by:P.R. Seitz

Loans perform a vital role in society, for individuals they enable them to purchase cars, homes, make home improvements and get an education. Loans are also extremely important for businesses, from start up to development and in the purchase of essential durable equipment needed to meet rising demands.

Job Description:

Loan officers work with clients through the loan application process. Loan officers review each applicant’s background to determine credit levels, collateral and repayment security. Ninety percent of loan officers work at banks, credit unions, savings banks and other similar financial institutions.

There are three distinct areas of operation for loan officers: consumer, mortgage and commercial. Consumer loan officers work with people looking to obtain personal, car or student loans. Mortgage officers assist with the purchases of property as well as homes loans needed for home improvements. Commercial officers work with businesses, providing start up business loans, assisting in purchasing of new equipment or to expand and improve the business.

The work environment depends largely on the financial institution. Many loan officers meet with clients out of the office and are therefore constantly traveling, using a laptop to discuss loan portfolio options and to explain products and services to clients. Other consumer loan officers maintain a desk at branch offices in order to be ava