What is a loan originator?

A loan originator is a person or institution that assists an individual or business in obtaining a loan. In Oklahoma, loan originators are licensed and regulated by the Department of Consumer Credit. Loan originators are required to be licensed before they can legally assist with the origination of a loan. Loan originators are knowledgeable experts in the lending process who work to facilitate the loan process and help their customers get the best loan possible. This may include assessing the customer’s creditworthiness, helping them select the loan that is right for them, and preparing and filing the loan documents. They also help customers understand the loan terms and set up the repayment plan. In Oklahoma, loan originators are held to the highest ethical standards and must abide by state and federal consumer protection laws. All loan originators must be registered with the Oklahoma Department of Consumer Credit and must take a course in loan origination. They must also pass an examination administered by the department to receive their license. Loan originators play a critical role in banking law in Oklahoma, helping customers obtain the best and most appropriate loan for their needs. With their expertise and guidance, loan originators help to ensure that the loan process is fair and transparent.

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