Introduction
Different types of loan officer jobs are common in financial institutions. They spend a lot of helping people get loans to enable them to purchase something they really want or need. Sometimes a loan officer may have to travel, depending on the type loan officer position they have.
Type of Loan Officers
Many people apply for loans just about every day of the week. Loans can be intended for automobile purchases, home purchases, college tuition or other things. There are 3 common types of loan officers that do a variety of loans. Those types are mortgage loan officers, commercial loan officers and consumer loan officers.
Who does what? Well, let’s see, it’s kind of self-explanatory, but we’ll take a look at each type on an individual basis to clarify exactly what they do.
First of all, if you want to buy a car or other item that will require a loan; you will most likely speak with a consumer loan officer. These loan officers primarily deal with individuals in an effort to help get them approved for a loan. You can expect they will pull a credit report on you and they will also want additional qualifying information from you before they can help get your loan approved.
Secondly we have the commercial loan officers. These loan officers work primarily with businesses. Sometimes businesses need loans for a variety of reasons and this is the type of loan officer that would handle their loan application process and paperwork.
Third and lastly we have mortgage loan officers. They work with people who want to purchase a home or other real estate.
Most loan officers will have a college degree in economics or finance. They also need to be computer literate and have the ability to work well with others. A loan officer must be savvy with math as well. Being a loan officer is possible if you have those qualifications.
What to Expect With Loan Officer Jobs
You can expect if you are a commercial or mortgage loan officer that you may have to travel and often be absent from your office. Sometimes a commercial loan officer will travel a good distance depending on how complicated the loan process really is. Mortgage loan officers will also be out in the field at times. They sometimes visit homes so individuals can fill out paperwork or applications.
The consumer loan officer will spend much more time in their office. It is common for loan officers to be paid on a commission basis. If they do well and bring in many loans, they can make a pretty good amount. Others can be on a strict salary, but some can be paid salary plus commission. It all depends on the company they choose to work for.
While the job market is usually good for loan officer jobs, that may not be the case with a declining economy. For qualified individuals, it may be a good idea to consider similar employment as a financial analyst, insurance sales agent or financial advisor.
Applying for loan officer jobs can be as easy as visiting the financial institutions in your area. You can also apply for loan officer jobs online when you visit select job banks.
Tips and comments
College degrees can be earned through your local college, university or an online college.
Loan officer jobs can be found at financial institutions or online.
