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1.4.3 Loan Officers

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 or registered (although their institutions would generally be licensed entities).345 Loan officers are sometimes considered “mortgage loan originators” under state or federal law.346 Issues of loan officer compensation are discussed in § 7.3, infra.


  • 345 {345} See § 3.3, infra (describing license requirement for loan originators under S.A.F.E. Act).

  • 346 {346} See § 1.4.4, infra.