Also called: Loan Officer, Mortgage Loan Officer, Relationship Manager
Produced by CareerOneStop
Video transcript: skip transcript
Many people dream of buying a house... or going to college... but these plans, and many others, cost more money than most people have. That's where credit and loan counselors and officers come in -they help people find the best ways to borrow the money they need. Loan officers meet with people applying for loans. They examine applicants' financial records and determine just how much money they may be able to borrow. Some people have financial problems that can make it difficult for them to borrow using traditional options... loan counselors search for alternatives. Once they've found an appropriate loan, counselors explain what financial regulations are involved. Credit counselors help customers resolve financial issues, from creating a plan to pay off debt, to finding a financial aid program for college. Financial matters can be tedious and frustrating to handle, so a steady demeanor is helpful. This work requires the ability to listen carefully and explain complicated issues simply. Credit and loan officers and counselors work in banks, higher education, and in mortgage firms. In addition to math skills, they must be detail-oriented to accurately complete loan documents. These professionals usually have a degree in finance or economics. If you like helping people and you're good with numbers, your skills could lend themselves to a career as a credit professional.
What they do:Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
On the job, you would:
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- customer service
- accounting and economics
Arts and Humanities
- English language
Math and Science
- arithmetic, algebra, geometry, calculus, or statistics
Engineering and Technology
- computers and electronics
- listening to others, not interrupting, and asking good questions
- talking to others
- noticing a problem and figuring out the best way to solve it
- looking for ways to help people
- understanding people's reactions
- communicate by speaking
- listen and understand what people say
- add, subtract, multiply, or divide
- choose the right type of math to solve a problem
Ideas and Logic
- make general rules or come up with answers from lots of detailed information
- notice when problems happen
People interested in this work like activities that include data, detail, and regular routines.
They do well at jobs that need:
- Attention to Detail
- Stress Tolerance
You might use software like this on the job:
Financial analysis software
- Delphi Discovery
- Experian Credinomics
- Bottom Line LoanMaster Loan Servicing
- Financial Industry Computer Systems Loan Accountant
Content workflow software
- Equifax Application Engine
- Experian Transact SM