Loan managers are actually known by a variety of titles, though the basic title of loan manager is a superior ranking loan officer. Loan officers work as a go between for loan institutions and consumers. If there were no loan officers, the process would be even more complicated and doomed. Loan managers are the ones who help consumers to create a worthy application and get the money they need, doing their part to keep the economy going.
What Loan Officers Do
The loan officer himself/herself must possess a superior knowledge of loan types, well before the progression to manager. This means having a deep knowledge of what works for loan applications, and what banks and private lenders want to see. Besides this, the best loan officers will want to stay up to date on the latest news, terms or conditions, and upcoming promotions from lending institutions so as to better help the client.
Loan officers are experts in evaluating the condition of consumers applying for a loan, and can tell right away what type of credit history a person might have, as well as other potentially disqualifying factors. The loan officer is not the person who simply says no—he, or she, will do the best possible job in finding special opportunities that exist for low credit households, and other ways to influence a decision for the positive.
Loan officers and managers can work in a variety of settings including large banks, local branches, and private companies. You may work with personal or small business loans, or you may even work with international brands. The types of loans can also differ, including consolidation loans or educational loans.
One trend that is highly influential is that of the Internet and the new expedited loan process, which makes it possible for lenders to instantly evaluate consumer applications. In fact, with this technology, now consumers can quickly apply for a variety of loans at one sitting.
There is a big difference between an independent loan manager or officer and a bank or credit union sponsored worker. The latter means you will ultimately represent the lender and will be critical in your analysis. The independent loan officer makes him or her available to the consumer and helps to find possible matches, essentially working on the side of the borrower.
The loan manager, a higher ranked position proven by experience and knowledge, will meet with the loan officer and the borrower to discuss the terms and determine if a final decision can be made. He or she will also preside over special terms and conditions. It is often speculated that the best loan officers progress to management while the less capable workers might be sent to smaller branches. The reason for non-advancement might be weak presentation, limited skills, and a lack of managing abilities.
When pursuing this field, aim to earn a bachelor’s degree early on and work your way up the ladder. To gain experience, begin working in sales as a loan officer and perhaps specialize your services in a niche area, such as real state, mortgages or business loans.
A loan manager has all the perks of a loan officer in that he/she can help people to qualify for the money they want. The manager has one better—he, or she, can delegate the little details to entry-level workers and focus on the best and most rewarding aspects of the job.