Loan officers are well-versed in lending and personal finance, which is why they get to determine who gets approved for certain loans. The profession itself can be fulfilling and they may help their local community members make better borrowing decisions.
What does a loan officer do?
A loan officer in Nashville TN will typically be tasked with meeting with potential borrowers and collect the obliged financial data. They will also be the one determining if the applicant is worthy of receiving a loan and will make sure financial regulations are being followed.
There are some officers with a focus in a certain market, like government loans, commercial loans or personal loans. Loan officers may also be present on college campuses when determining students’ eligibility for financing.
Do loan officers have similar duties as bankers?
A loan officer in Nashville TN will be the one meeting with customers in order to apply for loans and may be responsible for approving them. They really shouldn’t be compared with bankers as their duties fit a linear scope.
Loan officers will also work in a broad variety of institutions outside of banks. You may find them in mortgage companies, financial firms or even government institutions.
Bankers will provide a variety of services at commercial, community or investment banks. There will typically be a hierarchy in which high-level bankers will be responsible for approving financial commitments. They may be involved with estate planning, loans, money management or other financial services.
What are some daily tasks of a loan officer?
A bulk of a loan officers day would be approving loans that are within a certain threshold of requirements and referring others to appropriate departments. They also work with customers offering different packages or credit options.
The majority of loan offers will be on the phone talking with clients, managers or other members within their branch. Email correspondences are also likely a big part of it. There is also a lot of group work involved and group decisions to be made.
What kind of education does a licensed loan officer have?
Bachelors degrees in finance or business is highly preferred, although more stringent requirement depends on the demand of the financial institution. There are some smaller financial agencies that will take fresh high school graduates and give them specialized training to fill the role.
A loan officer will be a mortgage loan originator (MLO) and will be trained to fit government regulations. This includes having a clean background check and being obliged to train set coursework followed by an exam. This applies at both a state and national level.
Many financial institutions will also have their own rules and training method to fit the company goal. The experience that a loan officer will accumulate can transfer over to other financial professions, albeit with additional education.
A loan officer isn’t just about approving and denying loans but also guiding you in the lending path. If you need a consultation to see what types of financing is available to you, give us a call.
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