Being a successful loan officer requires two main characteristics that you must have above everything else: you need to be a hard worker and to have your way around people. You need to be able to build sold relationships with your client if you really want to be make money out of such a job.
If you decide to be a mortgage loan officer or a debt consolidation expert, you should know that this job s mostly paid based on a commission of the contracts that you are able to sign. This means that if you have good sales skills, the earnings you can get are practically unlimited. Should you work in a bank, know that mortgage bankers have highly flexible schedules, but you will be sometimes required to work on weekends. While this may seem an inconvenience at fist, always keep in mind that every transaction that you complete can be translate into meaningful earnings for you.
Amongst the benefits that most loan officers have, it is important to remember that you get good health care package and very decent plans for retirement savings. However, this is a market in constant change and the benefits that you get will vary considerably from one employer to the other. Even so, your benefits are numerous because there are a number of incentives for such a job. There has been a lot of cases where the best loan officers of their branch received rewards and recognition in the form of sales bonuses or plaques.
The better you are as a loan officer, the more chances you get at being promoted to manager of your division. The pay is better, but the working hours can also be extended to 10 or 12 hours daily, depending on your responsibilities.
As far as loan officer skills are concerned, you should know that the capacity to be self motivated will get you very far. You need to have math skills, but also the capacity of solving problems fast. When people come to you for a debt consolidation loan, you need to know that the process is a bit complicated and thoroughly follow all the steps to help your client make the right choice. Paying attention to details is very important. You also need to be very focused on what you do because you are working with numbers and data and personal information each day. Mistakes are very costly in such a job.
The best part of the job is when you manage to build a solid relationship with your customers. A good loan officer can work with the same people for decades in a row and build a relationship based on trust and confidence, just like a client-lawyer relationship should be.