Loan Officers are responsible for helping individuals and businesses acquire loans from lenders. Analyzes and verified loan applications to determine eligibility, aid in disbursing funds, and set up debt repayment plans. What Loan Officers do in details?
1) Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
2) Meet with applicants to obtain information for loan applications and to answer questions about the process.
3) Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
4) Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
5) Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
6) Review and update credit and loan files.
Degree Level - High school diploma or equivalent; some employers may require a bachelor's degree.
Degree Fields - Finance, economics, business or another related field.
Licensure and Certification - Licensure required for mortgage loan officers, certification is voluntary.
Experience - Varies; 2-5 years experience preferred.
Key Skills - Communication and interpersonal skills, decision-making, ability to have initiative, knowledge of mortgage/loan/financial institution policy and procedures.
The job outlook for Loan Officers looks promising for those who have advanced degrees or have proven themselves to excel in the industry. However, overall job growth will be slower for Loan Officers than the average career in the United States.
The main reason for the decrease in demand for Loan Officers originates with the introduction of computers and new software that helps Loan Officers reduce their own workload. For motivated and technologically savvy Loan Officers, the future is looking increasingly profitable.
Usually Loan Officers earn $60,860 per year
Here is the video that will give you an image of what struggles you might have as a Loan Officer.