Loan officers attempt to recruit individual persons or organizations to apply for loans. They analyze the financial records of the person or organization in order to determine their eligibility for a loan through a process known as underwriting. Loan officers must explain clearly the parameters of the loan and repayment methods.
Loan officers generally carry out the following duties:
Offer loan possibilities to persons and businesses through marketing strategies such as calling and other forms of advertising
Analyze the financial background of prospective clients to see if they qualify for a loan and are able to repay it
Approve or suggest approval for loans for clients
Clearly explain different types of loans and the related terms and conditions with clients
A bachelor’s degree in business or finance is preferred by most employers. In some cases, where there is previous work experience in sales, customer service or banking, a bachelor’s degree may not be required. Some on-the-job training is offered once hired.
In order to be a Mortgage Loan officer, the individual must obtain the Mortgage Loan Originator (MLO) credential after completing 20 hours of course work, passing an exam and submitting to background and credit checks.Loan officers must exhibit qualities such as the ability to make sound decisions, analyze information accurately, sales and marketing skills as well as communication skills.
In order to test Loan officers effectively, employers often administer the Cognitive IQ test to assess an d individual's general intelligence and problem solving skills.The Business Intelligence Test can also be used to evaluate the individual’s ability to critically analyze commercial business records to determine their eligibility for loans. The Quickboooks test gain insight into an individuals' proficiency in the financial program. And lastly, the work ethics personality test which would be u used to assess an individuals' readiness to work and ethical code of conduct.
2018 Median Pay
|$63,040 per year, $30.31 per hour|
Entry level qualification
Number of jobs in 2016
Expected Growth rate (2016 – 26)