Loan Agent

Also referred to as: Loan Officer, Loan Originator or Loan Broker

A Loan Agent is a person who helps clients locate money to borrow and assists them with many objectives including filling-out the required loan application and the additional paperwork necessary in order to process their clients loan.

When working for a bank in most cases a person would be hired as an employee and would be limited to offering only that institution's loan programs to their prospective clients. As an employee it would not be necessary to obtain a real estate license.

Today, Most individuals entering the field prefer to work with a Mortgage Company. Their attraction is that they provide their loan agents with a greater array of money sources through various private and institutional lenders. This allows a loan agent to qualifiy more clients. By being better able to meet the needs of a greater number of prospective clients this helps their agents develop a more lucrative career and provides the company with a greater income potential. In most states, if representing several money sources, it is necessary to acquire a Real Estate Sales Agent License.

Loan agents also gather information about clients and businesses to ensure that an informed decision is made regarding the quality of the loan and the probability of repayment. In many instances, loan officers (agents) act as salespeople. Commercial loan officers (as an example, one working for a bank), may contact firms to determine their needs for loans. If a firm is seeking new funds, the loan officer will try to persuade the company to obtain the loan from their institution. Similarly, mortgage loan officers (agents), those representing various lenders, develop relationships with commercial and residential real estate companies so that, when an individual or firm buys a property, the real estate agent might recommend them to handle the clients financing needs. Once this initial contact has been made, loan agents guide clients through the process of applying for a loan.

Loan agents frequently work away from their offices and rely on laptop computers, cellular phones, and pagers to keep in contact with their offices and clients. Loan agents often work out of their home or car, visiting offices or homes of clients while completing loan applications. Most loan agents work a standard 40-hour week, but many work longer hours, depending on the number of clients and the demand for loans. Many loan agents elect to work especially long hours because they are free to take on as many customers as they choose. Loan agents usually carry a heavy caseload and sometimes cannot accept new clients until they complete current cases. Loan agents are especially busy when interest rates are low; a condition that triggers a surge in loan applications for those wishing to re-finance their existing loans at the new lower rates.

Earning a commission on a completed loan can be as little $500 to as much as $10,000 or more depending on the loan amount and points (loan fee) charged. Therefore loan agents in the field today may find themselves in the position to earn great part-time incomes or sizable monthly incomes depending on their productivity. This area of real estate provides individuals seeking a new or additional career with a great opportunity to start working in a professional atmosphere that provides them with the satisfaction of helping others achieve their goals.

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Sales Agent License