Loan Officer Job Description
The job of a Loan Officer involves helping individuals and businesses obtain financial assistance from banks and other lenders. They may specialize in consumer, mortgage or commercial loans. Their work includes evaluating available loans, making necessary recommendations to clients, and authorizing loans for credit, real estate or commercial needs. Loan officers find work in credit unions, banks or other financial institutions.
Education/Experience Requirements for the job of a Loan Officer: A successful candidate must possess a bachelor’s degree in economics, accounting, commerce, finance or a related field. Some loan officers do not have college education, while some obtain additional training to become loan officers in mortgage banks.
Skills of a Loan Officer include but are not limited to: Excellent interpersonal skills, advanced computer knowledge, effective written and verbal communication skills, sales and marketing skills, customer service skills, knowledge of the banking industry and ability to think logically, interpret information well and work well under stressful conditions.
Specific work elements of the job as a Loan Officer include but are not limited to: Approving loans and referring loan applications; meeting applicants and recommending loans; analyzing financial status, property and credit evaluations of loan applicants; explaining the different types of credit or loans; reviewing loan agreements to ensure compliance to policies; computing payment schedules; handling and resolving customer complaints; helping clients identify their financial goals and recommending ways to reach these goals; supervising loan personnel and marketing bank products to individuals and businesses, among others.
