Career summary

Details for Loan Officers


Description

Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

Tasks

  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Review and update credit and loan files.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Compute payment schedules.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Submit applications to credit analysts for verification and recommendation.
  • Handle customer complaints and take appropriate action to resolve them.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Supervise loan personnel.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
  • Authorize or sign mail collection letters.
  • Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
  • Confer with underwriters to resolve mortgage application problems.
  • Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
  • Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
  • Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
  • Inform individuals and groups about the financial assistance available to college or university students.
  • Maintain and review account records, updating and recategorizing them according to status changes.
  • Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations.
  • Review accounts to determine write-offs for collection agencies.
  • Review billing for accuracy.

Interests

  • Social - Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Education, training, experience

  • Education - Most of these occupations require a four-year bachelor's degree, but some do not.
  • Training - Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • Experience - A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

Knowledge

  • Education and Training -Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
  • Law and Government -Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • English Language -Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Administration and Management -Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
  • Economics and Accounting -Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • Mathematics -Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Sales and Marketing -Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
  • Customer and Personal Service -Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Skills

  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Speaking - Talking to others to convey information effectively.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

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