A loan officer is a person who acts as the middle man between money lending institutions (such as banks) and borrowers. If you want to get a loan to purchase a home, then a loan officer, such as a mortgage loan officer or mortgage loan originator will assist you in the loan application.
They act as a guide for people who are borrowing money from the bank for the first time. Loan officers will help applicants determine the right amount of money that they need to loan by taking a look at their income, job-to-income ratio, job stability, and liquid assets.
Plus, they will also provide you with the knowledge of various conditions and requirements necessary for loan applications. Loan officers specialize in mortgage, consumer, and commercial loans.
To become a loan officer you need to have a high school diploma, possibly a little on-the-job training or experience, and it always helps to have a Bachelor’s degree in economics, finance, business administration, or any other business-related field although it isn’t a necessity.
In order to become a loan officer you need to obtain a license. According to the regulations of most states, anyone who wishes to be a mortgage loan originator must complete twenty hours of education whether online or from an institute.
You can get registered in a nearby organization providing the pre-licensing education or do it by taking a pre-licensure course online. Therefore, Here Are Eight Essential Tips That Will Help You In Choosing A Loan Officer School:
1. Do Necessary Research Before Choosing An Organization:
For your pre-licensing education, you https://americashpaydayloan.com/title-loans-sc/ need to make sure the course providers follow the standards set by the National Mortgage Licensing System (NMLS). NMLS is a licensing system which assigns every loan officer a unique identifier number, which the officers keep throughout their career. Hence, you need to make sure that the organization you are choosing are recognized and approved by NMLS. Continue reading