Loan Officer is a job title that can mean different things depending on several variables. These include the work location, products offered by the employer, and who are the recipients of the products. The Loan Officer, after completing an MLO pre-licensing course, liaises between lenders and potential borrowers.
A “Loan Officer” is also called a “Loan Originator,” “Mortgage Loan Originator,” or “MLO.” MLOs help consumers requiring real estate mortgage financing by negotiating terms with them.
MLO’s and Loan Officers, having completed an MLO license course, bring in business for lenders. Their main job is to find clients who need loans their employer offers and negotiate loan terms with them.
Closing the sale is an important part of an MLO’s job. It involves taking the loan application and starting the documentation to support the loan request. An MLO interacts with the applicant during loan processing until the application is approved and closed.
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