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When you apply for a loan from a bank, almost all the best banks expect you to submit a business plan along with your loan application.
Some loan officers barely glance at the plan, check a box on the loan form noting that they have a copy, then file it away, processing the loan application based solely on the financial information you provided in the application.
Other loan officers will read your plan and discuss it with you, adding value and building a relationship.
If you're a startup, your chances of getting a bank loan are actually pretty slim.
That's because banks are required by law to support loans with assets--called --that protect the bank against a loan default.
So you need a job and you’re thinking about becoming a residential mortgage loan officer?
Loan Officer Business Plan How To Write An Excellent Essay
Or a mortgage loan originator (MLO) as they’re now known.
The answer is a resounding YES, but the number of loan officers has probably been cut in half, if not more in the past few years or so.
At the same time, the quality (and quantity) of mortgage loans at the moment isn’t what is once was a few years ago.
You will see deals fall through and you will waste a lot of time.
You will have mental breakdowns as loans slip through your fingers, and brokers and real estate agents scream at you as deadlines close in.