what is a loan officer?

Question

i just got a job as an assistant for a mortgage broker. she told me after 90 i could be a laon officer. what does a loan officer do and what has to be done to become one? is there a test or something? and why would i want to become one?

Answer 1

You have to be an officer of the corporation in order to sign contracts that bind the company. A loan is a contract between the borrower and the lender. The loan officer is the person really responsible for finalizing the loan. It's a responsible job and probably is more interesting and better paying than what you're doing now.

Answer 2

Depending on the state, you may have to be licensed. A loan officer is a person who knows someone in need of a mortgage. They take an application for a home loan and decide on a loan program that best suits their needs. You determine whether or not they may qualify. You obtain income and asset documentation and signatures on all of the necessary disclosures. In some cases, you remain the primary contact between the borrower and processing, underwriting & closing.

Answer 3

short and simple.

you need a license in most states and yes that means like 28 course hours of real estate school and then a state exam.

this is a commisioned career that you would find the clients looking for homes and then wrtie the loan getting about 2-3% off the loan of the home. depending on the split with your broker. most average splits are anywhere from 80/20-50/50 again depending on your knowledge. which on a avereage home loan of 100,000 you would probably make about 1500.00 per loan with a 80/20 split.,

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Answer 4

you make good money, loan officers go find people who needs loans. you usually get salary + commission. and yes, usually they test if your competent enough to give people loans.