How to Become a Loan Officer in Florida

Loan officers can be found in all types of lending institutions, such as banks and credit unions.

A loan officer is responsible for overseeing many of the procedures required to provide loans for individuals and businesses. They work for lending institutions and carry out tasks such as reviewing loan applications to determine if a client can be approved for a loan, educating borrowers on the different plans offered by their institution, and recruiting clients. There are different types of loan officers. A consumer loan officer works with individuals who need personal loans, like a car loan. A mortgage loan officer works with individuals looking to purchase property. A commercial loan officer works with firms and businesses. Requirements for loan officer positions vary depending on type of institution. For example, while mortgage loan officers are required to be licensed by the state in which they will practice, there are no licensing requirements for consumer and commercial loan officers. Those who are interested in becoming a loan officer in Florida can take certain steps to prepare for and find a job.

Instructions

1. Fulfill educational requirements. Most loan officer jobs require the applicant to have at least a high school diploma; however, competitive applicants will hold a post-secondary degree in a field such as business, economics and finance. A diverse post-secondary educational background will look attractive to employers, therefore, applicants who enroll in a college or university should take electives in computers and technology, foreign language, communications, math and social sciences.

2. Familiarize yourself with additional qualifications for specific loan officer positions in Florida. Using a job search engine like Monster or Simply Hired, find loan officer jobs in Florida and take note of the requirements for applicants. Pay special attention to required and preferred skills sought after by employers. For example, a quick search of loan officer jobs in Florida reveals that many employers prefer applicants who have knowledge of lending procedures and credit policies as well as strong sales and communications skills. Most loan officer jobs require the applicant to have some related work experience in banking and sales.

3. Become a more competitive applicant by learning about the industry and gaining related work experience. Using what you found during your job search in the above step, start researching the terminology and policies that loan officer positions require applicants to have knowledge of. If you are interested in becoming a mortgage loan officer, do some research on the real estate industry. Outline all your knowledge on your resume. If you have no background in banking or sales, take an entry-level position at a bank or look into sales positions in any industry.

4. Begin your job search. You can use an Internet job search engine like Monster or look in a Florida newspaper in the finance and banking job sections. Internet job search engines also allow you to upload your resume so that potential employers can find you. Look in a phone book and make a list of all lending institutions in Florida like banks and credit unions. Find their websites and go directly to their career page. This will allow you to find open positions that might not be listed through internet job search engines. College students who are about to graduate can find jobs through their career services department. Those who are interested in mortgage loan officer positions can find jobs through the Mortgage Bankers Association website.

5. Apply for positions and wait. Once you receive a position you might be required to earn a state license or certification, as is the case with some mortgage loan officer positions. You will receive plenty of on-the-job training which will adequately prepare you for your current position as well as loan officer positions in the future.

Tips & Warnings

• College students should gain related work experience in the finance industry through internships. College students should also take advantage of job fairs held on campus.

References

• Bureau of Labor Statistics: Loan Officers

Resources

• Monster
• Simply Hired
• Mortgage Bankers Association