What Is A Loan Officer

Loan officers can specialize in consumer mortgage or commercial loans and often work for commercial banks.

What is a loan officer. On an ordinary day a loan officer might spend time. After collecting and verifying all the required financial documents the loan officer evaluates the information they obtain to determine the applicant s need for a loan and ability to pay back the loan. Some specialized loan officers called loan underwriters.

Financing a college education buying a new car and purchasing a home for your family are among the dreams loan. After collecting and verifying all the required financial documents the loan officer evaluates the information they obtain to determine the applicant s need for a loan and ability to pay back the loan. To be a loan officer you ll need at least a high school degree and some experience with math economics and business.

Loan officers work for banks and other financial institutions helping individuals and businesses obtain funds from these lenders they investigate their creditworthiness then authorize or recommend approval of loans. As a loan officer you ll work at a financial institution like a bank credit union or lending company and help individuals and businesses apply for loans. Representatives of banks credit unions and other financial institutions that find and assist borrowers in acquiring loans.

Meeting individual and business loan applicants and collecting their personal and financial details explaining and answering questions about available loans and their terms. Loan officers use a process called underwriting to assess whether applicants qualify for loans. They might also deny a loan or advise against offering financing and they must sometimes follow up on late payments on existing loans.

Loan officers advise evaluate and authorize loans to people and businesses.