The loan industry is still looking for big prospect in the future. In this modern day, most people are relying on loan to help them finance some of their needs especially for the thins they can afford to buy in cash. There are always people in need of loan and as this industry is prospective, having a career in this industry also offers good prospects. Loan officer is a job position in the loan industry with a good career prospect. Let us learn more about learn officer job description, candidate requirements, and off course, loan officer salary.
Who is Loan Officer
Loan officer is a professional in loan lending industry and this position is considered as the forefront of the lending industry. The main responsibilities of loan officers are to evaluate and analyze loan application and based on the result recommend whether the application can be approved or not. In short, loan officer is the one doing the underwriting process for loan application of individuals or companies.
The work of loan officers also relates with some components of costumer services and sales as they often meet with loan applicants to gather required information, offer advice and recommendation, and related things.
How to Become a Loan Officer
To become a loan officer, a candidate must hold a bachelor degree with business or finance major. In some cases, candidates may not need to have a degree if they have years of experience in field like sales, costumer service, or banking. All candidates for this job position are required to receive on-the-job training. The training program prepares the candidates to learn practical skills and knowledge to do the job description and to familiarize them how the system works. Loan officers on certain field, especially mortgage loan officer, are legally required to have a licence. It requires training courses, passing the exam, as well as background and credit check to obtain the license.
How Much Loan Officer Made
Now, let’s talk about money and yes, it’s the loan officer salary! The amount of salary is always a big factor to make a good job position or not. In terms of money, loan officer is quite rewarding not only for the salary standard but also for bonuses and incentives depending on achievement and job performance. US News & World Reports survey in 2017 reported the median salary for loan officer is $64,660. Top 25% made $94,150 and the lowest paid 25% received $45.660. Compared with other job positions in financial industry, loan officers salary is on par with insurance sales agents and slightly higher than real estate agents although it is still much lower than financial analysts.
The location of work area is also a factor for loan officer salary. Loan officers working at metropolitan areas made higher salary that those working at small cities or rural area. The state of New York is the state with the highest average salary for loan officer at $108,410. For the past few years, there’s a positive trend of loan officer salary and that’s another reason why this job position is a good career opportunity.
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