Loan Broker Job Description

October 8, 20110 Comments

Loan broker job profile and description

As the name sounds a loan broker is someone who act as a link between lenders and borrowers. He or she supposed to get the new clients for the financial institutions who will borrow money from them. At the same he or she also works to help the people businesses acquire loans from financial institutions.

Loan broker duties and responsibilities

The duties and responsibilities which a loan broker has to fulfill are as follows:

  • He or she has to determine the eligibility of a person for acquiring loan based in his credit history
  • He or she has to oversee for the people who are in need of a loan to acquire loans from financial institutions
  • It will be the duty to help the people in their documentation work required for acquiring loan
  • He or she needs to analyze the requirements of a borrower and ability to repay the loan
  • It will be the responsibility of the person to explain the terms and conditions of the loan.
  • He or she has to find out the more combinations of the bank in case the loan required is large.
  • He or she has to be in touch with the clients to determine their need for a loan
  • He or she has to increase the client base for the business
  • He or she has the responsibility to be in touch with the client so will have to visit client’s business place

Loan broker skills and specifications

The skills and specifications needed in a candidate to do the job of a loans broker are as follows:

  • The candidate needs to have a Sound knowledge about the laws and sanction procedures relating to loans
  • He or she should be able to evaluate the condition of the client.
  • He or she should be a good communicator and should have the skills both verbally and written.
  • The candidate needs to have exceptional and excellent negotiation and interpersonal skills to maintain long term relationships with clients

Loan broker education and qualification

The education and qualifications of a loan broker are:

  • The basic degree required for the job is a high school diploma
  • The candidate having a certification degree in finance will offer better opportunity for career growth
  • The License from the federal agency is mandatory for the candidate.

Loan brokers salary

The salary of a loan broker can range generally between $35,000 and $75,000 per year. However, the top ten percent earn as much as $106,000 per annum.

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