Loan officer job - The Scope and Eligibility Criteria

Scope of Work

Loan officers basically work for banks, credit unions and other financial and savings institutions and they specialize in commercial, consumer or mortgage as per the loan officer job description . Commercial loan officers, as the name implies work with businesses to help them obtain loans to buy machinery or for expanding business operations where as consumer loan officers help individuals to get auto loans, personal loans, and home equity loans. Mortgage loan officers offer guidance in refinancing an existing mortgage or to get fresh mortgage for buying commercial or residential property.

Educational Qualification and Other Requirements

Loan officers should be self driven and highly motivated individuals who are good at multitasking. They should have excellent interpersonal skills, flawless communication capabilities and should be physically and mentally strong to tackle the many challenges that come their way in completing the paper work and liaison with the concerned departments in getting the loan proceedings ready.

A bachelor's degree in finance, economics or a related field is the ideal qualification for a loan officer. Even people who do not have college education can become loan officers if they wish. Starting their career as tellers or customer service representatives they can move up the corporate ladder to be a loan officer after several years of working experience in the financial industry.

Additional Eligibility Criteria

Loan officers working in mortgage banks and brokerages should have license and in some cases might involve additional training as well. Normally there are no licensing requirements for loan officers employed at banks.

The Promotional Scope

The employment scenario of loan officers will be robust and bright in the days to come. Candidates with degree and adequate lending experience have a fair chance of getting into some of the best financial institutions. Depending on the merit and performance they will be promoted to branch managers or still higher positions

Working Conditions

The candidates should be ready. Though the average working hours per week is around 40 hours, they may be forced to put in extra hours when there are more loan applications to process.