People require loans in order to buy properties and cars. Loan officers are the people who give information and approval of loans. They recommend and authorize loans for the aspiring people. There are three kinds of loan officers - Customer loan officer, commercial loan officer and mortgage loan officer. They are divided so because they work in those particular business sectors. Loan officers need to travel a lot, especially the commercial and the mortgage loan officers.
They have to work for normal 40 hours for a week but it there are lots of clients, at times they need to work for longer time. There are certain basic requirements to be fulfilled in order to flourish in a loan officer career in Missouri. Those are as follows:
Requirements: Basic requirement to be a loan officer is a college degree in economics or finance. Fundamental knowledge of computers is a must in order to know how to use them in their work. An essential point one should posses in order to be a successful loan officer is ability to effectively sell the product. Team work and leadership are also some of the qualities required to be a good loan officer. Rather, more communication skills and a minimum amount of academic education is enough to flourish in this particular job sector.
Payment: In May, 2008, the average salary of a loan officer was $63,540 annually and according to the survey of 2011 by the Bureau of Labor Statistics, the annual income of them in USA is $67,960. There is a wage rise of 1.1% overall and the rate is rising day by day. The state of Missouri employs around 6,740 people in the field of loan officer and their annual income is $67,940.
To be a good loan officer and work in a satisfactory environment, you need to complete some of the basic studies as listed below.
Growing at a considerable rate, the job opportunities in the near future for Loan Officer will be very high.