How To Be A Loan Officer

They might also deny a loan or advise against offering financing and they must sometimes follow up on late payments on existing loans.

How to be a loan officer. When demand for loans is low it can be really tough. Once a call is successful and a loan officer is able to retrieve a prospective customer s information they need to secure financing for their client. Loan officers may look at applicants income job stability debt to.

Commercial loan officers work specifically with businesses. To work as a loan officer the following may be required of you. In those situations you would be more likely to earn a salary or a salary plus a small commission.

They help determine the appropriate loans for customers and make them aware of the requirements and. Loan officers determine whether or not individuals and corporations qualify for loans from banks and other financial institutions. They examine the financial records of loan applicants and apply underwriting principles and formulas to determine their ability to repay a loan.

Start with at least a high school diploma. Loan officers at smaller shops and independent companies need to self manage their time and strive to call out up to 100 contacts a day. A commercial loan officer helps such organizations to underwrite costs like new inventory or equipment or even to expand their business.

A loan officer assists customers with loan applications for cars college tuition and homes. Loan officers work for banks and other financial institutions helping individuals and businesses obtain funds from these lenders they investigate their creditworthiness then authorize or recommend approval of loans. Many mortgage loan officers choose to work for a large company such as a depository bank credit union or a mortgage banker.