Twalla Robertson on Becoming A Commercial Loan Officer for World Lending Services

PR Log (Press Release) – Sep 21, 2008 – "Loan officers assist prospective clients in applying for loans and in determining the type and amount of loan that is most suitable for their needs. Loan officers also assess the creditworthiness of loan applicants, judging their suitability as borrowers and the precise terms (interest rate, repayment schedule, etc.) on which credit may be granted to them. Depending on the position, a loan officer may be expected to actively seek out clients, rather than passively wait for applicants to approach his or her financial institution (bank, credit union, etc.) for credit," explains Twalla Robertson, with World Lending Services.

"World Lending Services is a lead origination company who only hires the best commercial loan officers in the industry," states Twalla Robertson.

Loan officers tend to specialize in one of three major types of lending: commercial, consumer or mortgage. Commercial lending is the extension of credit to businesses. Consumer lending includes personal loans, education loans, home equity loans and auto loans, among others. Mortgage lending includes loans for the purchase of real estate by individuals (businesses normally would be served by commercial loan officers, even for real estate purchases) or the refinancing of existing mortgages.

Twalla Robertson wants more for her commercial loan officers at World Lending Servicees:  "A Bachelor's Degree is expected. Coursework in finance, accounting and/or economics is helpful, though not required. Strong quantitative and analytic skills are vital. An MBA can give you a leg up in the hiring process, depending on the firm," and firm is what Twalla Robertson is with qualifications.

"We've hired bozos in the past who not only lied about their experience, they embezzled funds from our company, then ran a smear campaign on the internet when we filed criminal charges. You can never be too careful," shares Twalla Robertson.

Twalla further explains that most loan officer positions do not require any special certification or licensing. A notable exception, however, is mortgage lending. Most states regulate this field, especially regarding loan officers who work in mortgage banks or mortgage brokerages, rather than in traditional banks or credit unions.

"I like a loan officer with sales experience," states Ms. Robertson. The majority of loan officer positions combine sales responsibilities with analytic requirements: selling loans while determining who are appropriate clients, and on what terms. Some loan officer positions are focused largely on the analytics, with no sales dimension and limited client contact. People in these types of jobs are sometimes called loan underwriters. Other loan officer positions specialize in dealing with clients who are having problems meeting their payments. These are loan collection officers, and they try to work out agreements with troubled borrowers that adjust the repayment terms.

Commercial Loan Officers make good money, so I expect a lot out of my loan officers," Twalla Robertson asserts. The Salary Range: Per the Bureau of Labor Statistics, median annual compensation was about $52,000 as of May 2006, with the top 10% earning over $107,000. Compensation schemes vary by employer, with varying mixtures of salary and commission. Where commissions are paid, they normally reflect the number and/or value of loans originated. The highest earning loan officers tend to be those paid on commission and working for large institutions.

Twalla Robertson is one woman who knows her business and has high expectations for her loan officers with World Lending Services.