Question:

What is a loan officer?

Answer:

A loan officer is someone who helps people obtain loans to buy a car, a home or improve their business. Loan officers need to know in depth about all the aspects of loan products in order to provide loan counseling to borrowers, as this is another major part of a loan officer job. Also, there are different personal and educational traits that make the successful loan officer.

What does a loan officer need to be successful?

A successful loan officer will have the right blend of personal qualities and loan officer training and experience.

Statistics shows that loan officers with a college degree in finance have the best prospects to land on a loan officer job. However, often loan officers will prefer the security of firm salary and 40-hour week schedule, while real successful loan officers is proven to be those who thrive in commission-based environment. Therefore, some employers when hiring a loan officer will weigh their personal attitude the most. In a loan officer position the ability to establish rapport with clients, to work independently with little and no supervision, to generate and close loans will be valued much more than a college degree. However, having the right education, training and certification can only be of help.

This is what a loan officer job basically is. To be successful, though, is not a matter of a college degree and one-time great performance. Loan officers are expected to constantly improve their skills and knowledge in the field.

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