Loan Officer By: Alyssa

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Loan OfficerBy Alyssa
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Overview

• Loan Officers evaluate applicants and their
  financial history as well as deciding whether
  they receive the loan or not.
• Interview Applicants and make sure everything is
  correct
• Then the loan is submitted to a committee.
• Explain the procedure to the applicant
• Can often specialize in certain types of loans

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Task List

• Approve or Deny loans
• Refer loans to the committee
• Supervise loan clerks
• Analyze loan markets
• Come to an agreement to help people behind on
  their loan payments

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Common Work Activities

• Using a Computer
• Make decisions and problem solving
• Judge the value of objects, services, or people
• Work with the public
• Process Information

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Working Conditions

• A lot of Social Contact
• Often are part of a team
• May share an office
• Be exact in their calculations
• Make decisions that affect companys reputation
  and customers

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Physical Demands

• Sit for long periods of time
• Focus on one source and ignore others
• Speak clearly
• Understand others speech
• Repetition of movements

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Skills and Abilities

• Express ideas clearly
• Read and understand work-related materials
• Use reasoning to discover answers to problems
• Good concentration
• Persuade others to approach things differently

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Knowledge Preparation

• Good understanding of English language
• Know the rules and use of mathematic
• Knowledge of Supply and demand
• General office work (filling and recording
  information)
• Knowledge Of Government and Jurisprudence

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Helpful High School Courses

• Accounting
• Banking
• Computer Applications
• Economics
• Keyboarding
• Personal Finance

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Hiring Practices Licensing and Certification

• Employers prefer applicants to have a Bachelors
  degree
• They also look for applicants who have a
  background in economics, finance, accounting, or
  business administration
• Need to be promoted to become a loan officer at a
  bank
• Need good math and analytical skills
• Have Good character

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Average Yearly Wages

• Ohio - 37,280
• Akron 34,700
• Cleveland 40,320
• Youngstown 33,280
• United States - 37,470

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Employment and Outlook

• Most job opportunities for loan officers are in
  cities or suburbs
• Computers do most of the credit scoring
• People can shop inline for loans, therefore
  decreasing the need for loan officers
• This occupation is effected by the changes in the
  economy
• Which leads to working few hours or being laid
  off

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Interests Advancement Opportunities

• Consider relationships important as well as
  support from their employer.
• Need good working conditions and independence
  important too
• Experienced Loan Officers will be given larger
  sums of money to work with
• Can be promoted to larger Branches
• May need additional training to become a
  supervisor or a management position.

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References

• OCIS