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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.
NMLS is the sole system of licensure for mortgage companies for 58 state agencies and the sole system of licensure for Mortgage Loan Originators (MLOs) for 59 state and territorial agencies. Over three-quarters of the states also currently manage additional license types through the System in the money services business, debt and consumer ...
The loan is provided by the commercial lender securing a commercial property of the borrower. [1] In developed mortgage markets like the United States , Canada , the United Kingdom , Australia , and United Arab Emirates , mortgage brokers are the largest sellers of mortgage products for lenders.
Collateral (if the loan is secured. Business license and registration. ... Be prepared to answer questions from the loan officer about your documents or application.
Anna Serio-Ali is a trusted lending expert who specializes in consumer and business financing. A former certified commercial loan officer, Anna's written and edited more than a thousand articles ...