Loan officers work for commercial banks, mortgage companies or credit unions and specialise in consumer, mortgage or commercial loans. Essentially, loan officers determine if a customer is eligible for a loan. To determine their eligibility as a loan officer, you will need to take into consideration account records, past loan files, credit scores as well as the applicant’s overall financial status.
The Job Scope
- Obtain and compile financial information to assess loan applications and their risks.
- Get new clients and leads through strong relationship building.
- Keep track of credit and loan data.
- Review agreements, explain programmes, and negotiate loans and terms.
- Stay up to date with new types of loans and other financial services and products to meet customers’ needs.
An early career for a loan officer with 0-3 years of experience earns an average compensation of RM31,200 or RM2,600 a month.
A mid-career loan officer with 3-7 years of experience earns an average compensation of RM39,600 or RM3,300 a month.