Getting loan officer jobs requires that you have the right skills and education, such as an accelerated online degree in accounting, before you start looking. This can be a very rewarding career and one that is consistently growing as more and more people seek out loans.
A higher education is required to work at one of the various types of loan officer careers.
You could become a mortgage broker loan officer, net branch loan officer, or independent loan officer. Exactly what degree you need depends on the job you are interested in.
Most loan officer careers require at least a Bachelors Degree in finance, accounting or business. If you want to become a loan officer, its worth getting the education necessary to start in the position you are interested in.
You can find the loan officer salary estimate on the Accounting Salary Table.
These jobs vary depending on which specialty you choose. A job description for a loan officer may include doing background checks, interviewing clients, and reviewing the risks associated with lending money to each person. Those working in a counseling capacity will be helping those with bad credit regain some ground so that they can get a loan, while collections involves getting people to pay their loans back.
As a loan officer, you will need to be good with people and have an affinity for sales. You may also need to make public appearances, so being comfortable with this is also good. In addition, you will often need to follow up on borrowers who have not paid up, which can require tact and a certain level of firmness.
You can get a job anywhere that loans are offered. Banks are the first places that come to mind, but you could also work in a credit union, private loan office or even a collection agency. Once you are in a position it is possible to work your way up to management, where you could be directing a team of loan officers.
No matter which one of the loan officer careers you decide to do, you will need to make sure that you continue with your education. The only way to really advance in this field is to ensure that you are constantly learning. While being licensed isnt mandatory in most loan officer jobs, it definitely increases the likelihood of employment and advancement. Certifications you may look at include the Loan Review Certificate Program and the Certified Mortgage Banker certificate.