February 2, 2021

Breaking Into the Loan Industry: 5 Jobs You Can Get

In the UK, the loan industry is a multimillion-pound business, and it’s similarly large in the US. With thousands of people relying on loans to fund their everyday lives, the sector is poised to continue growing. Loans are becoming more and more ubiquitous as people look to mortgages, auto loans, and student loans to help them finance their needs. To meet this growing demand, many roles are opening up in the loan industry. Here are just a few, according to the price comparison site Lending Expert:

Underwriters

Loan processors, also known as loan officers or underwriters, are responsible for evaluating loan applications. This involves verifying an applicant’s reported income and reviewing relevant assets, debts, or property details. Underwriters look at people’s credit histories and evaluate whether they are strong candidates to receive a loan. The most important thing when considering loan applications is assessing whether a candidate will be able to repay their requested loan amount. This would apply to any personal, corporate, or real estate loan. The underwriter has the power to approve, suspend, or reject loan applications.

Customer Service

The loan industry relies heavily on customer service and client attention. As such, there are many customer service roles in the field. Customer service often involves liaising with customers regarding any issues or queries they may have. Invariably, these representatives will have access to a customer’s loan information in order to help them with any loan-related inquiries. These roles may also involve speaking with people who are considering a loan and want to find more information.

Marketing

There are many marketing roles in the loan sector. These professionals are responsible for generating new business via successful marketing campaigns. This usually involves identifying target customers by carrying out extensive market research. With this information, the marketing team then designs and executes campaigns tailored to reach the target client.

Mortgage Advisors

Mortgage advisors assess the requests of applicants for mortgages, one of the most common forms of loans. Mortgage advisors evaluate borrower profiles to determine how much funding they would need and their repayment capabilities, using this information to help them propose a repayment plan. This usually involves looking at a borrower’s cash flow, assets, and collateral.

Accounts Roles

In the loan industry, roles like account manager involve taking responsibility for all aspects of a client’s profile and managing their loans. Typically, the job involves overseeing many client accounts simultaneously and ensuring that both the loan company and the borrower hold up their ends of the deal. For the borrowers, that means making sure payments are made on time. From the lender side, this means making sure loan payments are made on time and to the right place. Accounts roles usually act as key points of contact between lenders and borrowers.

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Daniel Tannenbaum is a startup consultant specializing in fintech, employee benefits, and digital marketing.
http://tudorlodgeconsultants.com/