Please use citation guidelines for webpages without an author available. That’s pretty much the job description of a loan officer; But you also have to be well-versed in customer satisfaction, mortgage lingo, and product knowledge; And stay up-to-date on the many rules/regulations involved Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. admin jobs. When talking about advancement possibilities, the loan officer might become a Senior loan officer, that usually happens when they are a bit more experienced and have been doing the job for a little while longer. Some employers may not care about some of these requirements, while others may ask for more than these. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. Loan officers typically do the following: Loan officers use a process called underwriting to assess whether applicants qualify for loans. Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Negotiating payment arrangements with delinquent loan customers. There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. On the lower end, they can make $44,740 or $22 per hour, perhaps when … The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. The loan officer will sometimes work with individual applicants or companies, depending on the position. Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Job Specializations Accounting/Finance / Banking/Financial / Corporate Finance/Investment. Loan Officer Job Description. Credit analysts and loan officers have similar jobs, but work for different types of financial institutions. In May 2019, the median annual wages for loan officers in the top industries in which they worked were as follows: The form of compensation varies widely by employer. Having perhaps one of the most stressful and poorly paid jobs in the finance industry, loan officers tend to be severely overworked. Always be closing! Who should I contact? The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. Analyzing the financial status, credits, and property evaluations of applicants and meeting with them. Not sure how to choose the best career for you? A loan officer often works at a lending or financial institution. Duties include updating account records and reviewing loan files. As well as analyze the applicant’s financial information and make the decision whether to award the loan or not. The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. Gain the clarity and confidence that comes from understanding your strengths, talents, and preferences, and knowing which path is truly right for you. Writing a job description requires employers to understand the needs of jobseekers. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions. Truity does not editorialize the information, including changing information that our readers believe is inaccurate, because we consider the BLS to be the authority on occupational information. loan jobs. Construction Loan Officer develops relationships with builders and developers in order to source, solicit and sell construction loans. Computer skills. Credit Analyst and Loan Officer Job Descriptions. They often act as salespeople, promoting their lending institution and contacting firms to determine their loan needs. Loan underwriters specialize in evaluating whether a client is creditworthy. Loan officers must pay attention to details since the profitability of a loan depends on each piece of information from an application to be correct and properly assessed. Also, a senior loan officer job description may include a higher salary and fewer responsibilities than that of someone who just recently got the job. Mortgage loan officers must be licensed. The salary of a bank loan officer generally ranges between $35,000 and $75,000. The Bureau of Labor Statistics (BLS) found that, as of May 2017, loan officers (including consumer loan officers) earned a median annual salary of $64,660. Chipotle Crew Member Job Description, Responsibilities, Salary & More, EMT Job Description, Qualifications, and Outlook, Orthopedic Surgeon Job Description, Qualifications, and Outlook, Operations Manager Job Description, Qualifications and Outlook. According to the Bureau of Labor Statistics, mortgage loan officers also have to be licensed and certified nationwide before they get hired. Loan officers work directly with individuals and businesses to evaluate their credit and try and get them a loan … Mortgage loan officers work on loans for both residential and commercial properties. So, a bank loan officer job description will be slightly different than the consumer loan officer job description. Consumer loan officers specialize in loans to people. 5d ago. Click Here to Download Bank Loan Officer Job Descriptio1 State bankers associations have specific information about job opportunities in their state. With the usual schedule being 10 am to 8 pm. Economic growth will lead to more demand for loan officers, as both businesses and individuals seek credit to finance commercial investment and personal expenditure. However, most of the main requirements and basic duties are the same. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job. Sell, sell, sell! Loan Officers evaluate and authorize approval of business, real estate, or credit loans. However, the long working hours, stressful environment, and extensive education required for the position may seem daunting when compared to the salary. Other factors that may affect salary would be economic conditions, especially for loan officers who are paid by commission only. Loan Officer jobs are not expected to see much growth beyond their current levels in the next decade. Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Once hired, loan officers usually receive some on-the-job training. Except for consumer loan officers, traveling to visit clients is common. You can also find there some more information about the loan officer job description. Helping clients identify realistic financial goals and coming up with ways to reach those goals. Because the banking industry is the leading employer of loan officers, this trend will depress employment growth for these workers. Sales skills. Loan Officer [Intro Paragraph] Begin your loan officer job description by telling potential applicants about the bank or lending institution. Just as important is the knowledge of banking apps and software. According to the Bureau of Labor Statistics, the rate of employment will rise by 8% by 2024. Or, maybe you have an … [Read More...] about Quality Assurance Job Description, In our article, we will be covering the Chipotle crew job description, main job duties and responsibilities of this position as well as other … [Read More...] about Chipotle Crew Member Job Description, Responsibilities, Salary & More, Your email address will not be published. Because an employer’s brand may be a deciding factor as to whether individuals apply, you should present the institution in a good light and promote its reputation, values, and image in the financial industry. On this site, you can take the Career Personality Profiler assessment, the Holland Code assessment, or the Photo Career Quiz. Loan officers who specialize in consumer loans usually work in offices. Loan Officer Job Description. Loan officers often answer questions and guide customers through the application process. Explaining the types of loans, different types of credit options, and the terms of the offered services. Within these three fields, some loan officers specialize in a particular part of the loan process: Loan collection officers contact borrowers who fail to make their loan payments on time. According to the Bureau of Labor Statistics, the median yearly salary for loan officers in 2015 was $63,430. There is no published author for this page. The work of loan officers has sizable customer-service and sales components. The median annual wage for loan officers was $63,270 in May 2019. The loan officer term is quite vague. Consumers take out loans for many reasons, such as buying a car or paying college tuition. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Loan Officer salary expectations A Loan Officer makes an average of $91,582 per year. 298 Auto Loan Officer jobs available on Indeed.com. Most consumer and commercial loan officers tend to work full time. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Loan Officer salaries can vary depending on your experience, the location, company, industry, and benefits provided. The median annual wage for loan officers was $63,270 in May 2019. Approving or denying loans within certain limits and referring higher loans to the responsible parties. The range for our most popular Commercial Loan Officer positions (listed below) typically falls between $56,527 and $394,748. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. Bank loan officers salary The salary varies depending up on many factors such as the company, experience and most importantly experience. They promote their lending institution so they need to act as salespeople and contact individuals or firms to determine their need for a loan. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. Loan Officers job description, Loan Officers salary, Loan Officers information, what is the job of a Loan Officer like, pros and cons about Loan Officers, colleges and universities for Loan Officers, is Loan Officers the right career for me, careers in Business and Finance. Setting credit policies, lines, standards, and procedures in collaboration with the senior management. Analyst, Loan Operations (6 months contract) MUFG Bank, Ltd. Singapore. He should also present an inclination toward customer satisfaction. I would like to cite this page for a report. The recent increase in the number of small businesses and the success seen by some of these are also a definite contributing factor to the average increase in the number of open positions. The largest employers of loan officers were as follows: The depository credit intermediation industry includes commercial banks and savings institutions, and nondepository credit intermediation includes mortgage companies. To get a job as a loan officer, aspiring employees need a bachelor’s degree in finance or in a related subject. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions. That is about the same rate as the average for all occupations in the United States. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. How can I decide? Loan officers should also possess the following specific qualities: Decision-making skills. Similar careers After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision. This allows employment of fewer officers to process loan applications. Reviewing loan agreements and determining how feasible offering a loan is. The average Commercial Loan Officer salary in the United States is $225,638 as of December 28, 2020. Personality Test (Myers & Briggs' 16 Types), Securities, Commodities, or Financial Services Sales Agent, Tax Examiner or Collector or Revenue Agent, Credit intermediation and related activities, Contact companies or people to ask if they need a loan, Meet with loan applicants to gather personal information and answer questions, Explain different types of loans and the terms of each type to applicants, Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level, Review loan agreements to ensure that they comply with federal and state regulations, Approve loan applications or refer them to management for a decision. Although the demand for loan officers will increase as the overall economy grows, the decline of bank branches and the increasing application of technology in loan processing may moderate employment growth. Perhaps you’re a hiring manager who needs to hire a new employee and need to write a quality assurance job description. Most loan officers work full time and some work extensive hours. I think I have found an error or inaccurate information on this page. Interviews applicants, analyzes applicant's credit and financial status and obtains property appraisals to determine feasibility of granting loan. Answering the clients’ questions about the loan process, taking care of customer complaints and fixing them. credit officer jobs. