Career Choice: Loan Officer

What do Loan Officer do?

Loan officers help people apply for loans. This lets people do things like buy a house or a car, or pay for college. Loan officers help businesses by loaning them money to get started or to buy equipment.

Loan counselors help people who want a loan but have problems that could keep them from getting it.

There are three kinds of loan officers.

Commercial loan officers work with businesses.

Consumer loan officers work with people who want a loan for things like a car.

Mortgage loan officers work with people who want to buy real estate or get new real estate loans for property they already own.

Loan officers usually have to travel a lot. Commercial and mortgage loan officers often have to work away from their offices. At the same time they must keep in touch with their offices and customers. Commercial loan officers sometimes travel to other cities. This can be necessary for more complicated loans. Mortgage loan officers often work out of their home or car. They visit offices or homes of customers while filling out applications. Consumer loan officers and loan counselors are likely to spend most of their time in an office.

Most loan officers work a normal 40-hour week. Sometimes they have to work longer hours if they have a lot of customers who want loans. Mortgage loan officers often work long hours. This is because they can take on as many customers as they choose. Loan officers are very busy when interest rates are low. This is because more people will want to borrow.

How do I prepare to become a Loan Officer ?

Loan officers usually have a university degree in finance, economics, or a similar field. It helps to know a lot about computers and how they are used in banking.

If you want to become a loan officer, you need to be able to work well with others. You also need to believe in yourself.

Loan counselors and officers who work in banks or credit unions do not have to get a license. Those who work in mortgage banks or brokerages may have to be licensed.

What are the earning potentials?

Weekly Earnings (full time and before tax)

• $807 - All Ages
• $683 - Ages 20-24

Source: ABS Employee Earnings, Benefits and Trade Union Membership, August 2003.

What are the Job prospects for Loan Officer ?

• Very Good
• Good < Loan Officer
• Average
• Below Average
• Limited