They are especially busy when interest rates are low, triggering a surge in loan applications. Approximately half were employed by commercial banks, savings institutions, and credit unions. Others were employed by nonbank financial institutions, such as mortgage banking and brokerage firms and personal credit firms. Loan officers are employed throughout the Nation, but most work in urban and suburban areas. In rural areas, the branch or assistant manager often handles the loan application process.
Most employers prefer applicants who are familiar with computers and their applications in banking.
For commercial or mortgage loan officer jobs, training or experience in sales is highly valued by potential employers. Loan officers without college degrees usually have reached their positions by advancing through the ranks of an organization and acquiring several years of work experience in various other occupations, such as teller or customer service representative. The American Institute of Banking, which is affiliated with the American Bankers Association, offers correspondence courses and college and university classes for students interested in lending as well as for experienced loan officers who want to keep their skills current. The Mortgage Bankers Association's School of Mortgage Banking also offers classes, both classroom and Internet-based, for people involved in real estate lending. Completion of these courses and programs enhances one's employment and advancement opportunities.