Loans are notorious for their paperwork, and the larger the loan, the larger that stack of documents you have to review and sign. Many financial institutions have a loan officer, to work as the primary contact for anyone looking to borrow money.
Do you need a loan officer? What do they actually do?
Read on and find out!
What a Loan Officer Does
Even before COVID locked everyone inside, the lending process was already becoming an online process. The days of sitting in a banks waiting room for a business professional to usher you into a small office are long gone. By moving loan applications online, the process becomes faster and more streamlined.
But it is still quite complex.
So the loan agent does what they have always done, only now they communicate mostly through email, text, and phone calls. You may never meet this person, and yet they will help you get the money you need.
Why is this an Important Job?
Anyone who has tried to borrow money before knows how intimidating and downright dizzying the application process can be. The loan officer is a guide, of sorts, to lead applicants through that process step by step, and make sure they do everything correctly.
Technically speaking a loan doesn’t need an agent or officer to handle it, but it sure does help!
Some businesses and banks will have a primary officer in charge, who delegates responsibility as needed. Other businesses have dozens of loan officers. It depends on the kind of loans, and the size and volume of the institution.
If you need to borrow money, chances are you want that money as soon as possible. The best way to speed up the process is by relying on the expertise of a loan officer.
Do They Make Commission?
This depends entirely on the bank, credit union, or financial institution you use.
In general, most loan officers are experts who help the applicants and nothing more. This means they do not decide on loan approval, nor does their pay depend on how many loans they issue. They are not car salespeople, they are financial experts.
If you have more questions, and would like to speak to one our loan experts, call or send an email today!
If you are ready to get the money you need, click ahead to the quick and easy application.