Commercial Loan Officer
Some career fields, the Great Recession has caused severe damage to; others, it has helped. One that has benefited from the recession is that of the commercial loan officer. More people and businesses now need the loan officer’s assistance to get a much-needed financial boost.
A loan officer works with individuals and businesses to assist them with acquiring loans for their personal or professional needs. The loan officer evaluates loans, makes needed recommendations for his clients, and authorizes loans for commercial needs, real estate, or credit.
A loan officer works primarily for a financial institution such as a credit union, commercial bank,, or savings institution. He typically specializes in one of three different areas: consumer, commercial, or mortgage. Consumer loan officers assist individuals with personal loans, auto loans and home equity loans. Commercial loan officers help businesses get loans for business expansions or equipment upgrades. And mortgage loan officers help with the purchase of residential or commercial property or with refinancing a current mortgage.
A loan officer might work in either a large or small financial institution. Those who work in smaller branches are sometimes responsible for all loan activity. In a larger financial institution, there could be several loan officers. In this case, each will specialize in just one specific area of loans.
A loan officer should be a highly motivated individual with the capacity of taking on several tasks at the same time. He interacts constantly with others: with clients, help them find a loan that best suits them, and with staff, ensuring that all paperwork is correctly completed.
Although there are a few exceptions,, nearly all loan officers have a B.A. In either economics, finance or some related field. The few who do not have a college education have started off as customer service representatives, or, more often, as tellers, and they advance to the position of loan officer after working in the financial industry for several years. All loan officers will have some kind of experience in either banking, sales or lending.
Other requirements to get into this field include knowledge of computers, outstanding interpersonal skills, knowledge of the banking industry, and familiar with banking-related computer applications. Although there are no licenses required, some additional training might be required for a loan officer working for a brokerage or mortgage bank. And for loan officers whose job is solely reviewing and approving loans, there are some available certification programs.
And the payback for this training and experience: an average annual salary of more than $51,000.
