Loan officers are trained to help individuals and businesses obtain the funds they require from lenders for a specific purpose. This could be to raise capital to buy stock and equipment for a business, funds to purchase a dream property, or money for much-needed home improvements. Generally, a loan officer will specialize in one of consumer, commercial or mortgage loans.
A loan job can be an individual working in different areas of the financial sector. Commonly, credit unions, commercial banks and mortgage companies employ loan officers. A officer may also take on a mortgage broker job, working to find the best mortgage deals across the market for individuals looking to invest in property.
Officers working for commercial banks and mortgage broker companies will mostly work in-house. Those working in the consumer loans sector, though, may find that the role involves spending a lot of time on the road travelling to the homes of customers.
If you wish to obtain a loan job within commercial loans, you will usually be required to have a bachelor’s degree in a field related to finance, economics and/or business. Other officers, for example, those working in a mortgage broker job and consumer loans, will generally only need a high school diploma, after which training is delivered on-the-job.
According to the Bureau of Labor Statistics, the job outlook for officers is very healthy. While the demand for loans fluctuates with the economy, the BLS estimates that employment of officers will increase by 14 percent before the year 2020. As of 2010, there were 289,400 loan officer jobs in the U.S.Like the job prospects, loan job pay is also very appealing. The Bureau of Labor Statistics reports that median pay in this occupation is $56,490 per year, with hourly pay rates at $27.16 per hour. As a officer, your pay will depend on whether you are paid on commission or a flat salary.