John Kresevic is an experienced young professional in the financial services industry. He began his career in the industry with Quicken Loans at the age of 22. He was responsible for reviewing credit reports and writing loans. By 23, he was leading a sales team that made $20 million annually. He now works for Forthright Funding as an Executive Loan Officer in Scottsdale, Arizona.
Here is a simplified rundown of what a loan officer is responsible for.
- The first responsibility of a loan officer is to seek out potential clients. Clients are found through networking with individuals who provide referrals. Real estate companies, existing clients, financial planners, and developers are usually the best sources for getting referrals to new potential clients.
- Loan officers are then responsible for meeting potential clients and finding out what their real estate goals and needs are. During this initial meeting the loan officer will collect important documentation and ask certain questions to gain pertinent information about the client’s finances. The initial meeting also provides the client an opportunity to ask the loan officer any questions they may have.
- Lastly, loan officers analyze the client’s financial information and decide whether they qualify for a loan or not and what rate they are eligible. This task is sometimes passed on to a loan underwriter. The most important piece of information that the loan officer requires is the client’s credit report and bank statements showing their debt to income ratio. If the loan application is approved, the loan officer then closes the loan.
John Kresevic was the youngest Regional Vice President at Quicken Loans when he turned 27.