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Also known as:
Branch Lending Officer, Commercial Lender, Loan Analyst, Loan Officer, Loan Reviewer, Real Estate Loan Officer
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 b ...
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.
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.
Critical decision making
Level of responsibilities
Job challenge and pressure to meet deadlines
Dealing and handling conflict
Competition for this position
Communication with others
Work closely with team members, clients etc.
Comfort of the work setting
Exposure to extreme environmental conditions
Exposure to job hazards
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Handle customer complaints and take appropriate action to resolve them.
Review loan agreements to ensure that they are complete and accurate according to policy.
Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Analyze potential loan markets and develop referral networks to locate prospects for loans.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Review and update credit and loan files.
Compute payment schedules.
Submit applications to credit analysts for verification and recommendation.
Meet with applicants to obtain information for loan applications and to answer questions about the process.
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
Observing, receiving, and otherwise obtaining information from all relevant sources.
Establishing and Maintaining Interpersonal Relationships
Developing constructive and cooperative working relationships with others, and maintaining them over time.
Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
Interacting With Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process 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.
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.
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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.
Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
The ability to communicate information and ideas in speaking so others will understand.
The ability to listen to and understand information and ideas presented through spoken words and sentences.
The ability to speak clearly so others can understand you.
The ability to identify and understand the speech of another person.
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
The ability to read and understand information and ideas presented in writing.
The ability to apply general rules to specific problems to produce answers that make sense.
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
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.
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.
Understanding written sentences and paragraphs in work related documents.
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Actively looking for ways to help people.
Communicating effectively in writing as appropriate for the needs of the audience.
Being aware of others' reactions and understanding why they react as they do.