Listed here are common kinds of loan officers:
Commercial loan officers concentrate on loans to companies, which frequently make use of the loans to purchase materials also to upgrade or expand operationsmercial loans frequently are bigger and more complex than many other kinds of loans. Some commercial loans are incredibly big and complex that no solitary bank will supply the whole quantity required. In such instances, loan officers might have to make use of numerous banking institutions to construct a package of loans.
Consumer loan officers focus on loans to individuals for many different uses, such as for example purchasing an automobile or college tuition that is paying. The underwriting process may be fully automated for simple consumer loans. Nevertheless, the mortgage officer nevertheless guides candidates through the procedure. Some banks that are institutionsвЂ”usually small credit unionsвЂ”rely on loan officers to complete the underwriting procedure in place of utilizing underwriting pc software. Read More