Loan Officer

Mortgage officers handle the loan application process for residential customers that want to secure loans for purchasing or remodeling homes. They also work with commercial customers that need loans to run their businesses. The job of the mortgage officer is to determine whether the loan applicant is likely to pay back the loan in a timely manner by verifying and analyzing the information the applicant provides. The website www.ehow.com says that mortgage officers that deal with residential loans need a high school diploma and on-the-job training. However those that focus on commercial loans are usually required to have a college degree in finance or accounting because they must perform more detailed analyses in order to determine the level of risk involved in making the loan. All mortgage officers must hold and maintain a license which they can earn with 20 or more hours of coursework followed by passing an exam that is re-taken on a regular basis. They cannot have any record of felony convictions. Mortgage officers must be motivated and good at networking. They need people skills and sales ability because their salaries are often based at least partly on commissions. Most employers favor applicants who can use banking and financial computer software. Mortgage officers work for commercial banks and savings institutions credit unions and other financial institutions. The amount mortgage officers earn depends on their years of experience and the type and size of the institution for which they work. Those employed by large-sized banks tend to earn more than those working in smaller institutions. In many jobs salaries can fluctuate depending on how many loans the mortgage officer can generate in a given period of time. According to the website www.bls.gov mortgage officers earn a median annual salary of approximately $55000.

Education Required: High School Diploma & Certification and/or License
Avg Salary: $55000
High Salary: $65000
Low Salary: $45000
Tasks: Works with clients to help them obtain a mortgage.
Knows what types of mortgages are available.
Determines if potential clients are good credit risks.
Helps clients understand paperwork.
Also Called: Loan Officer
Mortgage Broker
Residential Mortgage Officer
Loan Underwriter
Additional Resources: http://www.ehow.com/about_6689075_mortgage-officer-job-description.html
http://www.buzzle.com/articles/loan-officer-job-description.html
http://www.bls.gov/oco/ocos018.htm