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Mortgage Finance > Mortgage > Loan Officer
Loan Officer
A loan officer acts as the conduit between buyer and lender. In many instances, loan officers act as salespeople.
After a client completes the application, the loan officer begins the process of analyzing and verifying the information on the application to determine the client’s creditworthiness.
A loan officer is typically not liable for their actions, and instead works under the umbrella license of their current institution.
Also, loan officer usually connotes someone who works for a lender, and has involvement in the internal processes of a lender.
Earnings often fluctuate with the number of loans generated, rising substantially when the economy is good and interest rates are low.
Loan officers may provide guidance to prospective loan applicants who have problems qualifying for traditional loans. The guidance may include determining the most appropriate type of loan for a particular customer and explaining specific requirements and restrictions associated with the loan.
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