Loan Officer

Your loan officer is essentially the representative at a mortgage or finance company that walks you through the loan process. They help you gather information, help you with the paperwork, and are your contact person in case you have any concerns or questions.

A loan officer is also known as account executive, or even a customer service representative with some companies. His or her education generally consists of a degree is business or finance. Moreover, companies seek personalities that are friendly, dynamic, and sales - oriented when seeking a loan officer.

While some people completely trust and rely on their loan officer when going through the loan process, some people are wary of their loan officers because they feel that he or she may be dishonest in order to collect commissions. It is important to understand that not all loan officers get any commissions at all. Many loan officers are simply salaried workers.

Several companies have a partial commission plan, where the loan officer receives a salary but also received commission in accordance with their loan volume. Loan officers at brokerage companies generally operate under commission. Still, this does not mean that you should avoid brokerage firms. Often, they can get you're the best rate for the loan you are looking for.