What does a loan officer do in general?


What a loan officer does depends on whether they are commercial, consumer or real estate loan officers. In general, a loan officer helps people obtain loans for the purchase of high cost items.

Commercial loan officers provide businesses with loans for purchasing new equipment, buildings or turnover money. Mortgage loan officers help people purchase properties for living or investment purposes. Consumer loan officers help people obtain personal loans - to buy a car, for example.

Loan officer type determines whether officers spend a lot of time traveling, or whether a loan officer does the job from the office. To do their job, often loan officers travel to other towns or to their client's place. Sometimes, loan officers are on a 9 to 5 working schedule; or they work on a flexible schedule, depending on the customer flow.

To prepare yourself to do a loan officer's job, it is recommended that you earn a degree in business or economics, and attend additional loan officer prep courses.

People with similar job characteristics and requirements as loan officers are insurance and real estate agents, financial advisors and financial services salespeople.

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