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|Overview:||Loan officers examine, evaluate and decide whether to approve customer applications for commercial loans, real estate loans, consumer credit loans, or credit card loans. They evaluate the applicant's financial status, and soundness of the loan basis. They also manage foreclosures.|
|Duties:||They collect information from persons seeking a mortgage or loan to estimate their financial soundness and the potential risk that they will not be able to make the bank payments.
They assess the market value of the properties to be used as collateral for a loan or mortgage. They determine how vulnerable the prooperties are to loss of value or damage.
They describe loan conditions to the loan applicant in terms of interest rates to be paid and repayment schedules. Make a final recommendation whether to accept or reject the loan application.
They assess the status of past loans made by the bank to calculate revenues generated and to estimate the likelihood the borrower will default on a loan. They implement foreclosures of properties.
A.A.S. Management: Marketing Concentration
A.S. Business Administration (Accounting and Marketing)
|Job Outlook:||Employment of loan officers is expected to grow as fast as average through 2018. Employment growth will be driven by economic expansion and population increases and will be partially offset by increased automation and the Internet that speeds the lending process.|
|Starting Salary:||Mortgage loan officers can earn considerably more based on commissions for successful loan agreements.|
|Salary Range (National Average):||$38,000 to $42,000|
|Education Level:||Training for this occupation generally requires an Associate Degree from a 2 year or community college.|
|Additional Training/Education:||Most loan officer positions require a bachelor's degree in finance or economics. A knowledge of computer applications is becoming increasingly important. The loan officer position is usually viewed as a stepping stone to higher level executive positions in a bank. Because of increasing complexity of federal regulations, many banks prefer applicants with a master's degree in business.|
Understanding acquiring positions in this field may be enhanced through continuing academic study (i.e. earning a baccalaureate or a master's degree) and/or work experience in the field, Queensborough Community College has established transfer agreements with other institutions for students who wish to further pursue their educational goals. Students are highly encouraged to meet with one of our Career Services Advisor to fully understand the opportunities available through study in their degree program.