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Because the banking industry is the leading employer of loan officers, this trend will depress employment growth for these workers. According to the Bureau of Labor Statistics, mortgage loan officers also have to be licensed and certified nationwide before they get hired. Just as important is the knowledge of banking apps and software. Learn how your comment data is processed. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Copyright © 2020, Truity. In addition, some firms require loan officers to find their own clients, so candidates with established contacts and a referral network should have the best job opportunities. Reviewing loan agreements and determining how feasible offering a loan is. Economic growth will lead to more demand for loan officers, as both businesses and individuals seek credit to finance commercial investment and personal expenditure. In general, a loan officer’s compensation is offered as salary only, commission only, or a combination of both, depending on the company. Perhaps you’re a hiring manager who needs to hire a new employee and need to write a quality assurance job description. Salary may depend on the applicant’s level of experience, education and geographical location. 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. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. 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. The median annual wage for loan officers was $63,270 in May 2019. 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. Pay. Advise borrowers on financial status and methods of payments. Loan officers who specialize in consumer loans usually work in offices. credit officer jobs. Loan Officer Job Description. Consumer Loan Officer Salary and Outlook. The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. Who is the author? The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. Obtaining and compiling copies of corporate financial statements, credit histories, and other such financial information of clients. cashier jobs. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 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. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually. This information is taken directly from the Occupational Outlook Handbook published by the US Bureau of Labor Statistics. The Helping interest area indicates a focus on assisting, serving, counseling, or teaching other people. A loan officer works with people mostly, therefore he should possess exceptional interpersonal and communication skills. Developing referral networks and sending reports to customers. They are specialists at evaluating the financial status of a loan applicant. Loan officers often answer questions and guide customers through the application process. Loan officers meet with applicants in order to determine their creditworthiness. Most consumer and commercial loan officers tend to work full time. If you are not sure whether you have a Helping or Persuading or Organizing interest which might fit with a career as a loan officer, you can take a career test to measure your interests. The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. 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 Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. They promote their lending institution so they need to act as salespeople and contact individuals or firms to determine their need for a loan. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. 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. You can also find there some more information about the loan officer job description. Loan Officer Salaries Overall Salaries. 298 Auto Loan Officer jobs available on Indeed.com. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions. Loan officers typically do the following: Loan officers use a process called underwriting to assess whether applicants qualify for loans. Read More >> Now, you can predict which career will satisfy you in the long term by taking a scientifically validated career test. Approving or denying loans within certain limits and referring higher loans to the responsible parties. A loan officer often works at a lending or financial institution. Of course, these always vary from employer to employer and from industry to industry. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. Bank loan officers salary The salary varies depending up on many factors such as the company, experience and most importantly experience. loan jobs. However, they can expect a need for overtime, working holidays and traveling. The highest-paid 10 percent of loan officers earned more than $135,590 per year, while the lowest-paid earned less than $32,670. With the usual schedule being 10 am to 8 pm. Loan officers in the 10th percentile earn about $32,800 a year, and the highest paid make in excess of $132,200 a year. Banking, or recommend approval of loan officers job as a loan officer will sometimes with... 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