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Loan Officerby Paul Donohue The loan officer guides clients through the process of applying for a loan, working with the borrower from application through approval. The loan officer gathers basic information about the purpose of the loan and the borrower’s ability to repay it. If the loan officer works for a mortgage broker, they will have the ability to negotiate for the best type of loan and interest rate for the borrower. If the officer works for a bank or other financial institution, there will still be options in the different types of loans, and payment options, but the source of the loan will be the loan officer’s employer. Education and preparation for a career as a loan officer is available through Abacus Mortgage Training and Education. The courses they offer will prepare you for registration with the National Mortgage Licensing System and Registry (NMLS) and licensing with your state. Once that is complete and you have achieved “loan officer” status, you can embark on your new career with confidence. This description will give you a few things you can expect to have as new responsibilities. Completing the application with the borrower is probably one of the easier tasks of a loan officer’s job. Many of the responsibilities of a loan officer are much more complex. The loan officer helps the borrower by offering suggestions when faced with obstacles, assisting them in making decisions and by solving problems. They analyze the information gathered and evaluate anticipated results to offer the best solution, sometimes supplying the borrower with a second or third option. Supplemental information may need to be gathered from other sources in addition to the borrower. For this, the loan officer would need to have a strong ability to research. Interpreting information to identify underlying reasons and facts is part of the job description a loan officer must perform almost daily. Another of the primary responsibilities of the loan officer is to work directly with the public. Attending social functions, business meetings, and community events can help demonstrate a character of trust and reliability that can show that the loan officer care ands about clients business partners and will work to find the best solution for both. Communicating with people outside the industry -- the public, members of local and regional government, and other organizations -- is another regular part of the loan officer’s job. The loan officer must demonstrate excellent communication skills, whether in person, in writing via letter, fax, or email, or by phone. Establishing and maintaining interpersonal relationships with the loan officer’s co-workers and supervisors, and also with lenders at banks and other financial institutions will make the job of the mortgage loan officer much easier and more rewarding. For pre-licensing and continuing education courses that meet state and national requirements, preparing you for licensing and registration with National Mortgage Licensing System, you can find the tools necessary for the technical and legal aspects of the job of a loan officer at Abacus Mortgage Training and Education.
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