When we need to borrow a significant amount of money, we usually meet with a loan officer. These finance professionals help clients determine which is the best option for their loan. When it comes to large consumer and business loans, loan officers play an important role, helping clients make good decisions, as well as securing profitable loans for their financial institutions. If this aspect of financial work appeals to you, consider an accelerated bachelor’s degree program at Saint Mary’s University of Minnesota. Our online B.S. in Accounting degree program can help you take the first step toward becoming a loan officer.
Choose
from seven bachelor completion degree programs
B.S. in Accounting
B.S. in Applied Psychology
B.S. in Business Administration
B.S. in Criminal Justice Leadership
B.S. in Healthcare Management
B.S. in Human Resource Management
B.S. in Information Technology
How to Become a Loan Officer
Choosing the right bachelor’s degree program is an excellent start to a career in finance. Loan officers must be well-versed in reading financial statements and understanding accounting procedures. They use this information to analyze loan applications and review the holdings of both commercial enterprises and individuals. In this way, they can determine the viability of the business or person applying for the loan, which may affect the potential for repayment or default on that loan.
After completing a bachelor’s degree program in finance, accounting, or business, loan officers must gain on-the-job training and experience. Employers usually provide resources and coursework for new loan officer trainees. Many require specific licensing and certifications, depending on the types of loans made by the bank or other financial institution.
The job outlook for loan officers is growing steadily. These finance professionals must keep adapting to new technology and regulations. As they advance, loan officers may become managers of loan departments or work in bank administration roles. Those loan officers with extensive accounting backgrounds are well suited for promotion and may find employment as financial analysts, accountants, or auditors. The average salary for loan officers can be as high as $63,380 annually.
Loan Officer Duties and Responsibilities
There are many kinds of loans that financial institutions make, including personal and commercial mortgages, car loans, business loans, personal loans, and construction loans. In addition, there are secured and unsecured loans, adjustable or fixed rates, and lines of credit. The plurality of loan types makes for complex decision-making, and that’s where loan officers can assist. They also handle the paperwork required when taking loans, making sure everything is signed properly and that all parties understand the obligations of the loan.
These are some of the general duties and responsibilities of loan officers:
- Contact businesses or people who may need a loan
- Educate applicants about loan types and pertinent regulations
- Gather information through questioning and documentation
- Perform initial screening of loan applications
- Analyze and verify credit information
- Submit loan applications to underwriters for review
- Pass completed loan application for approval by management
If loan officers specialize in mortgages, either commercial or personal, they must pass a national exam to obtain a Mortgage Loan Originator license. This license must be renewed annually and requires background and credit checks. Individual states also may have requirements for this type of loan officer certification.
Loan officers work for banks, including commercial banks and savings institutions, as well as mortgage companies. They also find employment with automobile dealers and private equity firms. These finance professionals use their knowledge and skills to help people and companies get the funds they need for projects, expansions, and lifestyle improvements.
Details About Our Accounting Degree Completion Program
The accelerated bachelor’s completion degree programs at Saint Mary’s University of Minnesota are for working people. We want you to be able to keep working and meet your day-to-day obligations, as well as finish your bachelor’s degree. These online programs can be completed in as little as one year when enrolled full-time. That’s why we accept all your past college credits, including technical colleges. Your past work experience and military experience also can be applied toward the degree. Submit transcripts that include industry and business training, as well as standardized test scores to our Admissions Department. When we have all your information, our counselors can create a personalized degree plan for you.
The B.S. in Accounting degree program offers courses in these subjects:
- Accounting principles and managerial accounting principles
- Intermediate and advanced accounting
- Federal taxation
- Cost accounting and auditing
- Corporate finance
- Applied business statistics
- Leadership and management
- Professional writing and communications
Achieve Your Goals in Finance With Online Degree Programs
The field of finance aids and monitors the flow of resources throughout the economy. This worthwhile profession interacts with the lives of all citizens and business owners. Take advantage of the quality educational programs offered at Saint Mary’s University of Minnesota. Find out how to become a loan officer with our accelerated bachelor’s degree programs. To apply for our B.S. in Accounting degree program, contact us today.