Becoming a loan officer is an excellent career decision that can provide you with access to many job opportunities in major and minor markets across the country. You can easily see briefing about job opportunities online to learn more about the excellent compensation packages that may be offered for individuals with your unique skill set and experience level. You can find positions with a wide range of companies and firms, and this gives you the ability to choose a work environment that is best suited for you.
Major or national banks typically have household names. These are some of the largest and most well-known financial institutions in the country. You can often find a loan officer position at a branch location in many smaller and larger cities. With multiple major banks to choose from, you may be surprised by the number of job openings available in your area.
Local or Regional Bank
There are also local and regional banks. These may have the same professional or corporate culture that major banks have. However, they also tend to offer more personalized service with the same core group of clients. This means that you may get to know your clients through repeat business over the years.
Another option to consider is to be a loan officer with an Internet bank. These are banks that do not have branch locations, and all contact with clients is done via phone, email and regular mail. To work in this type of environment, you typically must have exceptional communication skills and work well considering that you don’t meet face-to-face with your clients very often.
Credit unions may offer a work environment similar to a local or regional bank, but these often only have one or two locations. Many credit union customers also have checking, savings and other accounts with the credit union. This means that your primary clients may be well-established customers. Nurturing relationships is critical when working in a credit union.
Mortgage Broker’s Office
Another career option is to work in a mortgage broker’s office. A mortgage broker is a third party who essentially shops around on the client’s behalf to find the best loan terms possible. The broker is not affiliated with a specific bank, and this may give the client access to more loan options in a time-saving fashion. Many mortgage brokers create a tight-knit environment and are built on an entrepreneurial spirit.
Loan officers usually have busy, active professional lives. They often work in a high-pressure environment that requires considerable detail and organization. While this is the case, many are handsomely rewarded with great compensation. Examine these work environments to determine which is preferable for you.