Loan Operations Manager:Job Descirption, Education and Salary
A Loan Operations Manager is in charge of the loans department of a business. This position is often associated with banking but can also be in the fields of mortgage lending, financial services or credit unions. As managers, they are expected to oversee the entire loans department and make sure that policies are being adhered to and verifying the loan processing procedure. Additionally, Loan Operations Managers are responsible for implementing techniques to acquire new clients.
- Position Uniqueness
This position is unique from other OM fields because it deals directly with finances. Loan Operations Managers must be able to look over loans to ensure that the company profits from them. In addition to the mathematical and financial skills necessary for this position, Loan Managers also must work well with people because they must supervise employee teams. Also, they are in charge of gaining new clients and may be required to meet with them.
- Day in the Life
As a LOM, you have the luxury of keeping bank hours. That means you will work about eight hours a day Monday through Friday. Rarely will you need to take work home with you or even consider working on holidays or weekends. You will spend most of your time in your office behind a desk while you pour over the data from company loans. This data must be interpreted as budget reports to make sure that the company is going to profit. You may need to create new loan policies to ensure a profit. Despite the time spent at a desk, Loan Operations Managers do have a good deal amount of human interaction too. You may be in charge of approving large loans and may need to meet with potential clients. Sometimes Loan ops Managers also hire and train employees.
- Personality Type
If you have a flair for numbers and are good at critical thinking, then this position is for you. However, you will also need a great deal of leadership and people skills, especially customer service. Most mathematically-minded people tend not to be creative though this skill can really help when thinking up new techniques for attracting clients.
You will be expected to have at least a bachelor’s degree in a business-related field as well as five years of experience in loan operations. A master’s degree and managerial knowledge is also highly desirable.
- Rate of Pay
When working at a branch of a bank or other lending company, you can expect an average salary of $81k yearly. On the lower end, expect $61k and up to $200k at larger banks. Also, Loan Operations Managers can expect large bonuses and good benefit plans. This is a very profitable career choice.
- Business’s Hiring
Businesses requiring a Loan Operations Manager tend to be banks, mortgage lenders, credit unions or financial services. These are large companies with smaller branches throughout the country. This is a growing field though has been stagnant as of late due to economic recession.