how to be a loan officer??

Advertisement When an individual or business needs a loan, they talk to a loan officer at a financial institution like a bank, credit union, or lending company – this is who helps them apply and gathers information that determines whether the loan can likely be repaid. As you can imagine, loan officers are an important cog in the everyday economy and are consequently in high demand. To become one is not necessarily easy, however, and requires good financResearch the job. Before deciding that being a loan officer is the right job for you, learn about the field using online resources, especially those that specialize in jobs like Bureau of Labor Statistics at  Loan officers assist people with loan applications for cars, home, and college tuition, helping to determine the best available loan and to make them aware of the various requirements. Although most work for banks or other credit and financial institutions, some work independently with clients and businesses.
Your duties as a loan officer will include processing applications, making sure that the information is complete and accurate. Analyzing the data, you will determine if a client is credit-worthy, whether to grant a loan, and, if so, under what conditions the loan will be made.
Some loan officers are highly specialized. They can deal in consumer loans to people, commercial loans to businesses, mortgage loans for real estate, or in loan collection. Some loan officers also travel extensively to meet with clients at businesses or homes.
The average salary for loan officers in 2012 was $59,280. Some are paid a regular salary while others are paid on commission, with the volume of clients depending on the overall strength of the economy. Many mortgage loan officers must also work long hours judgment coming from education and on-the-job training.
Finish high school. While most loan officers hold a college degree, it is still possible to become one with only a high school education and on-the-job training. You will need a high school diploma at the very least, however. If you are trying to enter the field, then, make sure to complete your secondary schooling, taking any math, economics, business, and computer classes available to you. These courses will come in handy for further education and for your duties at work.
Complete a 4-year degree. Especially for more complex commercial loans, employers will require officers to hold college degrees in finance, economics, business, or a closely related subject. Plan to complete a bachelor’s degree in one of these fields, as it will give you the tools needed to analyze finances, read a financial statement, and understand the basics of business accounting and cash flow analysis.

Take courses in subjects like accounting, mathematics, economics, and business statistics. An increasing number of financial institutions are now using underwriting software, so it is also useful to be proficient with computers and financial software. Advertisement