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!

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Ranked among the Best Online MBA Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses make it possible for students to earn a bachelor’s degree in as little as 18 months and a master’s degree in 14-24 months.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Do you have entrepreneurial visions to advance your career in the business world? Learn about the options available at GCU.
  • Earn a competitive bachelor's or master's degree in the areas of business administration, business analytics, accounting, marketing and more.
  • Many of our business degrees have attained elite accreditation from the Accreditation Council for Business Schools & Programs (ACBSP).
  • GCU nurtures the startup spirit, propelling your entrepreneurial visions on a powerful platform with opportunities to help you thrive.
  • Pursue a next-generation education with an online program or join Grand Canyon University's vibrant and growing campus community in beautiful Phoenix, Arizona.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Join UC Berkeley Executive Education’s Blockchain online program to explore the possibilities.
  • Blockchain is the underlying technology that makes crypto currencies like Bitcoin and Ripple possible
  • Learn block chain with UC Berkeley Executive Education online.
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses
  • 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

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
  • Ranked among the Best Online MBA Programs by U.S. News and World Report in 2015.
  • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
  • About 800 students are enrolled at the main campus, and about half of them commute.
  • Online courses make it possible for students to earn a bachelor’s degree in as little as 18 months and a master’s degree in 14-24 months.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
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
1 Program(s) Found
  • Join UC Berkeley Executive Education’s Blockchain online program to explore the possibilities.
  • Blockchain is the underlying technology that makes crypto currencies like Bitcoin and Ripple possible
  • Learn block chain with UC Berkeley Executive Education online.
  • Online Courses
  • Looking for an Online Business Degree Program That May Improve Your Career Options?
  • EarnMyDegree.com Can Help You Match Your Educational Goals With Your Desired Career.
  • Whether You Are Looking to Earn a Degree Online, or Study at a Nearby Campus, This Is The Place to Connect With a College That May Be Ideal for You.
  • Browse Through Our List Of Online Colleges and Traditional Schools to Determine Potential Places to Earn a Degree NOW!
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!