Based on the U.S. Bureau of Labor Statics (BLS), “loan officers evaluate, authorize, or recommend approval of loan requests for individuals and organizations. ”

Loan Officer Principles

You may have heard that computer algorithms are increasingly accepting the duty of home loan underwriting. Lots of people who make an application for, state, a true home loan never speak to a loan officer. Instead, an algorithm will review their documents and accept or reject their application for the loan.

Nonetheless, algorithms have actuallyn’t completely replaced the loan officer. You’ll nevertheless find loan officers employed in commercial banking institutions and credit unions. Mortgage brokers nevertheless count on loan officers to monitor some candidates. As a whole, though, loan officers would be the very very first layer of assessment, before individual or underwriting that is algorithmic spot. (more…)