Working for a Bank or Broker

There are many different types of financial institutions; banks, credit unions, lending agencies, brokers. Being a loan officer at any of these institutions will require a lot of hard work; however some may be better than others.

Most banks have fairly high standards when it comes to who they will grant loans to. Smaller banks will be more selective than larger chain banks that have considerably more financing. As a loan officer there will probably be pretty strict guidelines to follow; however, in most cases there is more stability. That is usually the first place that people will stop when applying for a loan .

Brokers on the other hand are a little different and it varies greatly depending on the broker you work for. Working for an “A” list broker that handles high profile clients will be a different experience than worker for small privately owned brokerage. Loan officers typically have to work harder to find and close deals, but the pay off can be substantial.

Many loan officers, after completing their loan officer training go to work for a bank. Some banks offer salaried positions and others offer a salary plus commission. After getting a lot of experience they feel more comfortable and confident about taking on the challenge of working for a broker .

At the end of the day there are a lot of pros and cons for each, so it all comes down to what works best for the specific institution and individual.