Ads
related to: responsibilities of a loan officer
Search results
Results From The WOW.Com Content Network
Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual ...
A mortgage loan officer isn’t always the same as a mortgage banker (though they work for one). The officer won’t make the decision to approve or deny you a loan; they just process it and ...
All mortgage bankers are loan officers, but not all loan officers are mortgage bankers. A loan officer typically works for a single financial institution and can only offer products and interest ...
A loan officer works under the umbrella license of an institution, typically a bank or direct lender. Both positions have legal, moral, and professional responsibilities and obligations to prevent fraud and to fully disclose loan terms to both consumer and lender. Agents of mortgage brokers may refer to themselves as "loan officers".
Loan servicing covers everything after disbursing the funds until the loan is fully paid off. Loan origination is a specialized version of new account opening for financial services organizations. Certain people and organizations specialize in loan origination. Mortgage brokers and other mortgage originator companies serve as a prominent example.
A loan officer is employed by a bank, credit union or other lender and is limited to providing the loan products their employer offers. Generally, loan officers act as the liaison between the ...
Loan to value is a ratio of the loan amount to the value of the property. In addition, the combined loan to value (CLTV) is the sum of all liens against the property divided by the value. For example, if the home is valued at $200,000 and the first mortgage is $100,000 with second mortgage of $50,000, the LTV is 50% while the CLTV is 75%.
The final page of the loan estimate lists more important details of your mortgage agreement, like the names of the lender and the loan officer, plus three key figures you can use for comparison ...