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What is this job like?
Loan officers help people apply for loans. This lets people do things like buy a house or a car, or pay for college.
There are three main kinds of loan officers. Commercial loan officers work with businesses. Mortgage loan officers work with people who want to buy houses or other real estate. Consumer loan officers work with people who want a loan for things like a car.
Loan officers usually have to travel a lot. Commercial and mortgage loan officers often have to work away from their offices. Commercial loan officers sometimes travel to other cities, especially for more complicated loans. Mortgage loan officers often work outside of their office, visiting homes of customers while filling out applications. Consumer loan officers and loan counselors are likely to spend most of their time in an office.
Most loan officers work a normal 40-hour week. Sometimes, they have to work longer hours if they have many customers or when interest rates are low. This is because more people want to borrow. Mortgage loan officers often work long hours. This is because they can take on as many customers as they choose.
How do you get ready?
Loan officers usually have a college degree in finance, economics, or a similar field. It helps to know about computers and how they are used in banking.
If you want to be a loan officer, you need to be able to work well with others. You also need confidence and the ability to sell to people.
Math and computer classes are good ways for students to get ready for this job.
How many jobs are there?
There were about 327,800 loan officers in 2008. Loan officers work all over the country, but most work in or near big cities. Most loan officers work for banks and mortgage companies.What about the future?
Employment of loan officers is expected to grow at a rate about as fast as the average for all jobs through 2018. Job opportunities should be excellent for commercial loan officers, and those who have a college degree will have the best chance for a job.
How much does this job pay?
In May 2008, average yearly wages for loan officers were $63,540.
Most loan officers are paid a commission. This means that the amount they earn depends on the number of loans they bring in. This encourages loan officers to make more loans. Some loan officers are paid only salaries. Others are paid a salary plus commission.
Are there other jobs like this?
Insurance sales agents
Personal financial advisors
Real estate agents