About Loan-Processing Career Training
Loan officers and underwriters establish the risk associated with providing consumers and companies with home, car and business loans. Loan officers determine if a loan applicant possesses the collateral needed to repay a loan.
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Formal Education
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Employers may require commercial loan officers to hold a bachelor’s degree in a field like finance, according to the U.S. Bureau of Labor Statistics.
Employer-Specific Training
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Employers often provide newly hired loan-processing professionals with training that focuses on specific loan products offered by the company.
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Computer Training
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Loan-processing employees receive computer training that enables them to check credit histories of prospective clients and manually enter loan-application information into electronic form.
Specialized Training
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Lending institutions and mortgage companies may offer specialized training in loan underwriting or loan collections to loan-processing employees who want to explore additional career opportunities in the lending field.
Considerations
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Employers may provide consumer loan-processing professionals with complete on-the-job training, but often require that entry-level applicants hold at least a high school diploma before extending an offer of employment.
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References
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