Initially serving as an advisor to their clients, the Loan Officer has comprehensive knowledge of the types of loans offered by their bank. They also understand the general terms of each loan type. The loan officer will also have a complete understanding of their clients’ financial and professional situation to know which loans which they qualify.
These Mortgage professionals help their clients by evaluating their financial situation and determining the best loan for them, along with the terms and amount. A good loan officer will have the latest information on any benefits that are available for their clients that may soon expire for whatever reason like special interest rates that are extended for only a short period of time.
For the sake of their clients, a mortgage professional needs to be constantly up-to-date on new rules and regulations being put into place in the mortgage industry. A strength in numbers is required as well as an eye for detail.
Loan Officers are important when their customers may be working through some adverse financial conditions or just beginning to establish credit history. A good loan officer will see opportunities for their clients that may not be available today but in the future and will advise them honestly and ethically.