- Commercial loans
- Consumer loans
- Mortgage loans
The responsibility of the mortgage loan officers is to meet with the applicants for the purposes of loan applications as well as answering questions that pertain to the procedure. The mortgage loan officer or bank officer or loan officer is also known as the mortgage banker and he or she is supposed to work as well as function in the real estate as well as the banking industry. Some of the sectors in which the loan officers are supposed to work include the following: residential sector, commercial sector, or both of them. The lending officer is the person who specializes in residential real estate for securing the loans that are required to buy a house.
The academic requirements of the mortgage loan officer require a graduation degree or a bachelor's degree of 4 years. Make sure to focus on math as well as science subjects when you are in high school. Once you are in college, you need to focus on a related topic such as banking and finance. It is also helpful in case you have prior knowledge in the real estate market. Knowledge in finance or economics is also helpful for a loan officer.
The skill sets of the mortgage loan officers who concentrate on the commercial aspects of the business take into account the acquiring of physical property such as land or buildings. The loan officer may require working for very long hours for ensuring that the loans are secured and closed on time. Other skills take into account the analysis of the following aspects of the client such as:
- Property evaluation for determining the long term feasibility of granting the loans
The mortgage loan officer requires prior experience and this is crucial for developing a good and sound professional relationship with the real estate professionals who may help bring in the prospective clients when a loan is required. Being affiliated with the mortgage banker's association or MBA of your respective state also acquaints you with the pros and cons of the industry and the responsibilities that are expected of loan officers.
The global career prospects for mortgage loan officers are good and according to the statistics of the year 2006, an approximate number of around 373,000 jobs were held by the loan officers. In fact, the US Bureau of Labor Statistics has predicted that the number of jobs as well as vacancies is going to increase for the loan officers by the year 2014.
The average annual salary for a mortgage loan officer is $51,760, according to the statistics and readings of 2006. With experience in the related field, mortgage loan officers are expected to earn more.
The mortgage loan officer is the person who needs to be acquainted with the various aspects of banking technology as well as the software methods. Knowledge in banking applications is also required to a certain extent. The licensing requirements for mortgage loan officers working in banks or credit unions vary by the rules of the different states. This is a criterion that is also liable to variance for the employers of mortgage bank or mortgage brokerage. If you want a job as a loan officer, make sure you have the right qualifications and experiences required.