The career path of a loan officer is one that has many potential that is why some professionals are looking at how to become an expert in this profession. A loan officer has the say whether to approve a loan application or not. They are knowledgeable when it comes to analyzing financial statements as well as the capacity to pay of loan applicants.
If you want to become a loan officer, you will have to possess certain set of preferred skills that are acquired both from your educational background as well as experience. Although there is no specific set of skills needed in this profession, your chances of becoming a loan officer is greatly enhanced if you will follow the following tips.
Finish a college degree
Most banks and financial institutions require their loan officer candidates to be a college degree holder preferably with a degree in Banking and Finance or other business courses. You must also have very good English writing skills as the job will require you to make reports of the client’s financial statements.
Join a bank or financial company
After graduating from college, you can join a bank and be a junior loan officer. You will be under a senior loan officer for some time until you get promoted to a senior level. The experience you will get entitles you to get promoted to bigger responsibilities later on.
In some instances, you can also be a loan officer through lateral entry. If you are already working for a bank or financial institution, you can ask to be transferred to the loans department and there become a loan officer after acquiring the knowledge and skills that go with the job.
Depending on the State, there may be a need to get licensed to become a loan officer. Check with your State the requirements and pass the exam if necessary to become a professional in this field.
Even if you are a graduate of related courses, it is still not a guarantee that you can become a loan officer. If there is an association of loans and credit investigators in your State or locality, it is best to be a member of that group to increase your chances. Check out also job boards in your college or university for opportunities because some banks also hire fresh graduates to join their loans department.
It is not that difficult if you want to become a loan officer. You just have to get the needed experience and follow the career path leading to this profession.