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 own interests.

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.

Click here for more details if you are interested in becoming a loan officer.