How to Become a Loan Officer/Loan Processor

It is a responsibility of a loan officer to review applications for personal and company credit approval. They review the financial information of borrowers, whether they apply for a loan and whether they will pay the loan back. A loan officer is a financial institution agent assisting consumers in borrowing some money for some reason during the application period. Loan officers advise their customers mainly through responses to questions, laws, and regulations and through knowing the considerations that could impact an application.

Loan officers go out to numerous businesses and individuals to sell their loan programs and goods. Based on the information received by their customers, loan officers examine the financial status of each borrower, which could include bank statements, income, and credit card information, to decide if they are suitable for loan applications. If all goes well, the loan officers then accept the applications, forward the papers to the next phase of the loan management procedure, and keep checking their clients from time to time.

While specific experience in areas such as sales, banking, and customer care can often be used instead of holding a bachelor's degree, completing a bachelor's degree in economics, accounting, and business management can also offer a more stable base of in-market expertise. Degrees can be completed online by approved institutions and can provide you with many of the qualifications and basic duties involved with working as a loan officer, such as experience in statistics, understanding of financial reporting and lending processes. In addition, students can complete research in fields such as financial accounting, strategic financial analysis, business statistics, and economics.