Mortgage and Loan Education

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Loan Officer Qualifications

Written by Dana Hinders
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Loan officers need to have strong reasoning and problem solving skills. Much of their day is spent analyzing credit reports, processing loan applications, and interpreting data. Loan officers need to have strong mathematical skills and pay careful attention to even the smallest of details. Mistakes can result in a loss of commissions or unworthy creditors being approved for loans they are unlikely to repay.

Most loan officer job opportunities will require strong computer skills and a willingness to use cell phones, pagers, and other technology to communicate with clients. Loan officers use computer software to analyze an applicant's credit score and process parts of the loan application. Many loan officers are expected to meet clients in their of offices and must be able to conduct official business while traveling.

Loan officers need to have strong written and verbal communications skills. They are responsible for building and maintaining relationships with clients. A successful loan officer needs to be able to explain a loan's terms to a client. Some loan officers are also required to arrange repayment plans for clients with delinquent accounts. Loan officers with several years of job experience may be promoted to positions in which they are responsible for supervising the work of others.

Staying Competitive as a Loan Officer

Because their profession is constantly changing, successful loan officers are always looking for ways to update their skills. Loan officers can improve their future job prospects through on-the-job experience, professional development courses, or a university degree in a related field. Many loan officers are also active in professional associations that work to promote responsible lending practices.


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