A loan officer is an employee of a company that offers loans for various purposes, from starting a business to paying for a college education to paying a mortgage. This person generally works through a nearby bank to provide these loans after they have collected the proper information from a client. They suffer a major drawback working for a standalone company in that they are only allowed to work within a certain range of their main office. But by using a net branch opportunity, they can expand their area by putting branch offices in other places. Loan officers who work under these companies are known as net loan officers and work for clients in a wide area of business.
What Kind of Pay Does it Offer?
Loan officers and net loan officers are often paid on commission depending on the size of the loans and the number of clients who take out loans. Earnings in this business can often fluctuate with the economy. With a strong economy and low interest rates, pay ends to be very good and may cause a company to employ more people to keep up with demand. While in a weak economy with high interest rates, pay can be very minimal, and work more difficult to find.
How is a Job as a Net Loan Officer Obtained?
A job as a net loan officer is easily obtained with a high school diploma and some previous work in the industry or with a related Bachelor's Degree. The employment rate in this industry is expected to grow rather quickly and older positions will need to be replaced due to employee retirement.
What Sorts of Promotion Opportunities Does it Offer?
An adept officer can easily climb in the ranks to attain multiple higher positions. It could be an opening in a bigger branch with a higher rate of clientele, a managerial position within the current branch or a smaller branch or a supervisor position over other officers. These sorts of promotions are not only awarded to long-standing employees but also to those who demonstrate the ability to be a strong asset to the company.
How is a Net Branch Opportunity Gained?
Loan offices can expand through multiple ways with a net branch opportunity. This opportunity could come from buying smaller loan offices within a range of their own business or by allowing a larger office or net branch to buy out and become a part of an already existing net loan company.
Where Do the Loans Come From?
After an officer has completed a loan submission, the money has to come from somewhere. These loans are not provided by the company, but instead are provided by net branch lenders. Net branch lenders are banks and other businesses that are linked to the company for the purpose of providing the loans at the price of their own commission. Some loans are too large to get from just one net branch lender and may require that the loans are taken out from multiple net branch lenders.
Job opportunities as a net loan officer are everywhere. They can be quite easy to obtain and offer high pay with an easy ability to climb in the ranks. With all these opportunities it could be just the job you’ve been looking for.