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How to become a Loan Officer - Career HQ
Loan officers or lending officers are the people you meet with when applying for a personal or business loan. They scrutinise your application and give it the thumbs up or the thumbs down. Before granting loan applications they do background checking for credit histories, any debts and other factors that might affect the applicant’s request. They arrange valuations on properties, businesses of vehicles as part of the loan process.   Loan officers discuss different options with clients, explaining not only the loan process but which loan is the most appropriate for the applicant.
what is a loan officer, mortgage, finance, banking, how to become a loan officer
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How to become a Loan Officer

Loan officers or lending officers are the people you meet with when applying for a personal or business loan. They scrutinise your application and give it the thumbs up or the thumbs down.  

loan officer

Before granting loan applications they do background checking for credit histories, any debts and other factors that might affect the applicant’s request. They arrange valuations on properties, businesses of vehicles as part of the loan process.   Loan officers discuss different options with clients, explaining not only the loan process but which loan is the most appropriate for the applicant.

They investigate and review the application once they have all the details and decide whether the applicant gets the loan.  For tricky applications where the loan request is unusual, loan officers would ask for their managers input.

A loan officer role needs awesome customer service, particularly in circumstances where a loan is refused and applicants are disappointed.  Clear communication with applicants and meeting deadlines so that your clients can purchase the item they are getting the loan for is crucial. You need to be very mathematical and accurate in your work, particularly when dealing with large sums of money.   The role is almost entirely done on computer so good IT skills are a must.

Hours & Conditions:

Loan officers works in offices and banks, and do standard hours of work each week. Some might do evenings or weekend client visits when required but this is not standard across all roles.

How to become a loan officer: Qualifications

To become a loan officer you don’t have to have any formal qualifications but there are several routes that people usually take to get a role in this industry. Either by completing a traineeship in Credit Management, or a degree in economics, commerce, accounting or any of the related fields. Generally people start as loan administrator or similar and once they have experience they apply for officer positions.

To look at courses that will help you find a role as a loan officer, check out:

https://www.careerhq.com.au/careers-database

Future outlook:

Depending on the economy, the growth of the population and low interest rates, there’s still demand for loans and lending, creating roles for those who want to work in this industry.  

https://careerhq.com.au/careers-database/job_details/774/loan-officer