Loan broker job profile and description

A loan brokers help financial institutions get new clients who will borrow money from them. Loan brokers also help people and businesses acquire loans from financial institutions. In a way, loan brokers act as a link between lenders and borrowers.

Loan broker duties and responsibilities

The duties and responsibilities of a loan broker are:

  • Determining the eligibility of a person for acquiring loan based in his credit history
  • Help people who are in need of a loan to acquire loans from financial institutions
  • Help people through the paperwork and document preparation required for acquiring loan
  • Analyzing the requirements of a borrower and his ability to repay the loan
  • Explain the terms and conditions of the loan
  • In case the loan required is large, then the loans officer will have to arrange for several banks combined to sanction the loan
  • Getting in touch with businesses and determine their need for a loan
  • Generate leads for the financial institution and help in increasing their client base
  • Will have to visit client’s business place

Loan broker skills and specifications

The skills and specifications of a loans broker are:

  • Sound knowledge about laws and sanction procedures relating to loans
  • Ability to evaluate the financial situation of a client and his ability to repay the loan
  • Excellent communication skills
  • Excellent negotiation and interpersonal skills
  • Ability to maintain long term relationships with clients

Loan broker education and qualification

The education and qualifications of a loan broker are:

  • A high school diploma will suffice in most cases
  • A certification degree in finance will offer better opportunity for career growth
  • License from the federal agency is mandatory

Loan brokers salary

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