Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Consumer Loan Officer

Career News January 18, 2014

If you enjoy the idea of helping people achieve their dreams and making a difference, then a consumer loan officer position may be ideal for your personality. A consumer loan officer is a professional negotiator and sales person who helps arrange contracts for qualified lenders. The job of the loan officer is to qualify potential lenders and then instruct them on how to continue the process. Your main concern will be determining creditworthiness and managing any conditions that are required for the loan to go through.

Formal Education

Loan officers help to gather the information needed, since many applicants will be unaware of how to qualify in the first place. Schooling involves learning what files are required, in addition to the application, the verification of statements and other financial documents. All of this is to protect the company, to ensure that the loan is paid back to the lender. Clearly, there is the possibility of major loss for the lending company, which is why the lender will oversee the process closely, following all suggested guidelines and making sure to use good judgment. Is this business decision going to be bad for the lending company? Is something not right about the applicant’s story? These are the decisions you will have to make.

Educationally, it is wise to invest in some sort of formal schooling, preferably beyond high school. Most applicants have a bachelor’s degree in a subject that complements this career field, such as economy or finance, or even banking. A lot of schools will center on learning how to read and evaluate financial statements, as well as business accounting practices that keep companies afloat. In your training, you learn how to help the company maintain their cash flow while also assisting applicants to acquire the money they need.

Additional Skills and Work History

Many companies are now requiring that their officers have formal training in computer software, particularly underwriting software. Find out what college courses provide this training in their curriculum before making a decision. Most banks will prefer some work experience in the industry before progressing to this position. Working as a bank teller or even having some sales experience may prove valuable.

The job focuses on consumer loans, as opposed to mortgage or commercial loans. This means that you are helping individuals to get the loans they need for such lifestyle purposes as automobiles, homes, and other means not related to business. Skills worth developing include people skills, networking skills, and the ability to multi-task. Lastly, plan for certification and licensure since the state may require this step, and even if it doesn’t, it is still a desirable mark on your resume. The federal government gets involved if you work with mortgage loans, so pursue all required licenses before you apply for the best results.

This is a job that pays well and prepares you for a fast-moving, high-paying job in banking and loans. You will be helping people to improve their quality of life, and it is a worthwhile path.

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
  • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
  • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
  • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
  • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
  • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Johnson & Wales Online - Learn on your schedule
  • Focus on Your Future - Earn Your Master's Degree 100% Online from JWU!
  • online.jwu.edu
  • Online Courses
2 Program(s) Found
  • Everglades University
  • Earn a Degree in Renewable Energy, Online or On-Campus. Get Info!
  • Online Courses
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
  • 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
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
  • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
  • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
  • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
  • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
  • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Johnson & Wales Online - Learn on your schedule
  • Focus on Your Future - Earn Your Master's Degree 100% Online from JWU!
  • online.jwu.edu
  • Online Courses
2 Program(s) Found
  • Everglades University
  • Earn a Degree in Renewable Energy, Online or On-Campus. Get Info!
  • Online Courses
1 Program(s) Found
  • Value investing is an investment approach that helps investors identify, research, and buy securities priced well below their true market value. Enroll today.
  • The Value Investing (Online) program provides you with an integrated framework that teaches you how to identify opportunities for investment that others may miss. Apply Now.
  • The Value Investing (Online) program is designed to give you a strong foundation in one of the most successful investment strategies ever developed.
  • Follow in the footsteps of legendary investors like Warren Buffett and Mario Gabelli, who have been guided by these principles during their entire career.
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!