Loan officers usually work for financial institutions like banks and credit unions. They also work for mortgage companies and assist customers in getting loans to buy a home and other purposes. They specialize in consumer, home mortgage, and commercial loans, based on the company they work for. Job prospects for loan officers in Clarksville and across the US are somewhat good overall.
Duties of a Loan officer
Loan officers are expected to find a potential client who needs a loan. They should be able to persuade them to take a loan from their institution. Once the terms and conditions of the loan are accepted, the loan officer then analyzes and verifies the creditworthiness of a client.
The underwriting process is used to assess the qualification of applicants. There are several guidelines which play a vital role in the assessment. Software programs are also used to analyze the application.
All in all, loan officers should have excellent customer service and sales skills. The latter is especially necessary to market new products and services offered by their institution and bring in new business.
Categories of Loan Officers
A commercial loan officer works exclusively with businesses. Business loans are used to buy inventory and even for expansion. A consumer loan officer helps individuals to get loans to pay for college or even buy a car. On the other hand, a mortgage loan officer is a specialist in loans for real estate, individual or commercial.
All three types of loan officers must guide applicants through the application process. It can be a bit complicated, and there are a lot of questions to answer. A loan officer’s work schedule can be quite hectic as well.
Mortgage loan officers must be licensed to practice in their state and undergo a background check. Since loan officers are required to use software programs, they are offered on the job training before they start working full time.
Since the downturn in the economy, the lending market is picking up slowly. Job growth will be tempered by software use which makes the loan process faster. Regardless of other similar developments, the job market for loan officers is expected to be healthy over the next decade.