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Loan officers typically need a bachelor's degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.
Do loan officers need to be licensed? Yes, loan officers need a license. They can receive a state license, with requirements varying from state to state, or a federal license.
A reputable loan officer can help you run more exact calculations for your situation. In Example No. 1 above, the assumption is that you’re providing a 7% down payment on a $400,000 mortgage.
Loan officers who work for a depository institution are required to be registered with the NMLS, but not licensed. Typically, a mortgage broker will make more money per loan than a loan officer, but a loan officer can use the referral network available from the lending institution to sell more loans.
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process.
When a business applies for a loan, lenders use this information to assess risk and determine if the business has the capacity to repay the loan. The ratio varies from lender to lender, but a DSCR ...
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