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How A Loan Officer Can Make or Break the Acceptance of Your Mortgage Application
By John R. Blakefield
Loan officers are very popular and strong in numbers when looking at the mortgage industry. These loan officers often work for commercial banks, credit unions, savings institutions, and related financial institutions. Although the loan officer's job is very important, the necessity for their job is declining due to the increasing use of technology in the mortgage industry. With the implementation of the Internet in this industry, it is becoming both faster and simpler to process and approve or disapprove loan applications.
Loan officers are responsible for finding clients and helping them apply and be accepted for a loan. This loan is often used to buy a house, but can range from a car to college education. Consumers are always in need of money and the loan officer facilitates the meeting of the two necessities.
A loan officer will gather personal information about the client, such as all sources of income and both long and short term debt. They will analyze your information and decide if you are credit worthy and capable of paying back a loan that a financial lender would provide to purchase the item in question.
If you have difficult items or problems with your financial situation, loan officers may able to suggest alternatives or ways around the problem. They may also know of lenders who specialize in more difficult cases that may require higher interest rates for an increase risk of lending money to a borrower that may not be very credit worthy. There are many options for borrowing money, so be sure to ask your loan officer for assistance if appropriate.
Loan officers are usually looking for clientele that need to borrow money. This clientele can range from commercial use, for example a business expanding operations, to personal use, like a car or college education, and mortgage use, for clients who wish to buy or refinance a property. In this sense, loan officers are often looked to as sales people who make calls and advertise of their services.
After a client chooses to be assisted by a specific loan officer, the loan officer will guide the client through the loan process, answering questions about the loan and loan terms, what information qualifies to report on the application, and will even help them fill out the application. The loan officer will then proceed in checking the information and will access the client's credit history and score to see how they have paid their debts in the past.
After the information has been assessed and verified the loan officer will find a lender that will fit with the application. The loan officer may look at such information as amount of loan, the interest rate, if the client is able to pay back the loan, and also how much the client could afford in payments every month.
If the client's information proves to be just too risky, and it looks as though they would have difficulty paying back the loan, the loan officer may deny the loan, asking the client to repair certain aspects of perhaps their credit, the amount of expenses going out every month, or timeliness of paying bills. Almost all negative aspects of a financial situation can be corrected with some effort, time, and guidance.
If you choose to request the services of a loan officer, or are approached to use one's services, always remember to check out qualifications, licenses, and of course references. Loan officers are often required to have a bachelor's degree or higher in finance, accounting or business. Although there are many trustworthy people in the world, there are others who prey on the unexpecting consumer and will forge their identity or purpose and cheat that consumer out of money. Always ask for references, or even ask trusted family members or friends if they know of anyone who could help them. Be a smart consumer by protecting yourself and always being aware of the possibilities that surround you.
About the Author
John R Blakefield is a mortgage and real estate specialist. For more information, articles, news, tools and valuable resources on home mortgages or investment loans, refinancing, debt solutions, visit this site: http://www.scourtheweb.com/mortgage/.
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