Loan Officer Jobs

How to Get

Loan Officer Jobs

 

It is a necessary fact of life, that today, people are relying more than ever on credit. Loan officers Jobs are  becoming more and more important as they evaluate, authorize, or recommend approval of loan applications for people and businesses.  Let's take a closer look at what they do and how you can get a job as one.

 

Individuals with Loan Officer Jobs use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates this information to determine the applicant’s loan needs and ability to pay back the loan. The work of Loan Officer Jobs has sizable customer service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business.

 

There are many different types of Loan Officer Jobs :

Commercial Loan Officer Jobs - specialize in loans to businesses. Businesses often use loans to start companies, buy supplies, and upgrade or expand operations. Commercial loans are often larger and more complicated than other types of loans.

 

Consumer Loan Officer Jobs - specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying for college tuition.

 

Mortgage Loan Officer Jobs - specialize in loans used to buy real estate (property and buildings), which are called mortgage loans.

 

However, within these three fields, some Loan Officer Jobs require specialization in a particular part of the loan process:

 

CollectionLoan Officer Jobs - contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (the collateral)—often a home or car—and selling it to repay the loan.

 

Underwriters Loan Officer Jobs - specialize in evaluating whether a client is credit worthy. They do this by collecting, verifying, and evaluating the client’s financial information provided on their loan applications. They may use loan underwriting software, or they may perform the process manually.

 

Loan Officer Jobs accounted for about 289,400 jobs in 2010, and 86% of those were in the credit intermediation and related activities industry. which includes commercial banks, credit unions, mortgage companies, and other financial institutions. Most Loan Officer Jobs require a minimum of a high school diploma.  Commercial Loan Officer Jobs, however, generally need a bachelor’s degree in finance, business, economics, or a related field. Mortgage loan officers must be licensed.

 

According to the Bureau of Labor Statistics, the average salary is around $56,490. However, some Loan Officer Jobs pay upwards of $100,000 a year.  Head over to www.careermkt.com to see the available positions in your area.

 

Loan Officer Jobs openings are expected to increase in the next 10 years, making this a great time to get into the industry.

 

John Roos , is a career management expert and in this post discusses the types of Loan Officer Jobs available and how you can get into the field.  John's advice has helped thousands of job seekers worldwide get and succeed at the job of their dreams.

Find out more at careermkt.com.