Branch lending officers evaluate and authorize approval of business, real estate, or credit loans. They are specialists at evaluating the financial status of a loan applicant. Duties include updating account records and reviewing loan files. They work for commercial banks, mortgage companies, or credit unions.
Some of the functions that they perform include meeting with loan applicants to identify their needs and collect information for loan applications, analyzing active loan files on a regular basis and recommending solutions to speed up the loan process, preparing detailed lending proposals, and operating in compliance with laws and regulations. Qualifications include a bachelor's degree in finance or similar field along with at least three years of experience as a loan officer or a related capacity. Moreover, a solid understanding of local, state, and federal loan regulations is also required. Essential skills include interpersonal, computer, communication, and customer service.
The average hourly salary for the position is $29.19, which amounts to $60,723 annually. The career is expected to grow in the near future and create new opportunities across the United States.
There is more than meets the eye when it comes to being a Branch Lending Officer. For example, did you know that they make an average of $39.85 an hour? That's $82,892 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
There are certain skills that many Branch Lending Officers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Detail oriented, Initiative and Interpersonal skills.
If you're interested in becoming a Branch Lending Officer, one of the first things to consider is how much education you need. We've determined that 72.9% of Branch Lending Officers have a bachelor's degree. In terms of higher education levels, we found that 9.8% of Branch Lending Officers have master's degrees. Even though most Branch Lending Officers have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a Branch Lending Officer. When we researched the most common majors for a Branch Lending Officer, we found that they most commonly earn Bachelor's Degree degrees or Master's Degree degrees. Other degrees that we often see on Branch Lending Officer resumes include Associate Degree degrees or High School Diploma degrees.
You may find that experience in other jobs will help you become a Branch Lending Officer. In fact, many Branch Lending Officer jobs require experience in a role such as Branch Manager. Meanwhile, many Branch Lending Officers also have previous career experience in roles such as Loan Officer or Teller.