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What is a loan officer?Career guide

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Loan officers are in demand by

the popular banks such as DBS,

OCBC, UOB, Citibank, Standard

Chartered and HSBC etc.

A fast-tracked career, loan

officers are rewarded

handsomely and can be

promoted to a Vice-President

early in your career.

Most loan officers work full time

and often work outside the

office to meet with clients at

property shows or at client’s

office.

The Loan Officer

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Commercial loan officersConsumer loan officersMortgage loan officersLoan collection officersLoan underwriters

Different types

Evaluate, authorize and recommend approval of loan applications for people and businesses.

Loan Officers

What Loan officers do?

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Commercial loan officersFocus on loans made to businesses. These loans usually require human judgement in addition to the analysis by underwriting software because of the complexity of the businesses.

Consumer & Mortgage loan officersOfficers guide applicants through the process of making loans to buy a car, property or pay for college tuition. Officers must seek out clients and unusual cases has to be handled without automation.Loan collection officersWhen a borrow fails to make their loan payment, collection officers will contact them and help them to find a way to pay off the loan. Loan officers may have to take away the collateral of the loan (house,car,etc) to repay the loan.

Loan underwrtiersEvaluates if a client is creditworthy or not. They collect, verify and analyze the client’s financial statements. A loan underwriting software is then used to produce recommendations.

What we do ?A day in the life of a loan officer

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Decision making skillsDetail orientedInitiativeInterpersonal skills

Relevant Traits

On-the-job training will be provided. Some loan officers may not need a bachelor’s degree if they have related work experience in sales or customer service

How To Become One?

Lending activity is sensitive to fluctuations in the market, competition, central bank interest rates and because of recent poor growth of the economy the lending results is lower. However it is expected to increase as the economy recovers and at some point in people’s life they will always need a loan.

Prospects

A loan officer typically earns an average of $42,000 annually while the top loan officer can earn in excess of $300,000 annually.

Pay

Improvements in loan underwriting software can enable loan applications to be completed online and underwritten automatically, reducing the number of officers needed

Threats

ConclusionA little summary on becoming a loan officer

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IPA Advisory provides free guides on the most important topics necessary to secure a career in Singapore’s financial industry. A Walk Down Raffles Place is the first guide that peels back the curtain on the complicated, overlapping and complex jobs titles and their roles to enable you to make an informed decision starting your career.

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