honest with their clients about the loan conditions.   
   
  • Organized
A professional Loan Officer will need to stay on top of their administrative duties. These professionals are responsible for neatly keeping client information, documentation, and other forms and paperwork for quick access.   
   
  • Detail-oriented
It pays to be accurate in this profession, and many Loan Officers possess a natural ability to master the details. In doing so, they can deliver a more precise and calculated report about the loan conditions and all parties to understand the terms in detail before committing. 
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