Even in today’s economic climate, the financial sector is one of the top fields to enter. There are many jobs to choose from within this field. The financial sector offers jobs with a great level of variety as well as a substantial salary. The career of a loan officer will offer all of this and more.
The main job of a loan officer is to evaluate and recommend approval of loan applications for personal and business reasons. As a loan officer, you may contact businesses to inquire if they need loans or you may meet with loan applicants in your own office. When meeting with applicants, you will gather information and answer any questions that they may have about the loan. You will also discuss with them the different loan types and the terms of the different loans. You will also gather financial information such as credit rating, financial statements and more. Review loan applications to make sure that all information is complete and correct. Approve applicant loans or send to management for approval. It is also a part of the loan officers job to stay on top of new kinds of loans and lines of credit. Some credit applications may need to be submitted to credit analysts for further review. Loan officers also handle any complaints that come in.
Loan Officer Salary:
The average loan officer salary is around $56,500 per year. This is the national average and it is possible to increase your loan office wage by doing several things. One way to increase the loan officer salary is with more experience. After graduation, the average loan officer income will start out around $32,000 a year. This amount will steadily increase with more experience. After you have five years of experience, the average loan officer wage is $41,000 a year. Ten years of experience will net you $58,000 a year. With fifteen years of experience, you can expect a salary of $81,000 per year. At twenty years of experience, you will be able to command a nice loan officer salary of $112,500 per year. As you can see, experience plays a large role in the amount of money that you can make.
Loan Officer Education:
You may be interested to know that many loan officers are hired without any type of formal education and that some employers will both hire you and train you themselves. Although, it always looks better to an employer if you have some type of formal education. Many loan officers do have a college degree in finance or economics. It will be much easier to find a job if you get a bachelor’s degree. This degree will take about four years to complete. If you plan to work for a large corporation such as a bank, you will need a college degree in order to get in the door. Once you have completed your education you will need to become licensed. This requires a twenty hour licensing course, a background check and continuing education courses. After the MLO exam has been passed you are now licensed to work. There are several certifications that can also be taken although they are not required they look better to employers and can increase your salary. Certifications are offered through the ABA and MBA associations.
Loan Officer Work Environment:
The environment for a loan officer is typically in a bank or office setting. This will include working at a desk and sitting in an office chair for a large part of the day. There will be extensive work done on the computer that will include obtaining credit reports and updating customers files. You may also need to send lots of correspondence as a part of this career. Good phone etiquette is a must as you will need to speak to several types of agencies on the phone. This job also has a high stress level since you will be making lots of important decisions on your own. Most loan officers work a normal Monday through Friday work schedule of forty hours per week. A small percentage of loan officers work on a part time basis. Some loan officers work on commission and will work longer hours than the standard forty hour work week.
The job of a loan officer is a job in which you can make a nice salary and work in a very comfortable environment. You will need to have several skills in order to perform the job to the best of your abilities. These include very good communication skills. You will be conversing with both clients and your superiors on a regular basis. You will also need highly developed computer knowledge as many functions of the job are performed on the computer. You will need to be a good listener and able to determine the meaning behind people’s words. If you have all of these skills then a loan officer could be the best career choice for you.