Loan Officers :: Job Description

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Loan Officers

Careers / Loan Officers

Summary Description


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

Sample Job Titles

1.	Agricultural Loan Officer

2.	Bank Officer

3.	Bank Representative

4.	Banking Services Officer

5.	Branch Account Executive

6.	Branch Account Manager

7.	Branch Banker

8.	Branch Lending Officer

9.	Branch Manager

10.	Business Banker

11.	Business Banking Officer

12.	Commercial Banker

13.	Commercial Lender

14.	Commercial Loan Collection Officer

15.	Commercial Loan Officer

16.	Commercial Mortgage Broker

17.	Consumer Loan Officer

18.	Corporate Banking Officer

19.	Farm Loan Representative

20.	Home Lending Officer

21.	Lender

22.	Loan Administrator

23.	Loan Adviser

24.	Loan Analyst

25.	Loan Approver

26.	Loan Auditor

27.	Loan Consultant

28.	Loan Coordinator

29.	Loan Counselor

30.	Loan Examiner

31.	Loan Interviewer

32.	Loan Officer

33.	Loan Originator

34.	Loan Reviewer

35.	Loan Service Officer

36.	Loan Specialist

37.	Loan Supervisor

38.	Loan Workout Officer

39.	Mortgage Banker

40.	Mortgage Broker

41.	Mortgage Consultant

42.	Mortgage Loan Officer

43.	Mortgage Loan Originator

44.	Mortgage or Loan Underwriter

45.	Mortgage Originator

46.	Mortgage Specialist

47.	Mortgage Underwriter

48.	Personal Banking Officer

49.	Personal Loan Specialist

50.	Portfolio Manager

51.	Real Estate Loan Officer

52.	Real Estate Officer

53.	Relationship Manager

54.	Small Business Banking Officer

Job Tasks

	Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans. Assess financial status of clients.

	Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information. Gather financial records.

	Meet with applicants to obtain information for loan applications and to answer questions about the process. Interview clients to gather financial information.

	Explain to customers the different types of loans and credit options that are available, as well as the terms of those services. Interpret financial information for others.

	Review loan agreements to ensure that they are complete and accurate according to policy. Verify accuracy of financial information.

	Approve loans within specified limits, and refer loan applications outside those limits to management for approval. Authorize financial actions.

	Handle customer complaints and take appropriate action to resolve them. Correspond with customers to answer questions or resolve complaints.

	Set credit policies, credit lines, procedures and standards in conjunction with senior managers. Establish organizational guidelines or policies.

	Stay abreast of new types of loans and other financial services and products to better meet customers' needs. Update professional knowledge.

	Review and update credit and loan files. Examine financial records. Maintain data in information systems or databases.

	Submit applications to credit analysts for verification and recommendation. Submit financial applications.

	Compute payment schedules. Compute debt repayment schedules.

	Confer with underwriters to aid in resolving mortgage application problems. Confer with personnel to coordinate business operations.

	Market bank products to individuals and firms, promoting bank services that may meet customers' needs. Market products, services, or events.

	Work with clients to identify their financial goals and to find ways of reaching those goals. Develop financial plans for clients.

	Negotiate payment arrangements with customers who have delinquent loans. Negotiate agreements to resolve disputes.

	Analyze potential loan markets and develop referral networks to locate prospects for loans. Analyze market conditions or trends.

	Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action. Prepare financial documents, reports, or budgets.

	Supervise loan personnel. Supervise employees.

	Interview, hire, and train new employees. Train personnel to enhance job skills. Conduct eligibility or selection interviews.

	Provide special services such as investment banking for clients with more specialized needs. Recommend investments to clients.

	Arrange for maintenance and liquidation of delinquent properties. Execute sales or other financial transactions.

	Petition courts to transfer titles and deeds of collateral to banks. Communicate with government agencies.

Work Activities

Importance	Work Activity

Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.

Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.

Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.

Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.

Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.

Performing for or Working Directly with the Public — Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.

Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.

Communicating with Persons Outside Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.

Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.

Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.

Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.

Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.

Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.

Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.

Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others.

Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.

Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.

Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.

Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.

Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.

Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members.

Coaching and Developing Others — Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.

Monitor Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.

Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.

Estimating the Quantifiable Characteristics of Products, Events, or Information — Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.

Assisting and Caring for Others — Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients.

Monitoring and Controlling Resources — Monitoring and controlling resources and overseeing the spending of money.

Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.

Nature of the Work


	(Abstract from Career Articles)

	Loan Officers
	Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.

	Read More >>

Working Conditions


	(Abstract from Career Articles)

	Loan Officers
	Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Most commercial and consumer loan officers work full time, and many mortgage loan officers work extensive hours. Except for consumer loan officers, traveling to visit clients is common.

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Interesting Fact

Charles Goodyear, the man who developed vulcanized rubber, began his experiments while he was in prison.

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