Positions in Lending Jobs
Credit analysts, collections officers, chief credit officers, loan department specialists, loan officers, loan administration specialists, loan quality control, loan utility specialists, mortgage loan specialists, and real estate loan officers are some of the positions focused in lending work. Each position has specific tasks and functions from that of another, but most functions form part in the whole process of lending money to customers and getting back the payment for the same loan. A lending occupation may need people who have the qualities of a credit investigator, salesperson, customer service, and loan analyst all rolled into one, depending on the needs of a customer.
Applicants interested in lending employment must also display tact, patience, and good communication skills as some people who are taking or negotiating loan payments may display various emotional states especially when they are in the predicament of being unable to make the necessary loan payments. Prospective employers include banks, commercial loan institutions, credit unions, and other financial institutions. Lending jobs are also perfect for people who have good mathematical, analytical, and problem-solving skills to be able to negotiate a good lending contract with a customer who is either asking for a huge loan, a home mortgage negotiation, or business loans.
Lending work also covers people involved in businesses whether for start-up capital use, purchase inventory, or capital equipment investment. Loan officer work involves the gathering of personal or business information from the client while loan counselors assist applicants with loan qualification problems and providing plans and detailing specific requirements and other information about the loan. Loan officer jobs cover consumer, mortgage, and commercial loans. A lending occupation involving mortgage loans for real estate purchase or refinancing is another process which needs a different technical assistance.
Lending employment is expected to grow 10 percent from 2008 to 2018 according to the US Bureau of Labor Statistics. Mortgage and consumer loan officers are expected to benefit from the job openings as retirement and new positions are opened in new bank branches in cities with large populations. Their employment prospects are as fast as average while commercial loan officers have excellent job prospects for the same period, better than for mortgage and consumer loan officers.
Loan officers can expect a lending career in higher loan officer positions, supervisory posts, or even managerial positions. Some career advancements may happen when new branches of the banks or financial institutions are opened in new locations. Supervisory positions usually involve the monitoring of loan officers' work and some one-on-one training for the new applicants to the same position.
Loan officers are only required to have a high school diploma, but commercial loan officers are expected to have a bachelor's degree in economics, accounting, business administration, or any other business-related course. A mortgage loan officer is required to have a license to work at his job, but other lending jobs such as consumer loan officers are not required to undergo a written exam for licensure, but they usually attend on-the-job trainings and other specific seminars sponsored by their bank or lending company.
Average Salary
Salaries for lending work positions may vary by size and type of company or financial institution, geographical location, qualifications of the applicants, and specific lending occupation. In the 2008 BLS data, the median annual wages of loan officers was at $54,700 with those in the middle half earning from $39,710 to $76,860 but the top 10 percent had over $106,360. Some companies or banks pay their loan officers annual salaries while some prefer to pay theirs with commission for every loan they initiate. On the other hand, others choose to pay a base salary as well as commissions or bonuses based on the loans they have originated or the performance of the loans which they have initiated. Loan officers who receive commissions usually earn more annually than those who are paid regular monthly wages.
Where to Look
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