Aloan officeris
a person who serves as an intermediary between lending
institutions and borrowers. They solicit loans, represent
creditors to borrowers, and represent borrowers to
creditors.
Loan officers work for
banks and other financial institutions. They help
individuals and
business obtain funds from these lenders. Loan
officers specialize in commercial, consumer and
mortgage loans. Loan counselors assist loan
applicants who have difficulty qualifying for traditional
loans.
Loan officer positions generally require a
bachelor's bachelor's degree in finance, economics or
a related field. Banking, lending, or sales experience is
highly valued by employers. Most employers also prefer
applicants who are familiar with computers and their
applications in banking. Loan officers without college
degrees usually advance to their positions from other jobs
in an organization after acquiring several years of work
experience in various other occupations, such as teller or
customer service representative. Personal qualities such as
sales ability, good interpersonal and communication skills,
and a strong desire to succeed also are important qualities
for loan officers.
In the United States, Loan officers that originate
residential loans must obtain NMLS credentials. This
includes: a background check,, prelicense education, a
credit check, and a national exam.A national exam known as the SAFE MLO test must be
passed and in many cases individual states require testing.A
unique identifier is obtained through this process and must
be present on all FNMA 1003/FHLMC 65 Uniform Residential
Loan Application forms.
Various banking-related associations and private schools
offer courses and programs for students interested in
lending, as well as for experienced loan officers who want
to keep their skills current. For example, the Bank
Administration Institute, an affiliate of the
American Bankers Association, offers the Loan Review
Certificate Program for persons who review and approve
loans. This program enhances the quality of reviews and
improves the early detection of deteriorating loans, thereby
contributing to the safety and soundness of the loan
portfolio. The Certified Mortgage Banker (CMB) designation
demonstrates the holder's superior knowledge, understanding,
and competency in real estate finance. The Mortgage Bankers
Association offers three CMB designations:
residential, commerce, and master's. To obtain the CMB, the
candidate must have 3 years of experience, earn educational
credits, and pass an exam. Completion of these courses and
programs generally enhances one’s employment and advancement
opportunities.
Persons planning a career as a loan officer should be
capable of developing effective working relationships with
others, confident in their abilities, and highly motivated.
For public relations
purposes, loan officers must be willing to attend
community events as representatives of their employer.
Capable loan officers may advance to larger branches of the
firm or to managerial positions, while less capable
workers—and those having weak academic preparation—could be
assigned to smaller branches and might find promotion
difficult without obtaining training to upgrade their
skills. Advancement beyond a loan officer position usually
includes supervising other loan officers and clerical staff.
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A telleris
an employee of a
bank who deals directly
with most customers. In some
places, this employee is known
as a cashier. Most teller jobs
require cash handling experience
and a high school diploma. Most
banks provide on the job
training.
Tellers are considered a "front
line" in the banking business.
This is because they are the
first people that a customer
sees at the bank and are also
the people most likely to detect
and stop fraudulent transactions
in order to prevent losses at a
bank (counterfeit currency and
checks, identity theft,
confidence tricks, etc.). The
position also requires tellers
to be friendly and interact with
the customers, providing them
with information about
customers' accounts and bank
services.
Tellers work from a station,
usually located on a Teller
Line. Most stations have: A
Computer, Cash Drawers, Receipt
Validator/Printers, Proof Work
sorters, and paperwork used for
completing bank transactions.
These transactions include:
