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How to Become a Consumer Loan Area Manager

Career News January 17, 2014

Not everybody can be a leader, nor does everybody want to be a leader in their field. For the ones that do have this ambition, it’s comforting to know that the pay is better, and you have plenty of room for advancement. Consider the consumer loan area manager position, which gives you the chance to use your best analytical and motivational qualities.

An area management position is distinctly different from other types of consumer loan manager positions in that it encompasses a wide region. The consumer loan area manager oversees multiple branches of their company to ensure appropriate loan practices are being followed. Their position gives the responsibility for exercising consumer lending practices in compliance with all Federal and State guidelines, rules and regulations.

What Will You Be Doing?

The consumer loan area manager ensures the efficient approval, booking, and processing of all consumer loans. The area manager is responsible for maintaining credit quality and for upholding application processing standards within their company’s guidelines.

Duties of the consumer loan area manager entail collaboration with other managers, including those across the lines of business management for enhancing or improving customer services. They may recommend changes and additions to loan programs so as to increase loan growth while balancing risks. The area manager presides over consumer loan panel meetings to review loan policy exemptions and denials.

Educational Requirements

Becoming a loan area manager requires a bachelor’s degree in finance or a related field, as well as a minimum of ten years experience in banking practices. The preferred background is in loan operations servicing or collection organization.

Area managers must have extensive knowledge in computer software, its availability and new financial software programs. They must research software programs and consult with vendors for up to date information regarding new technologies that may be applied to more efficient application processing.

Prove Yourself a Leader

Consumer loan area managers must exhibit strong leadership skills as they are expected to promote teamwork and cooperation with the Consumer Lending Department and their companies. They develop performance driven rewards programs that will foster teamwork and promote individual accountability.

Their duties include interviewing and selecting candidates for employment. They train, monitor, coach, develop and evaluate staff. They work with the marketing team and participate in the development of consumer lending sales promotions. They may be required to participate in training programs, conduct senior member seminars, and present webinars for consumer lending.

Candidates for the position of consumer loan area manager must possess a full range of lending knowledge, its practices, and procedures. They must have strong operational skills and a proven ability to work with assignments that are complex, interpretative, and evaluative in nature. While the duties and responsibilities of a consumer loan area manager are extensive, the economic benefits are satisfying, with a median salary of $150,000 a year. That is a formidable quote in an industry that only seems to improve during recession.

Are you interested in making a real change this year? Choose a lucrative field and take firm steps in the direction of upper management.

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