subject: Duties and Responsibilities of Loan Officers in Mortgage Finance [print this page] Duties and Responsibilities of Loan Officers in Mortgage Finance
Known by divergent names, loan officer works as the liaison man between the lender and the borrower seeking mortgage finance. In fact, with the varying financial institutions, the name of the loan officer also used to change.
Duties of Loan Officer
Usually the loan officers will liaison the personal and business loans for both the consumers as well as business loans.
* Basic responsibility of a loan officer is to find out the best mortgage finance and loan arrangement in the best interest of the applicants as well as the lender or lender group. * Loan officers are often called as loan counselor or lending officer and they possess comprehensive knowledge about mortgage loan types and the current mortgage trends and mortgage news. * They not only have complete knowledge about different types of mortgages available but also know all the procedural and legal aspects relating to such loans and mortgages.
Right Assessment
Potent role of the loan officer is that with the knowledge and information available with him or her it becomes possible to assess perfectly how far eligible a borrower is for the loan approval. Since the competent loan officer will always have the latest information on any type of upcoming promotional specials relating to the mortgage financing, it would be possible for him to get the best loan plan for the prospective borrower.
Learning About Mortgage Rates
It is essential for every prospective borrower to learn about the current market trends and the mortgage rates in the market. Such knowledge will help the prospective borrowers to get the best deal in the financial field. Sometimes the providers offer special interest rates that are extended for the short time. With the help of a competent loan officer it will become possible for the borrower to take advantage of such plans.
Other Benefits of Loan Officer's Services
Several other benefits also accrue when the borrower uses loan officer's services.
* Loan officer is an expert on evaluation of the financial condition of the prospective borrower. * He can help the borrower get rid of bad credit history or get mortgage finance or home equity loan irrespective of the credit history of the prospective borrower.
Aware of the loan opportunities in the market, loan officer will help borrowers to avail the best benefits in the financial market.
