Paper Example on Louisa Conti: From Bank Teller to Loan Officer

Introduction

The banking business is amongst the progressive job productions in the commercial sector. For Louisa Conti to change from a bank teller to loan officer, she has to be fully embraced for new challenges (Ciccarelli, Maddaloni, & Peydro, 2015). A loan officer is an agent of a financial institution (bank) who connects with borrowers and assists them in borrowing loans from the institution she works. As a loan officer, she will not only be limited to assisting borrowers with loans facilities. She will also be tasked with other numerous functions under the department of loans. Some of the different activities she will perform in her new role include product lending for both the business and the clients that will have joined the bank.

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Duties of a Loan Officer

As a delegate of the bank, Louisa will be required to communicate with other staff and the clients of the bank on the lending processes. She will also seek contact with the clients to help them in consultation matters and application of the loans at the most favourable rate. Louisa will further offer loan underwriting services, approval and finally seal the loan deals for the clients on behalf of the bank. Upon approval, the loan officer will have to source all the required loan documentation for the client to ensure conformity to the banking laws (Ciccarelli et al., 2015).

Working Conditions

Loan officers are usually allocated well-furnished offices with computers to work efficiently. Despite being offered offices to work in, at some point, they will require travelling to meet the clients. On the physical elements of the loan officer, she needs to be healthy, energetic and convincing. Just like any other employees, loan officers are expected to work for forty hours a week. They report in duty as early as 8 am and leave at 4 pm. In managing their clients, additional time may be required for the loan officers to work beyond the regular working hours (Ciccarelli et al., 2015). They spent most of their career time dealing with different people, computers and engaging the bank management.

Available Job Positions under Loan Officer Field

Loan officers have three manor fields under which they can specialize in their offered services. The specialities include; consumer loan officer, commercial loan officer, and mortgage loan officer. An individual can start as an intern before being promoted to a full loan officer (Fisman, Paravisini, & Vig, 2017).

Degree, Licensing, and Certification

For an individual to start her career as a loan officer, she needs to be a graduate with a degree in commerce related section such as economics, accounting, and finance. For mortgage loan officers they will be required to provide a mortgage loan originator license (Fisman et al., 2017). To attain this license one has to pass at least twenty hours of her coursework and have knowledge on credit checks. Further training is done on the job while interning. A competent loan officer also needs to acquire sales and marketing skills (Ciccarelli et al., 2015).

Job Growth

Loan officers who hold degrees and further professional training are well placed for job advancement depending on the demand of the institution they are in (Ciccarelli et al., 2015). Some loan officers may be transferred to head the institution's branches while others may be tasked with more responsibility due to promotion as loan managers and directors.

Salary Range

Wages for loan officers depend according to the size and financial capabilities of the institution. They can be paid based on the monthly commission, salary, or both the salary and commissions. For the last two years (2017 and 2018) the average salary of the loan officer was estimated to be around $51.760 annually (Ciccarelli et al., 2015).

Potential Advancement

A loan officer may be promoted to higher ranks either as a loan director, manager or consultant depending on the qualifications and job performance (Fisman et al., 2017). Companies reward mostly depending on the performance of the employee in the firm.

Similarity in Occupation

Other similar occupations related to loan officer include cashier, bank tellers, and sale agents (Ciccarelli et al., 2015). A loan officer can double in the listed positions above. She can work as a sale person and at the same time a loan officer.

Reasons for the Career

Loan officers gain extensive exposure through their jobs. They win more in-depth knowledge of lending processes and the benefits associated with lending. They also interact with different individuals hence learning about different people and creating other job connections (Fisman et al., 2017).

References

Ciccarelli, M., Maddaloni, A., & Peydro, J. L. (2015). Trusting the bankers: A new look at the credit channel of monetary policy. Review of Economic Dynamics, 18(4), 979-1002. Retrieved from https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1228.pdf&ved=2ahUKEwjw8cPX94HiAhXRxIUKHQ7GDr8QFjAAegQIBBAB&usg=AOvVaw2FrBKWxJ17lSOa7Vxialxn

Fisman, R., Paravisini, D., & Vig, V. (2017). Cultural proximity and loan outcomes. American Economic Review, 107(2), 457-92. Retrieved from https://www.google.com/url?sa=t&source=web&rct=j&url=http://eprints.lse.ac.uk/67376/7/Paravisimi_Cultural%2520proximity%2520published_2017.pdf&ved=2ahUKEwiX_t-y-IHiAhVIqxoKHaBtCjoQFjABegQIBBAB&usg=AOvVaw1EjQmSi3rEs-sF0DCAaTBK