| officers facilitate this lending by seeking potential clients | | | | new equipment or expand operations; consumer loans |
| and assisting them in applying for loans.Working as a | | | | include home equity, automobile, and personal loans; |
| loan officer usually involves considerable travel. For | | | | and mortgage loans are made to purchase real estate |
| example, commercial and mortgage loan officers | | | | or to refinance an existing mortgage. |
| frequently work away from their offices and rely on | | | | Most loan officers and counselors work a standard |
| laptop computers, cellular phones, and pagers to keep | | | | 40-hour week, but many work longer, depending on |
| in contact with their offices and clients. Mortgage loan | | | | the number of clients and the demand for loans. |
| officers often work out of their home or car, visiting | | | | Mortgage loan officers can work especially long hours, |
| offices or homes of clients while completing loan | | | | because they are free to take on as many customers |
| applications. | | | | as they choose. Loan officers usually carry a heavy |
| Loan officer positions generally require a | | | | caseload and sometimes cannot accept new clients |
| bachelor’s degree in finance, economics, or a | | | | until they complete current cases. They are especially |
| related field. Most employers prefer applicants who | | | | busy when interest rates are low, triggering a surge in |
| are familiar with computers and their applications in | | | | loan applications. |
| banking. For commercial or mortgage loan officer jobs, | | | | Loan officers were employed by commercial banks, |
| training or experience in sales is highly valued by | | | | savings institutions, and credit unions. Others were |
| potential employers | | | | employed by nonbank financial institutions, such as |
| Loan officers also gather information about clients and | | | | mortgage banking and brokerage firms and personal |
| businesses to ensure that an informed decision is | | | | credit firm. Commercial loan officers sometimes travel |
| made regarding the quality of the loan and the | | | | to other cities to prepare complex loan agreements. |
| probability of repayment.Loan officers usually | | | | Loan officers employment is subject to the upturns |
| specialize in commercial, consumer, or mortgage loans. | | | | and downturns of the economy. |
| Commercial or business loans help companies pay for | | | | |