|
What is a mortgage loan officer?
A mortgage loan officer, also known as a mortgage loan originator or mortgage loan consultant, is an employee of a mortgage lender, mortgage banker, or mortgage broker who interviews a borrower and makes a recommendation regarding a home loan program that may best fit that borrower's needs. The loan officer may also pull credit, take an application, and make an initial submission for conditional loan approval on behalf of the borrower. |
 |
 |
|
If I'm not a loan processor, why is it important for me to know about it?
Even if you'll never have to process a loan, we highly recommend that you gain an understanding of processing basics. It will help you understand where loan delays typically occur and how to avoid them. You will also have a better idea of how to analyze file documents as well as how to identify and resolve potential underwriting problems.
Many companies have downsized recently forcing loan officers to process loans themselve or hire an independent contractor. Those who had basic processing skills did far better in finding a suitable contract processor than those that had little or no processing knowledge. |
|
 |
