Loan managers work for banks or financial institutions and are responsible for evaluating loan applications. Their main duty is to determine whether the applicant has the required financial background to be considered eligible for a loan. They review financial statements and other documents necessary for completing loan applications, update records, and approve loans as they see fit.
Working in this position, your job will be to mediate between the applicants and the financial institution you work for. You will meet with clients and prepare proposals, create payment installment plans, and keep updating the status of ongoing loans. You will finalize loan contracts and make sure clients are familiar with the policies and regulations that apply to them.
A bachelor's degree in a finance-related field is typically required of candidates for this position. You will need to have previous experience working in a similar role and have a clear understanding of state and federal regulations regarding loan transactions. Your communication and customer service skills will be just as important as your subject matter expertise, earning you yearly salaries around $70,000 on average.
There is more than meets the eye when it comes to being a loan manager. For example, did you know that they make an average of $34.3 an hour? That's $71,350 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 loan managers 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.
When it comes to the most important skills required to be a loan manager, we found that a lot of resumes listed 19.9% of loan managers included loan portfolio, while 17.6% of resumes included loan applications, and 8.8% of resumes included ensure compliance. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan manager job title. But what industry to start with? Most loan managers actually find jobs in the finance and retail industries.
If you're interested in becoming a loan manager, one of the first things to consider is how much education you need. We've determined that 50.1% of loan managers have a bachelor's degree. In terms of higher education levels, we found that 8.1% of loan managers have master's degrees. Even though most loan managers 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 loan manager. When we researched the most common majors for a loan manager, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan manager resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a loan manager. In fact, many loan manager jobs require experience in a role such as loan officer. Meanwhile, many loan managers also have previous career experience in roles such as customer service representative or branch manager.