Loan Officer Career – Are You Interested in a Loan Officer Job?
Loan officers are responsible for easing transactions between clients and financial institutions. It is shared for a loan agent to gather information about clients in order to make an educated decision about their creditworthiness and the odds that a customer will repay a debt.
After calculating the correct kind of loan for a client, an officer will then offer terms of credit based on an individuals credit score or additional financial information. Officers can specialize in a number of areas which include consumer and commercial loans, while others will specialize exclusively in mortgages.
A loan officer job will usually include important amounts of travel, and it is shared for individuals to have to work away from their homes in order to have clients complete mortgage applications. The Internet has revolutionized technology, as loan officers are able to use more time in the office and less time on the road.
It is shared for officers to work 40 hours a week, with mortgage brokers having the longest hours due to the large amount of clients that they will take on
Loan officer training will usually require a bachelor’s degree in finance or a related major, and existing sales experience is helpful in gaining employment with a loan company. There are no licensing requirements for those who work in edges, although some states may have requirements depending on the kind of loans that a vendor operates in.
In 2006, they had over 350,000 jobs in America, with 90% of these professionals being employed by large financial institutions such as edges and credit unions. In a bank branch office, loan applications will usually be verified by an assistant branch manager.
Job prospects overall for officers should be good, and the field will grow slightly faster than the population growth in America over the next decade.
In 2006, the middle 50th percentile of loan officer salaries came between $37,500 and $73,600, with those working for depository institutions earning the least of $48,900. Many financial institutions will pay various benefits and commissions based on how many debts an officer can generate for a company. Loan officers may also receive generous benefits packages which can include life and health insurance, a company car, and paid vacation time.