Essay Sample on Loan Officer: Financial Institution Representative & Credit Facilitator

Introduction

A loan officer is a representative of a financial institution, such as a bank and the worker enables the borrowers to access credit. They can engage in various lending products in the case of the customers and the organizations that have employed them. They are supposed to have wide knowledge of the products that they can offer as lending facilities, understand the rules in the banking industry, the documentation and regulations. The officers will be needed to communicate with various individuals within the banking industry before they can manage to authorize a loan payment to a borrower. The loan products that they may be needed to oversee may include the lines of credit, personal and mortgage loans. The borrowers in most of the cases prefer to deal with the loan officers to ensure that all their needs are met.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

The loan officer's duties include making an analysis of the borrower's financial status and their feasibility of granting loans. They will also make a determination of their credit history to understand if they are credit worthy, as well as, make a review of the loan agreements. They also have a responsibility of approving loans, and this is after making consultations with the other stakeholders in their department. Their physical environment may be within the financial institution where they are employed while in other cases, it may happen in the borrower's premises. There are instances that the loan officers are sent out in the field by their banks to search for potential clients. They may encounter some of their customers in the field, and the process of accessing the loans may start within the customers' work stations considering that the process of obtaining loans takes several steps. The expectations of the employees are that they will manage to deliver and meet the set goals and manage to offer many loan elements. Additionally, they also have expectations that the rate of defaulting will be low if not zero. The typical work schedule of a loan officer may follow the normal working pattern of 8 AM to 5 PM though it can change depending on circumstances of the respective field that they are managing. If the working process may include mostly going out in the field to meet clients, they may fail to have a different working schedule to follow, and their system will keep changing depending on the clients they are facilitating to acquire a loan amount.

The loan officer's career is wide, and there exist various positions that a person who has graduated as a credit offer can hold. Some of these include the bank loan, agricultural loan officer, mortgage broker, personal loan specialist, real estate loan officer among others. The loan officers are required to have a college degree preferably the bachelor's qualification, and this should be in the field of business. The officer may be required to undertake licenses, such as mortgage loan originator (MLO) and they can also be certified by the Mortgage Bankers Association (MBA) among other professional bodies. The average wage that is received by the loan officers ranges between $35, 030 and $108, 410 and the job outlook is positive for there is the possibility of positions in the market increasing (United States Department of Labor, 2019). There has been an increase in the number of small businesses and the fluctuating economy which calls for the need to have the officers to assist the business owners to thrive in the economy. The promotion for the loan officer may be realized in the form of moving up the ladder and becoming the senior loan officer in an organization. Additionally, gaining skills and experience may place an individual at a position where they can start their firms and offer consultancy services. Additional education may be required since it is possible to undertake masters or PhD qualifications in this field. Some of the similar occupations to the loan officers include the financial examiners, personal financial advisers, and insurance sale agents. The loan officer career is interesting since it presents a worker with the opportunity to interest with the borrowers and help them to develop and grow their dreams. Therefore, to a greater extent they play a greater role in the development of the economy through these borrowers. Additionally, the field that their services are required is wide meaning that they can never lack employment. The outlook of the industry is positive ensuring that there is the possibility of growth and moving up the ladder.

Reference

United States department of Labor. (2019). Occupational Employment Statistics. Retrieved from https://www.bls.gov/oes/2017/may/oes132072.htm