Nearly 9 out of 10 loan officers work for banks, credits unions and other financial related institutions. Loan officers serve as facilitators of the loan process. People look to banks for money to start a business, buy a house, a car, or pay for college.
Loan officers assist individuals in applying for loans. The process can be difficult to understand for people, which is why loan officers guide people through filling out the paperwork and helping people determine how much money they should apply for.
Loan officers generally specialize in commercial, mortgage, or consumer loans. Once the applicant applies for their loan the loan officer begins the process of analyzing several factors to determine if the borrower will be approved for the loan.
Loan officers also may act as salespeople in order to make money for the financial institution. That means loan officers attempt to get individuals to loan money from their institution instead of a competing one.
Loan officers typically work in offices, but spend a lot of time working from other locations such as home. The best loan officers are familiar with technology and use it stay in contact with their clients. Most loan officers work at least 40 hours per week.
During busy times it is not uncommon for them to work 50-60 hours per week. They typically work longer hours because they are often paid depending on how much money they can earn for the institution.
Education is becoming increasingly important for loan officers. Many positions require applicants to have an associate’s or bachelor’s degree in business or a related field. Loan officers also receive a lot of on the job training. Those individuals with bachelor’s degrees and above often move up into management positions.
Several organizations offer certification for loan officers. There are different certifications depending on the type of loan officer. The career outlook for loan officers is fair. The job is expected to grow 10 through 2018. That means the job should experience average growth. The loan officer job market is greatly affected by the surrounding economy, which makes the job market vary based upon location.
The median annual wage for loan officers in 2008 was $55,000. The average compensation depends on years of experience, employer, and location. Loan officers who are paid commission typically earn more than those who earn just a salary.