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, loan underwriters, and payday loan officers.


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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.
  • 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.
  • Review and update credit and loan files.
  • 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.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Compute payment schedules.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • 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.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Supervise loan personnel.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.

What work activities are most important?

Importance Activities

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

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.

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

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

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

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

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.

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

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

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

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

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

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

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

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.

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

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

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.

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

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

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

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

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

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

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

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.

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