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Loan Officers and Counselors

History

The Continental Congress chartered the first bank of the United States, the Bank of North America, in 1781. It was established to print money, purchase securities (stocks and bonds) in companies, and lend money. It was at this time that the career of financial institution loan officer and counselor originated—although the bank owner or his family probably handled these tasks.

More than 230 years later, loan officers and counselors continue to play a key role in the banking industry, overseeing trillions of dollars of commercial, consumer, and mortgage loans. Technology has changed the way loan officers and counselors do their jobs. Today, customers can learn about loan options and be preapproved for loans via the Internet, and loan officers and counselors use computers, databases, e-mail, and other technology to make the loan process easier for consumers. The number of banks and other financial institutions has grown extensively in the past 25 years, and loan officers and counselors will continue to be needed to help run the banking industry.