Rockstar from another dimension asked:
I’m in need of a new job, and I recently sparked a little bit of interest in becoming a loan officer. It seems like an opportunity to make a great income, while living a flexible lifestyle. Although I really don’t know very much about the field. I was hoping to find someone who can tell me their opinion about the field. Perhaps things to look for, and things to watch out for if I do go in the field. The things you like, and don’t like. The steps I should take if I do want to get in this field. etc.
I’m in need of a new job, and I recently sparked a little bit of interest in becoming a loan officer. It seems like an opportunity to make a great income, while living a flexible lifestyle. Although I really don’t know very much about the field. I was hoping to find someone who can tell me their opinion about the field. Perhaps things to look for, and things to watch out for if I do go in the field. The things you like, and don’t like. The steps I should take if I do want to get in this field. etc.
I do have 5 years of collection experience and I was always one of the top collectors, so I’m pretty sure I’d catch on quick since I’m already used to negotiating finances with people. I’m just really tired of collections and don’t want to do it anymore, looking for a better opportunity.
PS: If you know of an even better opportunity for an ex-collector, I’d like to hear it also.
Loan Officer and Loan Counselor: Career Information
From Dawn Rosenberg McKay,
Your Guide to Career Planning.
FREE Newsletter. Sign Up Now!
Job Description: Loan officers work for banks and other financial institutions. They help individuals and businesses obtain funds from these lenders. Loan officers specialize in commercial, consumer and mortgage loans. Loan counselors assist loan applicants who have difficulty qualifying for traditional loans.
Employment Facts: Loan officers held almost 291,000 jobs in 2004. Loan counselors held about 34,000 jobs in 2004.*
Education: To work as a loan officer or loan counselor one must generally have a bachelor’s degree in finance, economics or a related field.
Other Requirements: Job candidates should be familiar with computers and their applications in banking. While there are currently no specific licensing requirements for loan counselors and officers working in banks or credit unions, training and licensing requirements for loan counselors and officers who work in mortgage banks or brokerages vary by state. These criteria also may vary depending on whether workers are employed by a mortgage bank or mortgage brokerage.
Advancement: Capable loan officers and loan counselors, once experienced, may move to larger branches of their firms or to managerial positions. Those without adequate education will have trouble advancing without additional training.
Job Outlook: Employment of loan officers is projected to increase more slowly than average for all occupations through 2014. Those with college degrees or experience have the best prospects. Employment of loan counselors is expected to increase faster than average.*
Earnings: Median annual earnings of loan officers were $48,830 in 2004. Median annual earnings of loan counselors were $35,700 in 2005.*