|
|
Abacus Team: 888-341-7767 Or click here to ask a question. |
Loan Officersby Paul Donohue The job that loan officers have today is complex; it's much more complex than in recent years. One of the easiest tasks of their job is filling out the loan application. Loan officers today must also, because of today’s economy and special circumstances, be creative in finding funding for a borrower and proposing alternatives when a avenue doesn’t look promising. Many times, supplemental information must be gathered that would not have been required in the past and loan officers need slightly different skills than they used to. Interpreting all this information from different sources can be challenging and a task for which the loan officer must be ready. Loan officers guide their clients through the process of applying for a loan and working with them from application to approval. The loan officer gathers basic information about the purpose of the loan and the borrower’s ability to repay it. While the loan officer doesn’t make the decision about loaning the money, they are trained to know what will and will not be acceptable to the lender and make recommendations to the client. Loan officers have more flexibility if they work for a mortgage broker than if they work for a bank. But either way, there are options for most qualified borrowers. Loan officers also work directly with the public at social and community events. Developing relationships with others in the industry and in the community through these types of business networking events will give the loan officer exposure and the ability to build trust with a number of people who can direct business his way. For communicating with coworkers and prospective clients, loan officers must possess excellent written and verbal communication skills. Letters, faxes, emails and phone calls are a regular part of the loan officers daily tasks. There is specialized training and education required of loan officers, as well. Abacus Mortgage Training and Education provides a full array of courses for registration and compliance with the National Mortgage Licensing System and Registry, as well as licensing within each state. Loan Officer Training is the layman’s term used to mean learning the fundamentals of originating a loan, especially the content of the disclosure booklets and the detailed study of the mortgage application form. Mortgage broker education is how we refer to the continuing education portion of the courses we offer at Abacus and it includes higher-level body of law, terminology and ethics material. Under the SAFE Act, mortgage continuing education classes are required every year. For pre-licensing and continuing education courses that meet state and national requirements and preparing you for licensing and registration with National Mortgage Licensing System, the tools necessary for the technical and legal aspects of the job of loan officers can be found in an easy to accomplish two-day course at Abacus Mortgage Training and Education.
|
