Mortgage and Loan Education

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Loan Officer Opportunity

Written by Dana Hinders
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Loan officers will find that opportunities remain relatively stable in this aspect of the banking field. Loans are a significant source of income for most employers, so the demand for skilled loan officers is constant. Loan officers who are paid on a commission basis will find that their positions are even less vulnerable to layoffs and cutbacks than their salaried counterparts.

Technology has affected the opportunities available for loan officers. The use of computers to process credit scores has had a slightly negative affect on the overall number of available loan officer positions. Some consumers are now using the Internet to shop for their loans. This is also expected to decrease the overall demand for mortgage loan officers. However, these changes will be offset by the large number of current loan officers who are expected to retire in upcoming years.

A career as a loan officer is well suited to individuals with entrepreneurial goals. Loan officers who are employees of lenders or mortgage brokers often function as independent contractors. Some loan officers use their skills and training to start one-person mortgage broker firms in which they act as both the broker and loan officer. This form of self-employment can be a wonderful opportunity for individuals in need of flexible schedules and unlimited income potential.

Focusing on Career Opportunities

As with many other fields, loan officers with formal education have better job prospects than their less educated coworkers. Many loan officers have an undergraduate degree in economics or accounting; some even possess an M.B.A. or other advanced degrees. For loan officers without a college education, professional certifications and correspondence courses can have a positive effect on employment opportunities.

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