What is 'Loan Officer'
Representatives of banks, credit unions and other financial institutions that find and assist borrowers in acquiring loans. Some specialized loan officers, called loan underwriters, analyze and assess the creditworthiness of potential borrowers to see if they qualify for a loan. Loan officers usually work on either consumer or mortgage loans.
BREAKING DOWN 'Loan Officer'
According to the U.S. Department of Labor's Bureau of Labor Statistics, nine out of 10 loan officers work for financial institutions.
Some loan officers are compensated through commission for the role that they play in the mortgage process. This commission, which is called origination points, is often negotiable.