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This question is about what a loan officer does, what an underwriter does, and loan officer.
Loan Officer vs. Underwriter
A loan officer is someone who works for a bank or credit union or other financial institution and offers loans to borrowers, while an underwriter is someone who analyzes documents from potential borrowers to determine if they are eligible for a loan.
A loan officer offers programs and mortgage rates from the financial institution where they work. They find the best affordable loan rates at their particular bank or credit union for potential borrowers. A loan officer may receive a commission for processing a client's application.
An underwriter works for a particular financial institution, like a bank or credit union. They assess the risks their financial institution would be undertaking by granting a particular loan. Underwriters may work closely with loan officers, investors, clients, and other interested parties throughout the loan application and approval process.
Here are the key differences between a loan officer and an underwriter:
A loan officer gathers a client's financial information
An underwriter analyzes all documents associated with a loan
A loan officer knows the various loan products at their bank and the best fits for potential borrowers
An underwriter advises personal and commercial clients regarding debt and other financing options
A loan officer tracks client credit and loan data to ensure accurate record-keeping
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