Loan Officers (NOC 1232)

Description

Loan officers examine, evaluate and process credit and loan applications. They are employed by banks, trust companies, credit unions and similar financial institutions.

Return to top

Example Titles

credit officer
loan officer
mortgage officer

>> View all titles

Return to top

Classified Elsewhere

Credit and loan managers (in 0122 Banking, Credit and Other Investment Managers)

Return to top

Duties

Loan officers perform some or all of the following duties:

Interview applicants for personal, mortgage, student and business loans
Research and evaluate loan applicant's financial status, references, credit and ability to repay the loan
Complete credit and loan documentation
Submit credit and loan applications to management with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected
Promote the sale of credit and loan services
Review and update credit and loan files
Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action.

Return to top

Skills

Loan officers need the following skills and abilities:

an interest in helping persons with financing,
ability to promote products or services and make sales,
be able to get along with people of various types,
excellent listening and negotiating skills,
good analytical and problem-solving skills,
integrity, honesty, and ability to keep matters confidential
understand financial details and services of different types,
accuracy in dealing with figures,
enjoy having clear rules and policies to guide decisions.

Return to top

Employment Requirements

Employers generally prefer to hire loan officers with related post secondary education in fields such as economics, finance, business, or accounting, and/or extensive general banking experience. In smaller communities, knowledge of the agricultural business is essential.
Mortgage officers require a mortgage broker licence from the Manitoba Securities Commission.

Return to top

Terms & Conditions

Loans officers commonly work in an office environment, usually within banks, trust companies, credit unions and similar financial institutions. Nearly all loan officers (96%) work full-time.

Return to top

Earnings

$26,500 per annum - starting

$46,700 per annum - average

$74,500 per annum - high

Earnings are reviewed annually or more frequently if new information becomes available.

Return to top

Education / Training

The Credit Institute of Canada (CIC):

offers a four year Credit Management program that may be taken by correspondence through the School of Continuing Studies at the University of Toronto or by taking evening courses at the University of Alberta, the University of Calgary or NAIT. Some courses are available in day programs.

The Credit Union Institute of Canada (CUIC):

offers a 13 course Management Studies program leading to the designation Associate of the Credit Union Institute of Canada (ACUIC). Applicants for the program must be employed in a credit union or affiliated organization. To qualify for the designation, graduates of the program must have at least five years of related experience.

Institute of Canadian Bankers:

Accredited Mortgage Professional program

Canadian Institute of Mortgage Brokers and Lenders:

Accredited Mortgage Professional (AMP) voluntary designation program

Brandon University:

Bachelor of Business Administration
Certificate in Business Administration
Bachelor of Arts in Economics

University of Manitoba:

Bachelor of Commerce in Accounting and Finance, Business Administration, Aboriginal Business Studies
Bachelor of Arts in Economics
Bachelor of Agribusiness
Agricultural Diploma in Agricultural Finance
The Credit Union Institute of Canada Professional Development program (General Business Studies Program or Management Studies Program) is offered through continuing education
A Certificate in Financial Management and Accounting is offered through continuing education

University of Winnipeg:

Bachelor of Arts in Administrative Studies
Bachelor of Arts in Economics

Canadian Mennonite University:

Bachelor of Arts in Economics; Bachelor of Arts in Business and Organizational Administration

Collège universitaire de Saint Boniface:

Baccalauréat en administration des affaires

Assiniboine Community College:

Business Administration Diploma [2 years]

Red River College:

ACCESS Business Administration Integrated Diploma (priority given to low-income Aboriginal applicants and single parents) [3 years]
Business Administration Integrated Diploma [3 years]
Business Administration Diploma [2 years]

University College of the North:

Business Administration Diploma [2 years]

Company Training Programs:

Banks, credit unions and lending companies often have in-house training programs to help those in junior positions develop the skills needed to become credit managers. Trainees may work closely with experienced credit managers while working through the program.

High Schools:

Some high schools offer a Business Education program.

Return to top

Career Paths

Generally, people work their way up to these positions from within an institution such as a bank or finance company, from positions such as teller or customer service representative.

Many organizations have an extensive training program which allows trainees to work their way up through the ranks.

With further training, loans officers may become financial planners. Experienced loan officers may obtain positions as managers.

Return to top

Outlook

Employment prospects for loans officers, now commonly referred to as personal banking officers or financial services representatives, are expected to be good over the 2010-2014 period. Employment in Manitoba is estimated at 1,375 in 2010.

Technology is streamlining the loans acceptance process in routine cases, and loans officers are spending more time on risk assessment and verification for larger, or more complex loans. They are increasingly involved in the promotion and sale of financial products and services. In many cases, their role is evolving into one of account executive, in line with the diversification of financial institutions generally. This is a fairly large occupational group and there will be opportunities arising due to turnover.

Loans officers work almost exclusively in the Finance and Insurance industry (93%). Employment is fairly evenly distributed across the Province.

Return to top