Network with clients to promote your bank's loan services.
What does a Loan Officer do?
As a Loan Officer, you work for a bank or other financial institution, helping applicants obtain funds from lenders. A large part of your job is to actively seek out borrowers as well. You do this by making solicitor phone calls—up to 100 a day. The bank you work for gives you the contact information of leads, but the success rate is all you.
If you have a good lead, you retrieve all the necessary information from them, and then you secure the financing. To achieve this, you may need to work with a third party bank or lender.
As a Loan Officer, you may specialize in commercial, consumer, or mortgage loans. But whichever area you choose, you are acting as a Salesperson, persuading a client to choose a loan through your bank. You’re also playing double duty, facilitating the application of clients that are actively seeking loans. In this second role, you are the person that analyzes and verifies the applications.
Your work as a Loan Officer is only as fruitful as the effort you put in. If you pursue many contacts a day, then you have the potential to make way for more money. But apart from the profit you make for your bank, you have the chance to make a lot of people very happy by helping them realize their dreams, whether to own a home or a business. The job can also lead to other opportunities, like being a Broker, gaining employment with a large banking firm, or working in commercial real estate.