How to Become a Loan Officer

I hope you enjoy reading this blog post.
if you want to learn how I ended up in front of you, click here.

In order to buy a house, car, or finance college education, many people around the U.S. have to take out a loan. Loans are also essential in the business world for companies to get established, invest in capital equipment, and purchase inventory. Loan officers are essential to work as a mediator between borrowers and lending institutions.

Next:

Hey, I'm Joshua T. Osborne

In 2015, I said goodbye to 16-hour days and hauling boxes up and down stairs for a living (I was a mover). I became a full-time entrepreneur, and I made my money by helping business owners make money.

They had a need, and because of Virtual Tool Booths., I could fill it. Through the methods taught by my all-time favorite course and mentor, I created a 6-figure business in roughly 6 months. I could retire today (at 37) and never have to worry about money ever again.

Because of Virtual Tool Booths., I was able to quit my job, work online with flexible hours, and move to the mountains (Colorado Springs if you’re wondering)...all while helping real people improve their businesses, incomes, and lives!

For most folks, a college degree is the biggest bill of their lives. I never went to college. So I don’t have any massive bills or giant debts hanging over my head. My greatest education came from Virtual Tool Booths. (for a tiny fraction of what college costs) and it’s the bill that pays ALL the bills - a hundred times over!

I really wanted to share this secret weapon with others, so they could change their lives the way I changed mine. So if you’re not 100% sure about college, or only researching to make someone else happy, Virtual Tool Booths. might be a better option for you.

Want to know how I built this life with no formal education?

Learn More Here

What does a loan officer do?

Loan officers help people and organizations borrow money from banks or other financial institutions. They seek potential clients and help them apply for loans. They also collect personal information about clients and companies to make an accurate informed decision on their credit score and probability of paying back the loan. Loan officers may also provide advice and guidance to prospective clients that have issues qualifying for traditional loans. They guide all of their clients through the loan application process. The process usually starts with a telephone call or a meeting with the prospective client where the loan officer gathers basic information about the loan purpose and explains the variety of loans and credit terms that are available. They often answer any questions and may help clients fill out the loan application.

Loan officers typically specialize in consumer, commercial, or mortgage loans. Consumer loans include personal, automobile, and home equity loans. Commercial loans help businesses expand their operations and purchase new equipment. Mortgage loans enable people to buy a new home or refinance a present mortgage.

What kind of training does a loan officer need?

Loan officers typically have a bachelor degree in economics, finance, or other related field. Some loan officers do not have a college degree, but advance to their position after working for several years in many other related positions such as a customer service representative or teller. Employers also highly value prior experience in banking, sales, or lending. Loan officers who work in brokerages or mortgage banks sometimes have to be licensed and licensing requirements vary by State.

What are the prospects for a career as a loan officer?

Employment of loan officers is expected to grow about as fast as average for all professions, increasing 11% from 2006 to 2016 (1). Growth will be influenced by economic expansion and the increase in population. There will also be a need to replace workers who retire or leave the profession for other reasons.

Job prospects are expected be good and will be the best for loan officers with a college education and related experience in banking, sales, or lending.

How much do loan officers make?

As of July 2009, loan officers with less than 1 year experience earned annual salaries around $33,589. Those with 1 to 4 years experience earned annual salaries around $35,509 (2).

Aspiring loan officers should be good at working with other people, highly motivated, and confident in their capabilities. Other important qualities include good communication and interpersonal skills, sales ability, and a strong desire to succeed.

Joshua T Osborne

Founder/CEO – Mr. & Mrs. Leads

$84K Per Month providing Toll Booth Leads to small business owners all over the United States. 

Degreefinders.com is for anyone who is looking to get out of the daily corporate grind and provide a better lifestyle for themselves and their families while bringing massive value to small business owners. 

You can learn more here.

Follow Me

Leave a Comment

Your email address will not be published.