Learning about loan officer jobs

You might find that loan officer jobs can offer a rewarding career. If you like to work with numbers and large sums of money, you could find your new niche in the loan officer field. You would work with an assortment of people from different occupations. Your job may be to approve applicants for business loans, home loans or even loans for college. Learn more about job duties, work environments and education requirements.

Loan officer duties

Many loan officers work at banks or lending institutions. Loan officers meet with potential clients to help them apply for a loan. They collect personal information about businesses or clients to learn about their creditworthiness and whether they are likely to make good on a loan.

A loan officer meets with clients to obtain information for the purpose of a loan. Loan officers use their experience to recommend a variety of different loans and associated credit terms, which are available to the client.

After completing an application, a loan officer verifies and analyses the application from the client looking for creditworthiness. When the client meets the terms of the lending institution, the loan officer consults with managers about loan approval. Upon loan approval, clients are given repayment schedules.

Work environment for loan officers

Loan officer jobs may specialize in mortgage, consumer or commercial loans. In many jobs, loan officers are required to do considerable amounts of travel. It may be necessary to visit other offices, homes or business during the work week to gather complete loan information.

Loan officer hours

Often when interest rates hit a low mark, loan officers find they are exceptionally busy and work extra hours. The average loan officer works a minimum of a 40-hour work week.

Training and education for loan officers

Loan officers should have good people skills and the ability to size up an applicant quickly. People with good communication and interpersonal skills make ideal candidates for this position. Most employers hiring for loan officer jobs prefer job candidates with a banking background and familiarity with computers.

Many jobs in this field typically require a bachelor’s degree in economics, finance or other related fields.

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