Loan Officer Career Review (2021) - Salary, Jobs, Education

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Timecodes

0:00 - Intro
0:22 - What is a Loan Officer?
1:41 - How To Become a Loan Officer?
2:22 - Loan Officer Compensation
6:17 - Loan Officer Jobs Market
9:13 - Loan Officer Myers-Briggs Personality Type
9:46 - Conclusion

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Blog Post: https://www.careerwatch.co/blog/loan-officer

But let's see if being a loan officer is right for you:

What is the average salary of a loan officer?
What is the job market like for loan officers? Would it be hard for you to get a job?
Would this occupation be compatible with your personality and interests?
What kind of education do you need to become a loan officer?
What will happen to loan officers ten years from now?
Let's get started.

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and to upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Some commercial loans are so large and complex that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans.

Consumer loan officers specialize in loans to people for a variety of uses, such as buying a car or paying college tuition. For simple consumer loans, the underwriting process may be fully automated. However, the loan officer still guides applicants through the process. Some institutions—usually small banks and credit unions—rely on loan officers to complete the underwriting process instead of using underwriting software.

Mortgage loan officers specialize in loans that are used to buy real estate (property and buildings). Mortgage loan officers work on loans for both business and residential purchases. Often, these officers seek out clients, which requires them to develop relationships with real estate companies and other sources that can refer prospective borrowers.

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make payments. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments on secured loans—those involving collateral, such as a home or a car, that the borrower uses to secure the loan—these officers start the process of taking away the asset and selling it to repay the loan.

Loan underwriters specialize in evaluating whether a client is creditworthy. Underwriters collect, verify, and evaluate the financial information that clients provide on their loan applications and then use loan underwriting software to produce recommendations.

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