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Loan Officer
Loan officers assist people seeking credit. This enables individuals to get the funding necessary to buy an automobile or house or attend college. Loan officers also assist business owners by helping them acquire business loans.
The following are three different types of loan officers:
- Commercial loan officers specialize in business loans.
- Mortgage loan officers assist individuals applying for mortgages for properties to live in or use as investment properties.
- Consumer loan officers assist people seeking loans for consumer products, such as a car or boat.
Loan officers are frequently assigned to travel. Commercial and mortgage loan officers are constantly working in other locations other than their home office. Commercial loan officers occasionally travel to neighboring cities, specifically when handling a complex loan. Mortgage loan officers frequently conduct their business at home or from an automobile. They sometimes meet with clients at their homes or businesses. Consumer loan officers and loan counselors usually conduct their business from their home office.
How do you prepare for this career?
Loan officers often major in economics, finance, or a related major during college. Those interested in this career should understand how computers are utilized by financial institutions.
How much will I earn?
Salaries for loan officers in the 50th percentile were between $37,590-73,630 annually during 2008. Those with salaries in the lower 10th percentile made $29,590 or less while those in the upper 10th percentile made $107,040 or more annually.
Loan officers are usually compensated by receiving commission. Therefore, they are paid after they finalize a loan. Loan officers on commission are usually motivated to finalize more loans, but many are on salary. Some officers are paid an annual salary in addition to commission.
How many jobs are there?
During 2008, nearly 373,000 loan officers were employed in the United States. Loan officers can be found anywhere around the nation, but the majority work in large urban areas. Loan officers are usually employed by mortgage brokers and banks.
What is the future outlook for this career?
Job growth for loan officers is projected to increase near the same rate as average growth in other industries at least until 2016. Many individuals are applying for credit over the web rather than working directly with a loan officer. Those that have completed college will enjoy more job opportunities.
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