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Loan Officers Career Video

Description: 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, loan underwriters, and payday loan officers.

Video 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 professionals come in—they help people borrow money successfully. Loan interviewers and clerks gather background information on loan applicants, prepare documents, and keep records. They make sure forms are complete and accurate throughout the process. Loan officers meet with people who apply 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, so loan counselors search for alternatives. 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. The work requires the ability to listen carefully and explain complicated issues simply. Credit and loan professionals work in banks, higher education, and in mortgage firms. In addition to possessing math and communication skills, they must be detail-oriented to accurately complete loan documents. Loan interviewers and clerks typically need a high school diploma and on-the-job training, while credit and loan counselors and officers typically have a bachelor’s degree in business or finance.