Loan officers gather basic information about the loan request. They also keep abreast of new financial products and services so they can meet their customers' needs. Commercial and business loans provide companies with capital, often to pay for expansion plans. For example, a business may take out a loan in order to open a new location, or to upgrade existing equipment. Consumer loans include college loans, automobile loans, and other personal loans.
Mortgage loans are loans taken out to finance the purchase of property.
Loan officers lower their firm's risk by receiving collateral-security pledged for the payment of a loan. For example, a person receiving a loan may put up their house as collateral for college loans. However, loans backed by collateral also are beneficial to the customer, because they generally carry a lower interest rate. Out in the field Loan officers do much of their work in offices, but mortgage loan officers can change offices frequently and must often visit the homes of clients pursuing a loan request. Most loan officers work standard eight-hour days, but others work longer, as they take on as many clients as they can handle at a time.