Loan officer
An employee of a single lender who takes loan applications and works with the borrower through underwriting and closing. Compensation is usually a percentage of loans closed.
Your Room opens on this part of the sale, with the offer and everything before it already ticked.
Organize my saleFree to set up. Pay once when you list: $89 or $189. 7-day refund.
See how it worksWhere this comes up in a sale, and what follows
- Review offers and negotiate (comes before)
Part 1 of 4
Why a seller cares
The buyer's loan officer is the person who can tell you whether the loan is on track. Their name is on the preapproval, and a phone call to them is how sellers check that a buyer is as ready as the letter says.
Part 2 of 4
A simple example
The preapproval names a loan officer at a local bank. A call confirms the buyer's file is complete and the appraisal has been ordered.
| What you ask | What a loan officer can usually say |
|---|---|
| Is the file complete? | Yes or what is missing, in general terms |
| Will it close on time? | Where it is in underwriting, and any known holdups |
| The buyer's income and credit | Nothing; that is private |
The loan officer is the one person on the buyer's side whose job is to close on time.
Part 3 of 4
What people get wrong
That the loan officer works for the buyer against you. They are paid when the loan closes, which is what you want too.
Part 4 of 4 · where to read next
Where it appears in the sale
What a definition is, and what it isn't
Keighbor is a software company, not a law firm, brokerage, or tax adviser. This is general information, not legal, tax, financial, or real estate advice about your sale. Your situation may differ. Before acting on a contract, disclosure, title, tax, or pricing question, ask an appropriately licensed professional in your state.
Written and researched by Keighbor Research · drawn from the reference glossary · how we research and check what we publish
In your Room, this word explains itself where it appears.
Your Room defines loan officer in the step you meet it in, beside the document or the date it belongs to. Free to set up, with an agent or on your own.
Organize my saleFree to set up. Pay once when you list: $89 or $189. 7-day refund.