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At LoanOfficerList.com, we have been compiling and updating our Mortgage Industry Database since 2003. Our primary objective is to help you as the CUSTOMER to succeed in meeting YOUR sales and marketing objectives by providing high quality marketing lists at the most affordable prices. Thank you for visiting our site….. 2
According to a salary survey conducted by Robert Half International, a staffing services firm specializing in accounting and finance, consumer loan officers, referred to as personal bankers, with 1 to 3 years of experience earned between $30,750 and $36,250 in 2007, and commercial loan officers with 1 to 3 years of experience made between $45,750 and $70,250. Commercial loan officers with more than 3 years of experience made between $61,750 and $100,750, and consumer loan officers earned between $36,250 and $51,250. Earnings of loan officers with graduate degrees or professional certifications are higher. 3
The loan officers at a bank, credit union or other lending institution are employees whose job it is to sell and process mortgages and other loans that the bank/credit union might make to individuals or companies. While they usually have a wide variety of loan products to draw from in order to meet a given client’s needs – and credit rating – all of these products originate from the lending institution. Although a bank/credit union may ( or may not) later sell these loans to a consolidator for servicing, the original money is coming from the lending institution and the loan must conform to that institution’s guidelines. Among the pros of going with your local bank is the convenience of the process, the possibility that your loan may be later serviced locally and the local institution’s knowledge of the local housing market. You can sometimes also get better interest rates and terms when you are able to secure a mortgage with you rlocal bank or credit union. Among the cons of going with a bank’s officer is the fact that the loan products they offer – and the credit and applicant guidelines they must follow – are limited to what the lending institution has in place. 4
Mr. Mac's character, Percy Jones (most people in the film, including his immediate family, use both names), is a New Jersey loan officer about to renew his vows with Marilyn, his wife of 25 years (Judith Scott). Percy's older daughter, Theresa (Zo? Salda?a), is coming from New York with her boyfriend, Simon (Mr. Kutcher). Theresa has neglected to inform her family that Simon is white, and he has not told her that he just quit his job at a prestigious investment bank. Those two omissions provide fuel for the misunderstandings to come, which culminate in the usual relationship-threatening recriminations followed, in the nick of time, by reconciliation. 5
Most areas have no specific regulations pertaining to loan officers. A bachelor's degree in an economics related field is helpful, as is experience in banking and lending. A loan officer must also be highly computer literate, and should be willing to travel to various sites around the region as part of the job. In addition, a loan officer should be friendly, helpful, and committed to customer service and sales. Good natured loan officers ensure repeat business and referrals. 6