Loan Officers

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Also known as:
Branch Lending Officer, Commercial Lender, Loan Analyst, Loan Officer, Loan Reviewer, Real Estate Loan Officer

See all Finance Careers.

ABOUT LOAN OFFICER CAREERS
Video transcript

Financial institutions "rent" money in the form of loans. If they don't make any loans, they don't make any profit. That makes loan officers very important employees, because they're the people who work with customers to assemble and analyze the information needed to determine how much someone can borrow.

There are set financial formulas, to be sure. But loan officers who specialize in "commercial" lending, or loans to businesses, must also know a lot about the businesses their customers are in. On the other hand, loan officers who specialize in home mortgage loans must be very familiar with the local real estate market.

Regardless of their specialties, all loan officers must have a good "people sense." That's also true of loan counselors, the men and women who step in when a loan is in trouble. No bank wants to re-possess a care or foreclose on a house, so loan counselors help people who are having difficulty making payments develop a repayment plan they can live with comfortably.

Loan officers and loan counselors deal with money. But they also help make things happen for people, and that can be very satisfying.

SNAPSHOT
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.
Leadership
HIGH
Critical decision making
HIGH
Level of responsibilities
LOW
Job challenge and pressure to meet deadlines
HIGH
Dealing and handling conflict
LOW
Competition for this position
HIGH
Communication with others
HIGH
Work closely with team members, clients etc.
HIGH
Comfort of the work setting
HIGH
Exposure to extreme environmental conditions
LOW
Exposure to job hazards
LOW
Physical demands
LOW
Daily tasks

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.

Review and update credit and loan files.

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

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.

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

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

Submit applications to credit analysts for verification and recommendation.

Review loan agreements to ensure that they are complete and accurate according to policy.

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

MAIN 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.
AREAS OF 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.
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Sales and Marketing Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Law and Government Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administration and Management Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Education and Training Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
TOP 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.
Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Reading Comprehension Understanding written sentences and paragraphs in work related documents.
Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Writing Communicating effectively in writing as appropriate for the needs of the audience.
Social Perceptiveness Being aware of others' reactions and understanding why they react as they do.
Complex Problem Solving Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.