How to Become a Loan Officer

A career as a loan officer is an in demand profession that has huge earnings potential and many other perks. The role of a loan officer is to provide financial needs to persons in their time of need. The loan officer will evaluate a customer’s needs and ability to repay the loan to determine if one qualifies for a loan. Many different possibilities are available for those who choose to make a loan officer their career of choice.

Where to find employment as a loan officer

Loan officers have a variety of places in which they can become employed. A loan officer can choose to open their own financial company, or work in another financial institution or place of business such as a bank or a real estate agency. Most people starting out in the profession choose to go with the latter to gain valuable knowledge and first hand experience as a loan officer. The fees associated with operating your own financial company can also be quiet steep, another factor to help determine the best place to begin your career.

Take college courses for the best positions

Once you have decided this is the profession for you, begin taking college courses in a field such as finance or economics. For positions with banks and loan companies, receiving a college degree is a crucial part of gaining employment with them. It is also mandatory to learn these skills to ensure you are giving customers what they need, accurately and in a timely manner. College is not required,but many times the only way to ensure job placement in the field.

Understand and familiarize yourself with computers

While it is not required, completing courses in technology is also important. Technology is fast growing, and being knowledgeable of computers and operating systems is a must to keep up with growth. Most of the information you need must be put into a computer system. It is also a very attractive addition to your resume, and can help you land that dream job in no time.

Advertising

Getting the word out is also important. You should have business cards that can be left with potential customers, along with plenty of extras for advertising and referrals. Business cards allows for a bit of free advertising without pushiness, which can deter potential customers away. You never know who may be in need of a loan! This is even more important for those working in a commissioned based position with a company.

Customer service and sales skills are important

Empowering yourself with excellent customer service skills is as important as any other requirement of the job. You should ensure that you are friendly and personable and enjoy working with the public. You should also ensure you are able to maintain a professional manner at all times, even if having to deal with unpleasant customers.

Sales experiences is important to have as well. Sales classes can be attended for one day or several months, many times offered free from prospective employers. You will be recruiting potential customers into your place of business through indirect sales, and with sales experience, you can gain a better understanding of how to do this.

Why choose a career as a loan officer?

Loan officers receive excellent pay for their hard work! Many positions are salaried, meaning you earn a yearly amount regardless of the number of hours worked. Some positions also offer commission on top of the salary, while others pay commission only. Commissions in a loan officer position can be very lucrative, earning into the six-figure bracket in any given year.

Whether you choose to open your own business or work for another company, you can rest assured you have chosen a career with high earnings potential, substantial growth opportunity, and a job that is highly rewarding. It will be a position you love 5, 10, and even 20 years later!