Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Construction Loan Officer

Career News January 17, 2014

Construction loans are commonly sought both by individuals desiring to build a new home and by businesses seeking financing for income producing properties, such as warehouses, shopping centers, apartment housing, offices, or showroom space. There are various types of construction loans, including consumer lot loans that are advanced first for the purchase of land and then transferred to a permanent loan for the building construction, and commercial construction loans for the expanding business and residential construction loans. The latter is for the development of housing complexes.

The Job and the Requirements

The construction loan officer, sometimes referred to as the construction lending officer, is responsible for the solicitation and servicing of construction loans. The loan construction officer interviews applicants to determine whether or not approval should be recommended for the loan. The job entails analyzing financial data, the applicant’s status and credit rating in regards to the feasibility of granting a loan. The construction loan officer may be granted the authority to approve a loan within certain limits, or to formally submit a loan request to the committee for approval.

The loan officer must be completely familiar with the policies of their lending institution and verify the loans are in agreement with standard procedures. Based on the information provided through the client and data analysis, the construction loan officer determines whether or not to grant the loan, and if so, the conditions under which it must be paid back.

The Importance of Accuracy and Attention

The job demands accuracy and attention to details. Most financial institutions now use underwriting software and include in job applications for construction loan officers, proficiency with computers and financial software. A construction loan officer must have a firm understanding of financial statements, business accounting, and cash flow analysis. Many institutions prefer the construction loan officer to be licensed or have received certification within their field.

Construction loan officers generally have at least one to three years of experience in a related field of finance. They must perform a variety of tasks that entail the use of good judgment, planning and a certain amount of creativity and latitude.

Sales and Training

Many construction loan officers begin their careers by working first in the sales department of their financial institution. Becoming a good salesperson is essential as the loan officers are required to contact clients for encouraging the loan application process. They are required to form relationships with real estate developers, builders, and agents in order to increase their referrals.

Although the training is often provided, over seventy percent of all construction loan officers have a bachelor’s degree or better in economics, finance or a related field. It is considered to their benefit to practice continuing education as federal or local lending requirements can change from year to year. The highest number of jobs for construction loan officers is concentrated on the East Coast and in Texas. The average pay for a construction loan officer is between $69,000 and $96,000 a year.

If you want to start working in a lucrative industry, and one that is always growing, pursue your education at one of the schools listed below!

Searching Searching ...

Matching School Ads
5 Program(s) Found
  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
4 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
  • We're now Non-Profit.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Earn your Bachelor of Business Administration (BBA) 100% online
  • Learn business and leadership skills through case studies and intensive projects, culminating in a capstone course
  • Program designed to teach students key concepts in accounting, financial services, and marketing
  • South University brings over 115 years of achievement and tradition to a supportive, online classroom
  • We're now Non-Profit.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
  • View Associates, Bachelors or Graduate Degree Programs in Business Near YOU!
  • Enter YOUR Needs and Requirements. Get Matched to the Perfect Campus or Online Degree Programs for You.
  • Free information for Business Administration and Management, Accounting, Marketing and Advertising, Business Information Systems Degree Programs and MORE.
  • Accredited, Flexible Business Administration and Management Degree Programs to Fit Your Time and Budget. Use our Matching Service - It's Easy and FREE!
  • Online Courses
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses
  • Works closely with an advisory board from the medical community to ensure that their curriculum, equipment and instruction are current and relevant.
  • Offers special tuition pricing for Veterans, Active Duty Military and spouses/qualifying dependents of all Active Duty, National Guard and Reserves.
  • ABHES-accredited:  An  advantage upon graduation
  • Short-term education:  Programs range from 10 months to 2 years
  • Blackboard Learn mobile allows students to complete assignments on the go.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid

Searching Searching ...

Matching School Ads
5 Program(s) Found
  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
4 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
  • We're now Non-Profit.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Online Bachelor's programs include BBA, Criminal Justice, Psychology, IT, Healthcare Management & Public Health
  • Over 115 years of delivering quality education and personalized attention to students
  • Provide a range of campus experiences and services online including advising, tutoring, student community, and career services
  • Give students and alumni access to career assistants who help with resumes, cover letters, job hunting, and more.
  • We're now Non-Profit.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
  • Education Connection is a 100% Free College Matching Service used by 50,000 People Daily.
  • Get Matched to the Right Business Administration and Management, Accounting, Healthcare Administration, Marketing and Entrepreneurship Degree Program for YOU.
  • Affordable and Flexible Business Degree Programs from Top Colleges Across the Nation. Both Online And Campus!
  • Just Fill Out a Few Questions and You Can Find Your Perfect Business Degree Program Within Minutes.
  • Start Using our Fast, Free, and Easy Matching Service Right HERE and Right NOW!
  • Online Courses
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!