Loan broker Job Description
Loan broker job profile and description
A loan brokers help financial institutions get new clients who will borrow money from them. Loan brokers also help people and businesses acquire loans from financial institutions. In a way, loan brokers act as a link between lenders and borrowers.
Loan broker duties and responsibilities
The duties and responsibilities of a loan broker are:
- Determining the eligibility of a person for acquiring loan based in his credit history
- Help people who are in need of a loan to acquire loans from financial institutions
- Help people through the paperwork and document preparation required for acquiring loan
- Analyzing the requirements of a borrower and his ability to repay the loan
- Explain the terms and conditions of the loan
- In case the loan required is large, then the loans officer will have to arrange for several banks combined to sanction the loan
- Getting in touch with businesses and determine their need for a loan
- Generate leads for the financial institution and help in increasing their client base
- Will have to visit client’s business place
Loan broker skills and specifications
The skills and specifications of a loans broker are:
- Sound knowledge about laws and sanction procedures relating to loans
- Ability to evaluate the financial situation of a client and his ability to repay the loan
- Excellent communication skills
- Excellent negotiation and interpersonal skills
- Ability to maintain long term relationships with clients
Loan broker education and qualification
The education and qualifications of a loan broker are:
- A high school diploma will suffice in most cases
- A certification degree in finance will offer better opportunity for career growth
- License from the federal agency is mandatory
Loan brokers salary
The salary of a loan broker can range between $35,000 and $75,000 per year. However, the top ten percent earn as much as $106,000 per annum.