Introduction
Many people, business, and companies will depend on loans to take care of their financial obligations. Loan officers facilitate the lending process, by identify potential clients and assisting them to apply for a loan. Officer loan will either specialize in consumer, commercial or mortgage loans. Here are some of the major factors to look into, if you are contemplating to pursue a career in this field:
There are number of roles a loan officer will play in assisting their clients. Most financial institutions will depend on their loan officers to bring in new business. It is the loan officers job to determine the borrowers likelihood to repay a loan. Loan officers will also provide guidance to prospective clients, on the best type of loan for their financial needs and explain the rules and regulations tied to that loan. Loan officers will either specialize in consumer, commercial or mortgage loans. Consumer loans include automobile, home equity and personal loans. Commercial loans are designed to help companies pay for equipment and to expand their operations. Mortgages are loans given out for the purpose of buying a house or refinancing a mortgage. They will also follow up on borrowers with a delinquent loan account and look for ways to resolve the situation.
A loan officer will often spend a lot of time out of the office, while looking for clients or following up on previous applications, depending on the type of loan they specialize in. Commercial and mortgage loan officers are often out in the field working with their clients, while consumer loan officers will often work in an office environment. Loan officers will typically work for 40 hours a week, but many work longer hours depending on the number of clients they serve. Loan officers are busiest when interest rates a low, and demand is high for loans.
Tips and comments
Candidates are required to possess at least a high school diploma in order to qualify for a job as a loan officer. Financial institutions will often look favorably on candidates with previous experience in lending, banking or sales. Once accepted, candidates will go through an on-the-job training, made up of informal training and formal company sponsored training over the first few months of employment. Commercial loan officers will often require a bachelors degree in economics, finance, or other related fields. This is because the will be required to perform an analysis of the applying company's finances, which will require knowledge on how to read financial statements, and perform a cash flow analysis.
Recent legislation requires that mortgage loan officers obtain a license, in order to offer their services. In order to acquire this license, candidates will have to go through 20 hours of coursework, pass a background check, sit and pass a written exam and have no felony record. Employment prospects for loan officers is expected to grow at a rate of 10 percent from 2008-2018. Their annual average earning stands at around $76,000, as of 2012. The type of compensation loan officers are offered will vary from one institution to the next. Some offer a basic salary, others a commission, while others pay a commission plus salary.
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