Loan Officers: Advocates to Small Business

Working as a mortgage loan officer can sound like a fairly straightforward job. People apply, you evaluate, you notify, you close. It doesn’t sound too complex.

Loan officer counselling client

But of course, nothing is as simple as it seems at first look. The reality is that mortgage loan officers do far more than that. For example, the staff at Eagle Home Mortgage provides an important source of information to applicants, giving them information that can help them succeed.

This is true for more than just homeowners. It applies to businesses too. Because so many small businesses are sole proprietorships or partnerships, their owners don’t have the resources to research a lot of very important information. They’re often very busy with the daily demands of their businesses, leaving them without time to research some of the things that could save them a lot of money.

Well-connected, attentive mortgage loan officers can provide some great help to their business customers in several areas.

Protection

Good loan officers can offer two areas of protection to clients. First, they can help clients avoid mistakes such as excessive interest rates, unnecessary fees, and unstable lenders. Second, they can advocate for all small businesses by watching for fraudulent behavior that can undermine the systems that are in place to help small businesses.

Small businesses, as we’ve noted earlier, are often too overwhelmed with their daily work to advocate for themselves or to work with groups who do so. The watchful, educated eyes of mortgage loan officers can do a great job of watching industry trends that could prove problematic for small business, and they have a vested interest in taking action on them.

Education

Most small business owners have had at least some amount of formal education in management or finance. But the school of hard knocks doesn’t always admit enough students each year, and so sometimes people repeat the mistakes that others made just because they didn’t know what to avoid.

Mortgage loan officers have seen it. They have heard about the struggles and errors of many small businesses, and they will share their information with others in the hopes of preventing similar problems for them. They’re always willing to help because of their own stake in the client’s success.

Networking

Business owners often don’t have time to shop the city over for a piece of property or a service provider. They often make poor decisions due to a lack of information; if they’ve never needed someone to do masonry work, how will they know whom to hire when the storefront’s brick needs repair?

Mortgage loan officers are often well-acquainted with all kinds of businesses in the community. After all, they might be clients as well! The masonry company that got a loan for their shop from the same officer who helped get financing for that brick store might be just the one for the repairs.

Takeaway

With all the things a mortgage loan officer can do to help a small business succeed, it’s important that customers build a relationship that lasts beyond the loan closing. People in that role are resourceful, knowledgeable, and very well-connected to all parts of the business community. They can use that knowledge to help all their clients build stronger businesses, making for stronger communities and brighter futures.

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