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers The loan officer job description and salary make the job not as appealing as it once was. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. Loan officers also need to seek out new clients, therefore they need to show great persuasion and sales skills. In general, a loan officer’s compensation is offered as salary only, commission only, or a combination of both, depending on the company. What is a Loan Officer? Searches related to loan officer jobs. Loan officers work with a lending institution and their borrowers to provide consultation, application, underwriting, approval, and deal-closing services on loans. Required fields are marked *. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. As bank customers increasingly use mobile and online banking services, the need for bank branches will decline. Developing referral networks and sending reports to customers. Job Title Salary; Hanmi Financial Loan Officer salaries - 20 salaries reported: $51,083 / yrRateGenius Loan Officer salaries - 19 salaries reported: $22,734 / yrJ.P. Loan officers need to have initiative when seeking out clients. Mortgage loan officer training programs involve 20 to 40 hours of education that can be done on the job, through schools, or... Loan Officer Vs. Financial Advisor In 2006, the median salary for a loan officer was $51,760 per year. Banks have decreased the number of branches in operation in recent years, a trend that is expected to continue. Helping resolve mortgage application problems. Advise borrowers on financial status and methods of payments. Learn how your comment data is processed. Loan Officer education and training requirements Computing and designing payment schedules, as well as updating and reviewing loan and credit files. I am not sure if this career is right for me. They work with borrowers to help them find a way to keep paying off the loan. Job opportunities should be good for people with lending, banking, or sales experience. However, if you would like to correct a typo or other technical error, you can reach us at help@truity.com. Other than the educational mandates for the loan officer job description, one must possess a number of personal qualities to fit the position. Salary ranges can vary widely depending on the city and many other important factors, including education, certifications, additional skills, the number of years you have spent in your profession. Some jobseekers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. Interpersonal skills. For some simple consumer loans, the underwriting process is fully automated. Pay. Your job description is the first touchpoint between your company and your new hire. Of course, these always vary from employer to employer and from industry to industry. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations. The average Consumer Loan Officer I salary in Colorado is $44,218 as of November 25, 2020, but the range typically falls between $36,845 and $47,677. Licenses must be renewed annually, and individual states may have additional requirements. Additionally, most new employees will have to go through training while on the job, so they can be taught the inner workings of their future occupation. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. This site uses Akismet to reduce spam. The following are common types of loan officers: Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. The estimation is that their employment rate will grow by eight percent by 2024, at the same rate as the average for all occupations. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. Read More >> Petitioning courts to transfer deeds and titles of collateral to the bank. Those on commission usually are paid a base salary plus a commission for the loans they originate. The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. Who is the author? Your email address will not be published. Decision-making skills are important for loan officers, who must assess an applicant’s financial information and decide whether to award a loan. credit loan officer ... Central. A perfect understanding of direct and indirect lending practices and services is also mandatory. The typical work week for anyone with the loan officer job description is around 50 hours long. With millions of people searching for jobs on Indeed each month, a great job description can help you attract the most qualified candidates to your open position. This excellent resource for occupational data is published by the U.S. Department of Labor every two years. However, if you are interested in following this career path, either temporary or for a longer period, you can follow this link for an example of a loan officer job resume. It all depends on the type of loan officer job in question and each employer. Job Type Full-Time. The Helping interest area indicates a focus on assisting, serving, counseling, or teaching other people. Loan officers in the 10th percentile earn about $32,800 a year, and the highest paid make in excess of $132,200 a year. A loan officer works with people mostly, therefore he should possess exceptional interpersonal and communication skills. 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