Loan Officer Jobs Outlook
Career Management For Loan Officers
Approximately 4000 Loan Officers are quiting this business every month. Are you a Loan Officer still surving in the business? It is staggering the number of lenders and loan officers that have left the mortgage business.
If you are thinking about your career as a loan officer, the following information will provide you with some industry details and what to expect.
Over the past 12 years, loan officers have been expected to spend mote and more time on the sales process. Meanwhile, the product array continues to expand loans and deposits have been joined by trust services; personal mortgages and other consumer products; mutual funds, stocks, and capital market products; and on across the financial services spectrum. Loan officers are now responsible for cross-selling these products, either directly or through referral.
The atmosphere today in banking is more competitive than ever; margins are tighter; the competition is tougher. The result is that many lending institutions have changed the traditional role of the Loan Officer, so that now he or she is responsible for not only making loans but also for acquiring and developing profitable customer relationships by hooking other business products.
This change in roles has resulted in myriad new titles to describe that position--from Loan Officer to Relationship Manager. Despite these well-thought-out changes in roles, frustration has increased about the internal workings behind the lending process. Internal processes need to be examined so that Loan Officers can minimize the time spent on peripheral activities and concentrate on developing the customer base efficiently.
More than ever, the Loan Officer is in need of efficient, productive systems to allow him or her to tackle the challenges of bringing additional business into the bank without harming existing customer relationships.
An interesting sidelight, which is also key to the lending process, was that the bank's back office staff could play a large role in improving productivity. Often, a perception builds either that the quality of support is inadequate or that back office staff are uncooperative or unable to handle their assignments competently. In fact, that usually is not the case.
But because of incomplete communication or insufficient training, the rapport between the lending and back office groups can deteriorate, which eventually results in inefficiencies for both groups. Although the issue of employee relations was not the point of our conversations, it was raised often enough to indicate a commonality in the problem, making it worthy of further consideration for any institution attempting to improve Loan Officer productivity.
Loan Officer productivity, like the loan process itself, does not reflect just one person's activity but rather that of an entire group of related functions. Improvements in productivity also are improvements to the support staff's role and to the ultimate profitability of the bank.
Technology and automation continue to provide newer computer systems, improved internal information availability, enhanced Internet uses, voicemail, e-mail, and more. In short, we're pretty well equipped to deliver the productivity expected of us.
However, many of the keys to success are the same as they were years ago; opening the locks has just become more complex.
Success is not ensured just by the initial training; rather, it comes as we figure out the detailed nuances and shortcuts that come from everyday use. Productive folks also spend time exchanging good ideas (shortcuts) with others, so that everyone in the office can benefit from these successes.
Improved productivity involves continual interaction with others, the most important key is teamwork. As the loan officer's job expands to cover all the client's financial needs, and as computer systems grow ever more specialized to satisfy complex financial services for each client, it is imperative that they're able to rely on numerous other staff members to provide high-quality client service. This should not mean that the Loan Officed is dependent on other employees. It does mean that interdependence and working together as a team are more critical today.
The Loan Officer must be proactive and show the leadership necessary to motivate numerous people to help satisfy the client's needs. This process is made more difficult when teamwork must be accomplished within a group of employees who report to different managers or who are in different departments or even cities within the bank. The entire team must be in accord with coordinated planning, decision making, and prioritization of key iss ues. A winning attitude is needed, but even more important is effective communication within the group to diagnose the best solution for the client and the bank.
Being a productive loan officer today still requires good credit sense, product knowledge, and sales skills. However, these skills must now be complemented by the ability to properly use new technology, communicate well, and work interdependently with coworkers. Both the challenges and the rewards can be great.
The next twelve months will prove to be very challenging for the average loan officer. If you are new to this business, meaning roughly 4 years or less in experience, you have no idea what is about to hit you. Even if you have been around longer, times are probably getting tough.
A recent survey showed that there are 502,000+ residential loan officers working in America today. And most of them are headed for trouble. In fact, it is estimated that 40% of you will be out of this business in the next 24 months. Approximately 4,000 loan officers are quiting this business each and every month.
Believe it or not, there are some loan officers who will not only survive, but will thrive during the next 12 months. The smart loan officers are eagerly anticipating this new era, knowing they will not only increase their business but will double and triple their incomes during this very same time that many of our breed will become extinct. There are many others who at this very moment have increased their incomes, building market share and living stress free.
Seasoned Loan Officers Nationwide If you are ready to advance your business career or explore new job opportunities in a variety of fields including banking and financial services.
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