How to Become a Construction Loan Officer
Step 1: Understand the job description and responsibilities of a Construction Loan Officer
What does a Construction Loan Officer do?
A Construction Loan Officer sources and structures construction loans. Performs a due diligence review of potential borrowers, including risk and financial analysis. Being a Construction Loan Officer analyzes applicants' credit and financial status and obtains property appraisals to determine the feasibility of granting loans. Develops relationships with builders and developers to obtain referrals and future lending opportunities. Additionally, Construction Loan Officer structures construction loan terms and conditions according to policies. Approves loans within authorized limits or refers them to a loan committee for approval. May disburse loan proceeds at designated project mile. Requires a bachelor's degree. Typically reports to a manager. The Construction Loan Officer occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. To be a Construction Loan Officer typically requires 2 -4 years of related experience.
Construction loans are commonly sought both by individuals desiring to build a new home and by businesses seeking financing for income producing properties, such as warehouses, shopping centers, apartment housing, offices, or showroom space.
There are various types of construction loans, including consumer lot loans that are advanced first for the purchase of land and then transferred to a permanent loan for the building construction, and commercial construction loans for the expanding business and residential construction loans.
The construction loan officer, sometimes referred to as the construction lending officer, is responsible for the solicitation and servicing of construction loans.
The loan construction officer interviews applicants to determine whether or not approval should be recommended for the loan.
The job entails analyzing financial data, the applicant’s status and credit rating in regards to the feasibility of granting a loan.
Step 2: Learn best tips to become a Construction Loan Officer
Best tips for those who want to become a Construction Loan Officer
Here are some tips to become a Construction Loan Officer.
Step 3: View best colleges and universities for Construction Loan Officer
Best colleges and universities for Construction Loan Officer
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Construction Loan Officer
Is being a Construction Loan Officer Worth it?
As the mortgage loan officer, you will be taking loan applications for borrowers as well as educating them on the various loan programs available.
RHMC provides high quality leads from proven sources tailored for the experienced loan officer.
Communicate with builders, contractors, loan officers, and borrowers on progress of construction including daily….
Review loan closing documents and other materials required prior to closing of VEDA’s loans (appraisals, environmental site assessments, construction contracts,….
Work related experience should consist of commercial loan servicing and loan documentation processing background.
Step 5: Prepare relevant skills for being a Construction Loan Officer
What skills do you need to be a Construction Loan Officer?
In order to succeed at this level, when working with both management positions and positions more junior, a variety of skills are required. A strong grasp of the following skills is needed to perform this role: Specialty Lending, Loan Authorization. You would need to be proficient in the following: Loan Software. Although there may be many skills for success in this role, some companies may be willing to provide on the job training if you excel in other areas.
All loan officers must have a clear understanding of the bank’s loan policies.
Construction loan officers must quickly analyze information and be able to provide reports to managers and other bank officials.
A familiarity with the construction industry, either from past experience or from business relationships with local construction companies, is a huge plus.
Most institutions ask that their candidates have a bachelor’s degree in finance, and experience with officiating over loans.
Some training is available on the job, but as loan applications are a complicated and delicate aspect of the bank’s business, prior training and knowledge is preferred.
Step 6: View average salary for Construction Loan Officer
How much does a Construction Loan Officer make?
The average salary range for a Construction Loan Officer is from $82,706 to $128,886. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Construction Loan Officer jobs
Step 7: Find relevant Construction Loan Officer jobs, and apply.
Looking for Construction Loan Officer jobs?
Here are some Construction Loan Officer jobs in the United States.