Should I Consider Becoming a Financial Loan Manager?

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Financial loan managers are often referred to as mortgage loan originators or financial officers and generally work in banks or financial institutions. Anytime an individual makes the decision to apply for a home or car loan, it is a financial loan manager who helps in the process. Loan managers need to possess a strong financial and analytical skill set and be able to effectively provide customer service to all loan applicants.

Education Requirements

Financial loan managers (officers) have to earn a higher education degree in Business or Finance. In addition, accounting knowledge and training are also required. There are instances where on-the-job training can be substituted for higher education, but only when an employee has extensive experience in banking, sales, or customer service. In addition to a higher education degree, loan managers also benefit from certifications and job specific licensing.

Job Duties

As stated by Fully-Verified, loan managers are responsible for soliciting companies or individuals for loans. They must meet with loan applicants to gather information and provide explanation about the loan process. Once a loan application is completed, it is then left up to a financial loan manager to determine if the applicant actually qualifies for the loan he or she just requested.

There are also specialty areas of loan management for those considering a career as a financial loan manager. A few of the choices available are commercial loan officer, consumer loan officer, mortgage loan officer, loan underwriter, and loan collection officer.

Salary & Job Outlook

The US Bureau of Labor Statistics recently reported the median salary for a financial loan manager as $59,820 with an expected growth of 8% through the year 2022. Of course, society’s increased dependence on technology means there will be a consistent and growing need for tech savvy financial loan managers to keep up with trends and demands.

Work Environment

Financial loan officers work full time in a bank or financial institution and a professional, customer-oriented attitude is necessary at all times. There are instances when a loan officer must meet with individuals in their home or businesses on site, so the ability to travel is part of the package.

Overview

Anyone with a desire to pursue a career in financial loan management should possess a strong knowledge of banking and financial practices. People skills and a professional demeanor are crucial and candidates have to be willing to take responsibility for either granting or refusing funds for clients or companies, no matter the consequences.

This is not a creative field, but one filled with analytical challenges and statistical demands. Students or candidates with strong math skills and an eye for finance will do well in this area, while students who struggle with numbers or customer service might do well to look elsewhere.

All in all, financial loan managers have to be tough minded and intelligent. A fierce desire to work with money in a professional setting is the key, along with a love of helping people fulfill their financial dreams. If these qualities sound familiar, maybe it is time to start down the career path of a financial loan manager.