Loan Officer Career

Job 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.


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Loan Officer Career

What Loan Officers do:

  • 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.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Handle customer complaints and take appropriate action to resolve them.
  • Compute payment schedules.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Review and update credit and loan files.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Submit applications to credit analysts for verification and recommendation.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Confer with underwriters to aid in resolving mortgage application problems.
  • Negotiate payment arrangements with customers who have delinquent loans.
  • Supervise loan personnel.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Interview, hire, and train new employees.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
  • Arrange for maintenance and liquidation of delinquent properties.
  • Provide special services such as investment banking for clients with more specialized needs.
  • Petition courts to transfer titles and deeds of collateral to banks.

What work activities are most important?

Importance Activities

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

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

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

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.

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.

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

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.

Holland Code Chart for a Loan Officer

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