Definition of Loan officer:
An official representative of a lending institution who is authorized to act on behalf of the lender within specified limits.
Loan officers must have a comprehensive knowledge of lending products, banking industry rules and regulations, and the required documentation for obtaining a loan.
A loan officer is a representative of a bank, credit union, or other financial institution who assists borrowers in the application process. Loan officers are often called mortgage loan officers since that is the most complex and costly type of loan most consumers encounter. However, most loan officers assist consumers and small business owners with a wide variety of secured and unsecured loans.
How to use Loan officer in a sentence?
- This person is the main contact with the financial institution through the loan closing.
- Most loans require a pile of paperwork, and mortgages are the worst.
- A loan officer assists consumers and business people in choosing a loan product and applying for it.
Meaning of Loan officer & Loan officer Definition