Mortgage and Loan Education

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Loan Officer Careers

Written by Dana Hinders
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Loan officer careers involve analyzing data, explaining information, and establishing relationships with clients. Loan officers must pay careful attention to details, since errors on a loan application could cause their employer to lose money on a bad loan. The term "loan counselor" is sometimes used as an alternate title for a loan officer.

Loan officers use their knowledge of the lending process to assist clients in determining which loan is best suited for their needs. They assess a client's creditworthiness and work with clients to fill out the loan application. A loan officer also helps clients understand a loan's terms and repayment schedules.

Loan officers generally work a standard 40 hour week, but their caseloads tend to fluctuate with current interest rates. When interest rates are low, loan officers can expect a surge in applications. Most loan officers can expect to receive a salary plus a commission based on the number of loans they process. Some banks offer their loan offers special privileges such as free checking and lower interest rates on personal loans.

Opportunities for Further Education and Advancement

Many loan officers eventually decide to specialize in one type of loan. Possible areas of specialization include commercial, consumer, or mortgage loans. Since requirements for the various types of loans are constantly changing, many loan officers choose to take continuing education courses to learn of the latest developments in their field. Top performers are often able to advance to larger branches of their firm or become managers responsible for supervising other loan officers and clerical staff members.


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