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Loan Officer – training and careers

Secure your future in the finance industry with a career as a Loan Officer
According to the Bureau of Labor Statistics, the majority of Loan Officers work for
commercial banks, savings institutions, credit unions, mortgage companies and other
financial institutions. Loan Officers usually specialize in commercial, consumer, or
mortgage loans. Commercial or business loans help companies pay for new
equipment or expand operations. Consumer loans include home equity, automobile,
and personal loans. Mortgage loans are made to purchase real estate or to
refinance an existing mortgage. As banks and other financial institutions begin to
offer new types of loans and a growing variety of financial services, Loan Officers
need to keep abreast new product lines and update their skills to meet the needs of
customers.

For many individuals, taking out a loan may be the only way to afford a house, car,
or college education. For businesses, loans likewise are essential to start many
companies, purchase inventory, or invest in capital equipment. Loan Officers
facilitate this lending by finding potential clients and assisting them in applying for
loans.

Loan Officer positions generally require a bachelor’s degree in finance, economics,
or a related field. Training or experience in banking, lending, or sales is
advantageous. Loan Officer training programs teach industry-specific concepts and
techniques to new loan professionals. The programs are generally structured to
provide all of the information and skills needed to successfully execute loan
transactions and increase income potential. Studies focus on a complete approach
to loan origination, including how to review a credit report, qualify a potential
customer, develop a client list and select the best loan program available.

Successful Loan Officers have opportunities to advance and grow within the
mortgage and banking industries. Some Loan Officers who have the talent and
dedication become mortgage brokers, and establish their own mortgage company.
The time to accelerate your career is now – learn the skills you need to become a
successful Loan Officer.

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