Loan officer evaluates, 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.

  • 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.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Submit applications to credit analysts for verification and recommendation.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Review and update credit and loan files.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Handle customer complaints and take appropriate action to resolve them.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Compute payment schedules.
  • Supervise loan personnel.
  • 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.
  • 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.
Work Context
  • Telephone — 100% responded "Every day".
  • Electronic Mail — 100% responded "Every day".
  • Indoors, Environmentally Controlled — 100% responded "Every day".
  • Face-to-Face Discussions — 95% responded "Every day".
  • Contact With Others — 84% responded "Constant contact with others".
  • Frequency of Decision Making — 85% responded "Every day".
  • Spend Time Sitting — 63% responded "Continually or almost continually".
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Work 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.
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Detailed Work Activities
  • Verify application data to determine program eligibility.
  • Authorize financial actions.
  • Compute debt repayment schedules.
  • Confer with others about financial matters.
  • Correspond with customers to answer questions or resolve complaints.
  • Inform individuals or organizations of status or findings.
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Knowledge

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.
Economics and Accounting
  • Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
English Language
  • Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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Skills

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.
Reading Comprehension
  • Understanding written sentences and paragraphs in work related documents.
Judgment and Decision Making
  • Considering the relative costs and benefits of potential actions to choose the most appropriate one.
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Abilities

Oral Comprehension
  • The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
  • The ability to read and understand information and ideas presented in writing.
Oral Expression
  • The ability to communicate information and ideas in speaking so others will understand.
Written Expression
  • The ability to communicate information and ideas in writing so others will understand.
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Personality

People interested in this work like activities that include ideas, thinking, and figuring things out.
They do well at jobs that need:
  • Achievement/Effort
  • Persistence
  • Initiative
  • Leadership
  • Cooperation
  • Concern for Others
  • Social Orientation
  • Self Control
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Technology

You might use software like this on the job:

Word processing software
  • Microsoft Word Hot Technology
Presentation software
  • Microsoft PowerPoint Hot Technology
Electronic mail software
  • Microsoft Outlook Hot Technology
  • IBM Notes Hot Technology
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Education

Bachelor's Degree or
Some College Courses
usually needed

Get started on your career:

Job Outlook

New job opportunities are less likely in the future.
Salary
$63,960
$33,650
$133,850