Loan Officer Essentials
You may have heard that computer algorithms are increasingly dealing with the duty of home loan underwriting. Lots of people who make an application for, state, home loan never talk with a loan officer. Alternatively, an algorithm shall review their documents and accept or reject their application for the loan.
Nevertheless, algorithms have actuallyn’t completely replaced the loan officer. You’ll nevertheless find loan officers working in commercial banks and credit unions. Lenders still depend on loan officers to monitor some candidates. As a whole, though, loan officers will be the very first layer of assessment, before peoples or algorithmic underwriting takes spot.