Who is a mortgage loan officer?
A mortgage loan originator (MLO) is a person or institution that helps a prospective borrower get the right mortgage for a real estate transaction. The MLO is the original lender for the mortgage and works with the borrower from application and approval through the closing process.
What is the difference between a loan officer and mortgage loan officer?
A loan officer works for a mortgage lender—a bank, credit union, or other financial institution—and their job is to help borrowers with the mortgage application process. Loan officers are often called mortgage loan officers, since that is the most complex and costly type of loan most consumers encounter.
What is the duty of a loan officer?
Loan officers review, authorize, and recommend personal and commercial loans for approval. Loan officers meet with applicants in order to determine their creditworthiness. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions.
Is it easy to be a mortgage loan officer?
Being a Loan Officer Can Be Really Lucrative First and foremost, it is not an easy job. Sure, a mortgage broker or bank may tell you that it’s simple. And yes, you may not have to work very hard in the traditional sense, or take part in any back-breaking work.
What does a loan officer do on a daily basis?
Loan Officer responsibilities include: Evaluating credit worthiness by processing loan applications and documentation within specified limits. Interviewing applicants to determine financial eligibility and feasibility of granting loans. Determining all applicable ratios and metrics and set up debt payment plans.
Where do loan officers make the most money?
Detailed List Of Loan Officer Salaries By State