Question:

Can you give some more loan officer information about what the job is like?

Answer:

A lot of loan officer information can be found through online sources or local libraries. Loan officers are usually employed by banks, unions and other lending institutions. They engage in accepting and verifying customer data; some loan officers are authorized to approve commercial, real estate or personal loans and all are expected to be able to find the appropriate loan for a customer depending on their credit score, financial situation and desired loan.

Information about loans and mortgage counseling is usually provided by certified loan counselors; however, often loan officers will provide counseling and loan information to troubled borrowers or to anyone who needs loan counseling, as loan officers are expected to be well-prepared on the subject and regularly update their knowledge about emerging loan products and trends.

A common criterion for a loan officer is background in finance, economics, or business. High computer literacy is expected. Loan officer license is sometimes not required, depending on the type of institution the loan officer is working at.

Other useful loan officer information would be to know that loan officers are often expected to be actively searching for people or companies in need of a loan rather than being fed with deals. They are often recruited as sales people for a lending institution and are often expected to work on commission rather than on fixed salary.

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