- April 30, 2011 at 4:32 am #22615
And how are each compensated? Are all paid a commission?April 30, 2011 at 4:32 am #113566
After the information on the loan application has been validated, the value of the property has been confirmed and the title search has been completed, the loan is ready to be underwritten. Usually, a trained professional reviews all of the information, analyzes the creditworthiness of the borrower and renders a decision on the loan request. Increasingly, much of the analytical tasks of underwriting is performed by technology through artificial intelligence and use of databases.
Loan officers guide clients through the process of applying for a loan. The process begins with a meeting or telephone call with a prospective client, during which the loan officer obtains basic information about the purpose of the loan and explains the different types of loans and credit terms available to the applicant. Loan officers answer questions about the process and sometimes assist clients in filling out the application.
A mortgage broker acts as an intermediary who sells mortgage loans on behalf of individuals or businesses.
Know more on loans hereApril 30, 2011 at 4:32 am #113567
an underwriter works for the lender and screens the applicant and determines if they qualify for the loan under bank guidelines. A loan officer is the salesman and the broker is the one that supervises the loan officer to assure comliance. underwriters get paid hourly the others get a commission. Commissions are split between the broker and loan officer at a preset percentage.
You must be logged in to reply to this topic.