Loan Officer

Due to the fact that banking institutions receive the majority of their profits from loan interest, loan officers are employed to complete all tasks necessary to ensure successful transactions.  Loan officers may specialize in any of three industry types including mortgage, consumer, or commercial loan.  Commercial or business loans are designed to assist businesses in purchasing inventory and supplies, finance renovation, or expansion projects.  Consumer loans deal with clients looking for personal, auto, home equity, while mortgage loans focus on assisting clients purchase real estate.  Mortgage is a term used to describe the act of using property as collateral to ensure the payment of loans; approximately 80% of all homes in the US are negotiated by a mortgage officer or broker.  All loan officer jobs require candidates to act as an intermediary between the lending institution and the client seeking to borrow funds. 

Many individuals would not have the ability to purchase cars, homes, businesses, or afford a college education without the assistance of loans.  These professionals play a large part in helping clients obtain needed or desired goods.  Loan officers solicit loans from businesses and individuals, and conduct meetings with all individuals who express interest in utilizing loans.  They gather necessary information, explain loan options that are available to applicants, and answer any questions that may arise.  Once the initial process has been completed, they generate the required paperwork and walk applicants through all processes to ensure all information is complete.  Officers then analyze information and verify the validity and creditworthiness of the candidate before rendering a verdict.  With the ease of obtaining credit scores online, professionals often devote little time to this step, but may enlist loan underwriters to examine applicants’ finances.  Based on the findings of the loan professionals, applicants will be either approved or disapproved on their requests. 

While education and experience requirements vary by facility and location, the majority of professionals obtain bachelors degrees before beginning employment in the loan industry.  There is no set requirement for loan officers wishing to enter the workforce, but mortgage jobs commonly require candidates to obtain a formal education in addition to licensure within the state they wish to practice. 

Although the most educated and experienced professionals are expected to have the best occupational prospects, loan officer careers are projected to grow slower than average industries.  Technology has increased the efficiency and accuracy of associates as well as the effort to complete a number of tasks.  Loan officer openings will remain, but because these careers are commonly affected by peaks in interest rates, professionals will be subject to decreased hours and wages during these times.  For a more stable career, candidates should pursue any number of continuing education programs that are available. 

Candidates interested in consumer lending may spend the majority of their time within the office, and will experience comfortable, well lit facilities.  Schedules are often standard 40 hour weeks, but due to the fact that business increases with lowered interest rates, professionals may work extremely long hours, or be unable to accept new clients until other projects are completed.  Mortgage professionals are able to determine the number of clients they take on, but accept the extensive hours in correlation. 

For more information on a career as a loan officer, please visit the following sites:

• Executive Training Centers
• Processor Boot Camp
• Loan Officer Seminars
• National Association of Mortgage Brokers
• National Association of Responsible Loan Officers

If you are searching for a loan officer position, or are a banking or financial institution looking to hire a loan professional, please visit iHireBanking.  We are a niche job board focusing only in banking positions and candidates.