Finding a Loan Officer

Filed by admin under Loans — 5:51 pm
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Getting a loan can be extremely intimidating if you don't know who you are supposed to talking to, and going into a bank and asking for a loan is even harder. This article will hopefully help in finding a loan officer, the right loan officer for your needs.

Lenders – Commercial, Retail, and Mortgage

Very similar to the types of loans, there are three basic types of lenders; commercial, retail, and mortgage. Each one deals mainly with their specific type of loans although in some cases (which we will discuss below), lenders will do several different types of loans.

A commercial lender deals with all things business. Commercial loan officers deal with every type of company from your local hardware store, to the large fortune five hundred companies. They do everything from granting loan requests to organizing financial statements and all that goes in between. Although it was stated earlier that mortgage loans are for property, in most cases if it is commercial real estate, a commercial loan officer will handle those types of loans.

Retail loan officers are more like your every day bank employees. They are going to deal with things such as car loans, boat loans, and loans for personal use. If a borrower came into the bank looking to get a loan for a new car they wanted to purchase a teller or customer service representative would probably give them an application and run their credit to determine if a person is eligible and under what terms. In some cases a person will talk to a specific loan officer or a bank manager.

A mortgage loan officer deals strictly with mortgage and equity loans for retail customers. Most banks will have a mortgage loan officer in their branch. These people will help you apply, tell you what you need, and help you with any problems that may arise with your mortgage.

How to Find a Loan Officer

Now that you are familiar with the types of loans and lenders, it is important to know how to find these lenders. If you are looking to start your own small business, walking into the bank and demanding a loan is probably not going to help. Finding a commercial lender and getting a loan is often times going to be much slower than the others. Most commercial loan officers, while they do work for the bank, do not work in bank branches, but rely on the branches to refer borrowers to them. In order to get a commercial loan, a borrower typically talks to a person in their bank and then waits to be contacted by the officer.

Finding someone to help you with a retail loan is much easier because, as I stated above, most banks have applications for these loans that any bank officer can fill out and process.

Finding a mortgage loan officer is probably the easiest officer to find. If you go into your local bank and tell them you are interesting in their mortgage rates, you will be sitting in front of their mortgage loan officer faster than you can say "equity."


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