Filter Results CategoriesCart
Highlight Updates

1.3.2.3 Loan Officer

Loan officers are employees of financial institutions who assist home buyers or homeowners in selecting a mortgage loan product offered by their institutions. They are essentially in-house salespeople for banks or mortgage companies. Until recently, loan officers were not required to be individually licensed (although their institutions would generally be licensed entities). Many loan officers must obtain an individual license after undergoing pre-licensing training and passing an exam.16

Footnotes

  • 16 {16} See National Consumer Law Center, Mortgage Lending § 3.3 (2d ed. 2014), updated at www.nclc.org/library (discussing the SAFE Act).