February 19th, 2011
What is a Loan Officer?
Most of us are familiar with the loan application process. Whether you are buying a house, a car, or a boat you typically have to start at the bank and get loan approval before you make your purchase. We know to fill out the necessary paperwork, provide proof of employment and then try to wait patiently for the results. It is during that waiting period that the loan officer goes to work.
A loan officer has many names–loan originator, lending agent, loan counselor–however they all do pretty much the same thing. They determine the legitimacy of the loan and attempt to sell it to creditors. They also promote creditors to borrowers. There responsibilities include obtaining loans, securing financing, completing the necessary paperwork, and staying on top of national and state laws.
Despite all that is required of them, loan officers often do not require a lot of education. In many cases they need only a high school diploma, completion of an in-person or online loan officer training program, and a federal and state loan officer license.
The position of loan officer can be rather stressful at times as they attempt to juggle several different tasks at once–closing loans, looking for new loans, finding financing, and building new contacts–however once they have established themselves in the industry the benefits will really start rolling in.

