About Career as a Loan Officer
Loan officers assist prospective clients in applying for loans and in determining the type and amount of loan that is most suitable for their needs. Loan officers also assess the creditworthiness of loan applicants, judging their suitability as borrowers and the precise terms (interest rate, repayment schedule, etc.) on which credit may be granted to them. Depending on the position, a loan officer may be expected to actively seek out clients, rather than passively wait for applicants to approach his or her financial institution (bank, credit union, etc.) for credit.
Career Prospects of Career as a Loan Officer
The majority of loan officers tend to work a standard 40 hour week. Consumer loan officers are most likely to work set hours from a fixed location, such as a bank branch or office. Commercial and mortgage loan officers often have to work variable hours to confer with clients at the latter's places of work or residence. Both these types of loan officers tend to be out of the office and on the road as a matter of course.
The majority of loan officer positions combine sales responsibilities with analytic requirements: selling loans while determining who are appropriate clients, and on what terms. Some loan officer positions are focused largely on the analytics, with no sales dimension and limited client contact. People in these types of jobs are sometimes called loan underwriters. Other loan officer positions specialize in dealing with clients who are having problems meeting their payments. These are loan collection officers, and they try to work out agreements with troubled borrowers that adjust the repayment terms.
Skills & Education Required for Career as a Loan Officer
A Bachelor's Degree is expected. Coursework in finance, accounting and/or economics is helpful, though not required. Strong quantitative and analytic skills are vital. An MBA can give you a leg up in the hiring process, depending on the firm.
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