Loan Committee
Categories: Mortgage
See: Loan Officer.
If you want a relatively small loan, and need it for a relatively standard reason (say, $20,000 for a new roof for your house), you'll probably deal with a loan officer. They gather your info, get out their slide rule, and determine whether the bank will issue the loan or not.
However, if you're looking for big bucks, or your loan request has unusual aspects, the decision might move to the loan committee.
You want $1.4 million to join a hot-air balloon jousting league. The loan officer just scratches his head and picks up the phone. Time to call in the loan committee.
This body consists of higher-level officers in the bank. They look at the details of the loan application and decide whether the bank will fork over the money requested. Basically, they represent the next stop in the hierarchy if the lowly loan officer isn't authorized to make a particular decision.