If you have ever thought about purchasing a home, one of the main things that may go through your mind is “what is the job of a loan officer?”
A loan officer usually works for a bank or a mortgage company that specializes in mortgage loans.
A loan officer is a financial liaison that helps people and businesses get the funding that they need from a lender. They usually specialize in either commercial or individual mortgage loans, although they can also handle other types of credit such as personal loans.
A loan officer will typically spend some of his day searching for potential clients to service via making cold calls. They may also use a list to work from in order to make contact with potential customers.
Once a loan officer has secured a client, most of the time, people think of loan officers as their personal liaison between a commercial or home loan lender and the borrower. The loan officer may have a group of financial representatives or banks and lenders that they can reach out to when trying to seal the deal and secure a loan for borrowers.
The core job of a loan officer is to help borrowers get the loan that they need, whether it is for a home or business. A loan officer may also:
- Pre-qualify buyers for loans in certain instances
- Help borrowers complete their applications
- Run credit checks
- Advise clients on how they can get the loan they need
Qualifications of a Loan Officer
Usually you will find that a loan officer has a Bachelors degree in either business, finance or economics. Some may even have banking experience. On occasion you may even find a loan officer who has a solid background in mathematics.
The daily duties of a loan officer vary and include:
- Constant communication with the client and the lenders either via the telephone or over the Internet Traveling to the client or lender
- Visiting customers
- Drafting paperwork
- Perform online credit checks
- Draft correspondence
Having a job as a loan officer will definitely require an ambitious mindset, a penchant for hard work, determination, and the ability to thrive in all environments. There will be times when the pressure is high as well as times where the work day is slow.
As a loan officer you have to have that special something that makes people want to say yes to you. It is important to be a good salesperson, because for every 100 “nos” you will get at least one “yes.” Loan officers live by the law of averages and make every effort to get their customers the loans necessary for their needs. You will find that most loan officers are eager and determined to get their jobs done effectively.