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Loan Officer
Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Mortgage loan officers must be licensed. Duties Loan officers typically do the following: * Contact companies or people to ask if they need a loan * Meet with loan applicants to gather personal information and answer questions * Explain different types of loans and the terms of each type to applicants * Obtain, verify, and analyze the applicant's financial information, such as the credit rating and income level * Review loan agreements to ensure that they comply with federal and state regulations * Approve loan applications or refer them to management for a decision * Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evalua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan Application
In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent. Acting as a provider of loans is one of the main activities of financial institutions such as banks and credi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Banks
A commercial bank is a financial institution that accepts Deposit (finance), deposits from the public and gives loans for the purposes of consumption and investment to make a Profit (economics), profit. It can also refer to a bank or a division of a larger bank that deals with wholesale banking to corporations or large or middle-sized businesses, to differentiate from retail banks and investment banks. Commercial banks include private sector banks and public sector banks. However, central banks function differently from commercial banks, despite a common misconception known as the "bank analogy". Unlike commercial banks, Central bank, central banks are not primarily focused on generating profits and cannot become insolvent in the same way as commercial banks in a fiat currency system. History The name ''bank'' derives from the Italian language, Italian word ''banco'' 'desk/bench', used during the Italian Renaissance era by Florence, Florentine bankers, who used to carry out their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Unions
A credit union is a member-owned nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts ( cheque accounts), credit cards, credit, share term certificates ( certificates of deposit), and online banking. Normally, only a member of a credit union may deposit or borrow money. In several African countries, credit unions are commonly referred to as ''SACCOs'' (''savings and credit co-operatives''). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 375 million, with over 100 million members having been added since 2016. In 2006, 23.6% of mortgages from commercial banks were subpr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Loan
A mortgage loan or simply mortgage (), in civil law (legal system), civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "collateral (finance), secured" on the borrower's property through a process known as mortgage origination. This means that a Mortgage law, legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Legal professions in England and Wales, Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken throu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Institutions
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institution: # Depository institution – deposit-taking institution that accepts and manages deposits and makes loans, including bank, building society, credit union, trust company, and mortgage broker; # Contractual institution – insurance company and pension fund # Investment institution – investment bank, underwriter, and other different types of financial entities managing investments. Financial institutions can be distinguished broadly into two categories according to ownership structure: * commercial bank * cooperative bank Some experts see a trend toward homogenisation of financial institutions, meaning a tendency to invest in similar areas and have similar business strategies. A consequence of this might be fewer banks ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Underwriting
Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. History The term "underwriting" derives from the Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose. Securities underwriting In the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bachelor's Degree
A bachelor's degree (from Medieval Latin ''baccalaureus'') or baccalaureate (from Modern Latin ''baccalaureatus'') is an undergraduate degree awarded by colleges and universities upon completion of a course of study lasting three to six years (depending on the institution and academic discipline). The two most common bachelor's degrees are the Bachelor of Arts (BA) and the Bachelor of Science (BS or BSc). In some institutions and educational systems, certain bachelor's degrees can only be taken as graduate or postgraduate educations after a first degree has been completed, although more commonly the successful completion of a bachelor's degree is a prerequisite for further courses such as a master's or a doctorate. In countries with qualifications frameworks, bachelor's degrees are normally one of the major levels in the framework (sometimes two levels where non-honours and honours bachelor's degrees are considered separately). However, some qualifications titled bachelor's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
On-the-job Training
On-the-job training (widely known as OJT) is an important topic of human resource management. It helps develop the career of the individual and the prosperous growth of the organization. On-the-job training is a form of training provided at the workplace. During the training, employees are familiarized with the working environment they will become part of. Employees also get a hands-on experience using machinery, equipment, tools, materials, etc. Part of on-the-job training is to face the challenges that occur during the performance of the job. An experienced employee or a manager are executing the role of the mentor who through written, or verbal instructions and demonstrations are passing on his/her knowledge and company-specific skills to the new employee. Executing the training on at the job location, rather than the classroom, creates a stress-free environment for the employees. On-the-job training is the most popular method of training not only in the United States but in mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Bankers Association
The American Bankers Association (ABA) is an American trade association for the U.S. banking industry, founded in 1875. They lobby for banks of all sizes and bank charters, including community banks, regional and money center banks, Federal savings associations, mutual savings banks, and trust companies. The average member bank has approximately $250 million in assets. ABA is the largest financial trade group in the United States. The group offers training, certification, news, research, advocacy, and community for bankers and members of the financial services in America. It publishes ''ABA Banking Journal''. History The origins of the American Bankers Association are in the Panic of 1873, when St. Louis, Missouri banker James Howenstein found himself in "a tight squeeze," with only a few hundred dollars in funds and millions of deposits to pay. Relying on help and intelligence from peer bankers in the form of frequent correspondence, Howenstein escaped his dilemma and rea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Bankers Association
The Mortgage Bankers Association (MBA) is the national association representing all facets of the real estate finance industry in the United States and is headquartered in Washington, D.C. MBA represents over 2,200 member companies. MBA’s membership base includes all sectors of the real estate finance industry including originators, servicers, unresidential, commercial, and multi-family arenas. During the subprime mortgage crisis of 2008, the MBA's membership fell from 3,000 to 2,500. Its current membership is 2,200. Uniform multi-state licensing of mortgage originators began in 2008 with the Nationwide Multi-State Licensing System and Registry (NMLS). The NMLS requirements may have been greater than those of mortgage originator requirements of some states, and this may help explain part of the drop in membership. MBA is headed by Robert Broeksmit, president and chief executive officer. Rodrigo Lopez, executive chairman of NorthMarq Capital, was MBA's chairman for 2017. M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan
In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent. Acting as a provider of loans is one of the main activities of financial institutions such as banks ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan Origination
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process. Loan servicing covers everything after disbursing the funds until the loan is fully paid off. Loan origination is a specialized version of new account opening for financial services organizations. Certain people and organizations specialize in loan origination. Mortgage brokers and other mortgage originator companies serve as a prominent example. There are many different types of loans. For more information on loan types, see the loan and consumer lending articles. Steps involved in originating a loan vary by loan type, various kinds of loan risk, regulator, lender policy etc. Application process Applications for loans may be made through several different channels an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
