Loan officer is the Company Representative for providing loan products.
Loan officer locate prospective clients and help them in applying for loans.
Loan officer help prospective loan applicants who have difficulty in qualifying for
In many metropolitan countries there can be loan officer ranging from
600-1,000. There is a vast competition. There is no income guarantee in this
post. Loan officer just stumble in the first few months but gradually if
they don’t loose hope they gain success and stand in today’s world.
Qualification for a Loan Officer: - He/she must have a bachelor's degree in
finance, economics, or a related field. To apply in a bank He/She must also be
familiar with computers and their applications in banking. Should specialize in
commercial, consumer, or mortgage loans.
Job of loan officer:
• Hunt for prospective customers, individual persons or businesses, who are in
need of loans;
• They should have salesmanship qualification so that they can , persuade
clients to obtain loans from their institutions;
• Loan Officers have to help their clients applying for loans;
• Loan Officers have to carefully and wisely analyze and verify the applications
to determine the client's creditworthiness;
There are many training institutes who are getting you trained for a loan
officer. These institutes provide loan officer training and mortgage broker
training to individuals from basic training for those just starting out, to
advanced skills for experienced mortgage professionals.
Qualities of a Good Loan Officer:-
Product Knowledge: - Loan Officer should know how to do his/her job and should
have full knowledge of the product he is dealing with. He should be well
prepared with all the possible queries which a customer can ask.
Customer Knowledge: - Loan Officer should have full knowledge of his customers.
Very few Loan Officers try to know about his customer. But To be good Loan
Officer one should be aware of the customers source of income, credit ability
Design your approach: - After having full knowledge of a customer Loan Officer
selects the products which can be offered which can result in referral lead.
Marketing is always infinite. The more you study more is your success.
Design you Follow-Up Plan: - With this plan you can approach and sell your
product to only those people who can be your long term customers.
Even if this plan fails re-plan it again you will surely gain success. Success
always comes behind failure.