Loan Officer Job Description

Loan officers help their client get the loan. They earn a descent salary, and with experience they can easily earn a six-figure pay every year.
Charlie S May 13, 2019
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There are many reasons why the common public and large corporates need loans. Many people need loans from banks and financial institutions for buying a new home, financing their education, buying personal goods or for business expansion. The job includes helping and guiding people to secure loans from banks and financial institutions without much hassle.

What is the Job?

Loan officers work for banks and the institutions, which lend money to the public. They are appointed by these lenders in order to attract people towards them and take loans. Since they work for banks, they have to take extra care while introducing prospective clients.
They study how genuine, capable and financially stable the party wishing to seek the loan is. They contact clients and visit their offices to explain them all the details and the terms and conditions of loans. The clients are made aware of the modes of repayment, the time frame for repaying it and the equated monthly installments which they will have to pay.
They also give details of the documents, which would be required for completing the process. Mortgage officers assist those, who wish to buy a commercial or residential property.

How to get this Job?

Becoming a loan officer is not difficult, provided you have the requisite skills and educational qualifications. There are many financial institutions that recruit candidates, who have completed their degrees in areas such as economics, commerce, and finance.
Initially, you would have to work as a trainee and learn the basics. It requires a lot of hard work, strong will to learn new things, excellent communication skills, logical thinking skills, and an ability to analyze information.
You should be able to take fast but precise decisions for the benefit of your organization. Getting a master's degree in finance or banking, can get you a well-paid offer and a promising career in banking. By gaining sufficient work experience, you can get promoted gradually.

What is the Salary?

The salary depends on the experience, the organization for which you work, and the location of work. Those who work for large-sized banks, can expect to earn quite a decent salary. Initially, one can expect a salary of at least around $30,000 per year.
According to Bureau of Labor Statistics, the 2017 median pay was $64,660 annually. Highly experienced candidates having more than ten years of experience can earn more than $135,590 per year.
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