Loan Officers Career
If you can handle strict deadlines; stress and you are self motivated, being a loan officer can be quite lucrative and it also has a lot of potential to make good money. Loan officers work for banks and other financial institutions. They help individuals and businesses obtain funds from these lenders. In addition, many loan officers market the products and services of their lending institution and actively solicit new business.
The following are common types of loan officers:
- Commercial loan officers specialize in loans to businesses.
- Consumer loan officers specialize in loans to people.
- Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans.
Role of Loan Officers
- Identify and conduct surveys for the loan requirement of people.
- Meet with loan applicants to gather personal information and answer questions.
- Explain different types of loans and the terms of each one to applicants.
- Manage the total loans given out to customer.
- Fill loan application form and gather necessary documents for loan disbursement.
- Obtain and verify financial information as per the applicant’s credit rating and income level.
- Analyze and evaluate the applicant’s finances to decide if the applicant should get the loan.
- Approve loan applications or refer them to management for a decision.
Skills of Loan OfficersDecision-making skills:
Decision-making skills are important for loan officers to assess an applicant’s financial information and decide whether to award a loan. Customer relationship:
They need to build rapport and a relationship with clients to ensure client retention.Business Acumen:
Loan officers need to have initiative when seeking out clients.Interpersonal skills:
Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.
Most loan officers work full time. Some loan officers also work on commission so they choose to take on additional clients and therefore, work longer hours than those who have fewer clients.
Some Job Titles
Loan Officer, Branch Manager, Mortgage Loan Officer, Relationship Manager, Commercial Loan Officer, Mortgage Loan Originator, Business Banking Officer, Commercial Banker, Corporate Banking Officer, Portfolio Manager
Where to Study
A minimum of bachelor's degree is required to work as loan officer. Qualification in areas like accounts and finance is preferred. To find a suitable study programme go to University Hub