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.
Every term like this one lights up in the step you're on.
Free to set up. No credit card.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
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