Outline the job description & duties of a Loan Officer ?

Question

What do they have to know?
How many years of experience do they need to have?
What kinds of software must they know?
Special requirements?
other?

Answer 1

Best Answer - Chosen by Voters

Job Description: Loan officers find potential clients and assist them in applying for loans. Loan counselors help prospective loan applicants who have difficulty qualifying for traditional loans.

Employment Facts: Loan officers held almost 225,000 jobs in 2002 while loan counselors held about 31,000 jobs.

Education: To work as a loan officer one must generally have a bachelor's degree in finance, economics, or a related field.

Other Requirements: Job candidates should be familiar with computers and their applications inAdvancement: Capable loan officers, once experienced, may move to larger branches of their firms or to managerial positions.

Job Outlook: Employment of loan counselors and officers is projected to grow about as fast as the average for all occupations through 2012. Those with college degrees have the best prospects.

Earnings: Median annual earnings of loan counselors were $32,010 in 2002. Median annual earnings of loan officers were $43,980 in 2002.

What Do Loan Officers and Counselors Do?:

Loan Officers:

* seek potential clients, individuals or businesses, in need of loans;
* specialize in commercial, consumer, or mortgage loans;
* often act as salespeople, persuading clients to obtain loans from their institutions;
* help clients apply for loans;
* analyze and verify the application to determine the client's creditworthiness;

Loan Counselors:

* contact borrowers with delinquent loan accounts to help them find a method of repayment to avoid their defaulting on the loans;
* initiates collateral liquidation if a client defaults on a loan;

Answer 2

if you promise to give me a loan i would help

Answer 3

It ultimately depends on who you work for... a large bank or lender or a small independent broker. If you work for a large lender or bank you may find yourself making cold calls all day long (in a call center)or sitting at a desk in a branch. If you work for a smaller broker or mortgage banker you will definitely have more freedom. You would want to visit real estate offices and network with real estate agents in your area, make cold calls, basically you have to market yourself (and your company). As a loan officer you would want to be familiar with loan doc preparation and software (calyx) You basically are an independent contractor so you will need to obtain a real estate sales person license (in CA) and be hired by a mortgage company. You will have to have people skills and be computer savvy and be willing to work (for your clients or broker) at any time. Experience is not required by most but a few years as a real estate agent or working in finance would be very educational. Also make sure that you have new cloths and a new car and a cell phone with a lot of minutes. If you have to visit clients or agents, or take them somewhere they will respect you, trust you more if you are not driving around in a junker and you dress and act professionally and in demand.

Source(s):

5 years as real estate and loan agent.