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.
There is more than meets the eye when it comes to being a Loan Officer/Loan Processor. For example, did you know that they make an average of $21.71 an hour? That's $45,158 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 Officers/Loan Processor 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 Loan Officer/Loan Processor, one of the first things to consider is how much education you need. We've determined that 49.9% of Loan Officers/Loan Processor have a bachelor's degree. In terms of higher education levels, we found that 6.6% of Loan Officers/Loan Processor have master's degrees. Even though most Loan Officers/Loan Processor 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 Officer/Loan Processor. When we researched the most common majors for a Loan Officer/Loan Processor, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Loan Officer/Loan Processor resumes include High School Diploma degrees or Master's Degree degrees.
You may find that experience in other jobs will help you become a Loan Officer/Loan Processor. In fact, many Loan Officer/Loan Processor jobs require experience in a role such as Loan Officer. Meanwhile, many Loan Officers/Loan Processor also have previous career experience in roles such as Loan Processor or Customer Service Representative.