Career Advice on How to Become A Loan Officer

Banking Careers, Loan Officer Jobs, General Information

Few things in life are quite as much fun as telling people that they can not have money.  If you are the kind of person that loves determining whether or not the average Joe or Jill deserves a loan, then not only are you are in luck, but you also might want to add banking careers and loan officer jobs to your financial career planning or job search list.

The average loan officer career often involves specializing in different kinds of loans, ranging from consumer to mortgage to commercial loans.  Depending upon their specialization, it is likely that a loan officer career will consist of a varying, daily work flow. However, in general, loan officers, not surprisingly, provide individuals and businesses with loans.


Loan Officer Careers, Career Facts:

Few people have the money they need to make many of life’s major purchases.  As a result, the practice of lending for a price, of course, has come into existence.  Those looking to purchase a house, car, pay for a college education or buy breast implants for their mistress may have to turn to banks in order to get what they either want or need.  A major player in this life of servitude is the person fulfilling the loan officer job.  The loan officer is the person that sits down with people looking to get a loan and often crushes their dreams.  It is the job of the loan officer to evaluate all prospective borrowers. 

Before a loan officer can start the loan process, a loan application is necessary.  Clearly, this can be an area of dread for many individuals and businesses, as applicants are required to divulge a great deal of financial information about both themselves and their business if applicable.  For this reason, working in a banking career as a loan officer can be stressful.  Loan officers know that if they turn down a loan they have likely created a very unhappy customer or potential customer.

Much of the work in banking careers, as a loan officer, will center on acquiring and evaluating financial information.  For those that think such work sounds uninteresting or boring, another line of work might be in order.  Part of this assessment usually centers on the type of collateral that is offered for the loan.  This collateral, often a home or other property, can then be seized if the loan is not repaid.


Loan Officer Careers, Opportunities and Job Outlook- Good:

The expected rate of job growth for banking careers and loan officer jobs is expected to be about ten percent between 2008 and 2018.  Much of this expected career growth would occur due to current loan officers leaving the industry either to take other banking career opportunities or via retirement.
Job Outlook is Good

Banking Careers, Loan Officer Jobs, A Day in The Life:

One working a loan officer career wakes up in the morning laughs a devilish laugh insanity into the mirror and says something along the lines of, “Screw them Phil, screw them all” or whatever the person’s name may be.  Usually they then leave their small apartment or home and kick the neighbor’s dog on the way out of their neighborhood, while mocking the “prissy bicyclist” that may get in their way once they are firmly in their gas-guzzler heading off to their banking career.

At work they act depressed, but are secretly overjoyed to have tons of applications to reject.  This is one fun career for the right kind of person.  Loan officers, working banking careers customarily work in an office setting and typically have a forty-hour workweek.  This may vary for commercial loan officers who may need to be meeting with potential clients out of the office.

Banking Careers, Loan Office Jobs, Average Salary:

Average salaries in these banking careers can very considerably depending upon the kind of loans a loan officer oversees.  On average, a loan officer careers bring in about $54,000, but the top ten percent of loan officers earn about $106,000 per year in their banking career.

$54k - $106k


Loan Officer Careers, Training and Qualifications:

Commercial loan officers are usually required to hold a bachelor’s degree in a relative field, such as economics.  On the job training is common and a high school degree will often get one’s foot in the door.  It is important to note that individuals seeking banking carers, as loan officers, are required to hold licenses and must pass a background check and a written exam before receiving a loan officer job offer.
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