loan officer job description
Loan Officers evaluate and authorize the approval of business, real estate, or credit loans. They are specialists in evaluating the financial status of a loan applicant. Duties include updating account records and reviewing loan files. They work for commercial banks, mortgage companies, or credit unions.
We are searching for an experienced and detail-oriented Loan Officer to join our growing institution. In this position, you will act as a liaison between applicants and our financial institution, helping qualified applicants obtain loans and set up payment plans. Your duties will include meeting with applicants, preparing loan proposals, and examining active loans.
The ideal candidate will have experience managing different types of loans including home loans, business loans, and individual loans. To succeed in this role, you should demonstrate excellent communication and interpersonal skills.
- Evaluate credit worthiness by processing loan applications and documentation within specified limits
- Interview applicants to determine financial eligibility and feasibility of granting loans
- Determine all applicable ratios and metrics and set up debt payment plans
- Communicate with clients either to request or to provide information
- Justify decisions (approvals/rejections) and report on them
- Complete loan contracts and counsel clients on policies and restrictions
- Update job knowledge on types of loans and other financial services
- Maintain and update account records
- Assess customer needs, explore all options and introduce different types of loans
- Develop referral networks, suggest alternate channels and cross-sell products and services to accomplish quotas
- Go the “extra mile” to build trust relationships, customer loyalty and satisfaction throughout the underwriting process
- Οperate in compliance with laws and regulations and adhere to lending compliance guidelines
- Proven working experience as a Loan Officer
- Familiarity with computers and banking applications/software
- Solid understanding of direct/indirect lending products and practices
- Excellent communication and interpersonal skills
- Customer satisfaction orientation and sales competencies
- Ability to work in a goal oriented environment
- BS degree in finance, economics or a related field
1) Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
2) Meet with applicants to obtain information for loan applications and to answer questions about the process.
3) Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
4) Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
5) Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.
6) Review and update credit and loan files.
7) Review loan agreements to ensure that they are complete and accurate according to policy.
8) Compute payment schedules.
10) Submit applications to credit analysts for verification and recommendation.
11) Handle customer complaints and take appropriate action to resolve them.
12) Work with clients to identify their financial goals and to find ways of reaching those goals.
13) Confer with underwriters to aid in resolving mortgage application problems.
14) Negotiate payment arrangements with customers who have delinquent loans.
15) Market bank products to individuals and firms, promoting bank services that may meet customers’ needs.
16) Supervise loan personnel.
17) Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
18) Provide special services such as investment banking for clients with more specialized needs.
19) Analyze potential loan markets and develop referral networks in order to locate prospects for loans.
20) Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
21) Arrange for maintenance and liquidation of delinquent properties.
22) Interview, hire, and train new employees.
23) Petition courts to transfer titles and deeds of collateral to banks.
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