Being A Loan Officer
The Life and Times of Loan Officers
A popular saying states that "in
this life, nothing is certain but death and taxes." But in
today's society you can usually count on at least one other thing
being certain: loans. Everyone must get some sort of loan to get
anywhere in life. Buying a car, buying a house, going to college,
going on vacation, and starting a business are just a few events
that might require applying for a loan.
Even big national governments sometimes
have to get loans before they can do the things that they want to
get done. Wherever you are and whatever your situation, chances
are you have at some point talked to a lender. But have you ever
considered being a loan officer yourself?
The loan officers that work for banks
or other lenders have two main goals. They first need to protect
their employers from lending out money to risky investments who
might not pay them back. To do so they must evaluate a potential
borrower's credit and employment histories, along with other factors,
and then make an informed decision about whether or not to give
them the money they have requested. Being a loan officer also means
earning a living by making as many loans as possible to reliable
borrowers, which is other main aim of the job.
If you would like a steady job that
still offers challenges, being a loan officer might be the right
choice for you. The job is relatively low in stress and offers good
working hours and opportunities for advancement. You could make
a good regular paycheck.
Your employment would mainly consist
of reviewing borrower information, determining the amount for which
a borrower qualifies, and working with borrowers who are delinquent
on their payments. You might also be called on to sell other products
or services of your employer from time to time. Being a loan officer
just got easier as well, thanks to new technology that speeds processing
of loan applications.
If you study to become a loan officer,
you might also think about specialization, which could potentially
add job security. Because there are so many different types of loans
designed to do so many different things, you have a lot of options
available. You might focus on commercial, real estate, or agricultural
loans, perhaps even choosing a specialization that reflects your
Being a loan officer can be a good,
stable, and interesting job. If you would not mind an occupation
consisting of hearing proposals from potential borrowers, setting
loan terms and rates, analyzing information about borrowers to make
a decision that holds less risk for your employer, and dealing with
the occasional borrower who has started to miss payments, you would
do well as a loan officer.
Maybe it is time for you to check out
the "other side" of lending. You might be surprised how
many rewards being a loan officer can offer. Help others to get
the American dream by becoming part of another staple of American
life, and you just might get your own American dream in the meantime.
for more details if you are interested in becoming a loan officer.