Loan officers prepare, evaluate and process loan applications and authorize or recommend loan application approvals. Also known as lending officers, they are employed by banks, trust companies, credit unions and other financial institutions.
As a loan officer, yo perform one or more of the following duties. You interview applicants for personal, mortgage, student and business loans. You research and evaluate the applicant's financial status, references, credit rating and ability to repay the loan. You complete the loan documentation. You may approve or reject certain applications that lie within your authority and pass the others to the branch manager or loan manager with your recommendations.
Once a loan is made, you review and update loan files, and prepare statements on delinquent accounts. If you have made a bad loan, you are responsible for collecting that loan.
You may also be involved in selling a broad range of financial services to individuals, independent business and agricultural clients. In addition, yo may provide special services such as investment banking for clients with more intricate financial needs.
The job offers many opportunities for progress. You can become a senior loan officer or move into more senior managerial positions. You can also cross over into other parts of banking. Experience as a loan officer may be required to become a bank or investment manager. Loan officers are paid salaries with bonuses based on performance.
This is a good job for people with strong interpersonal skills and a keen sense of the business world. Today's banks are very sales-oriented and employers are looking for people with a talent for and interest in sales and marketing. Leadership skills, administrative strengths and a good understanding of computer technology are important assets.
To do well, you should enjoy the challenge of identifying and meeting the needs of clients. By developing interviewing skills, you will be able to determine your clients' immediate and future financial requirements.
The job also calls for strong analytical skills and the ability to interpret financial statements. You have to know how to interpret the information to determine the true financial situation of your clients.
You must be able to organize your work well, because there's always more to do than can be finished in one day. There are also many interruptions which can be disruptive. Most of the people you deal with are pleasant, but there are always people who express their dissatisfaction loudly. You must be able to organize your work well, because there's always more to do than can be finished in one day. There are also many interruptions which can be disruptive. Most of the people you deal with are pleasant, but here are always people who express their dissatisfaction loudly. You must accept this gracefully and remember that you work in a service industry.
The most difficult part of the job is collecting on delinquent loans. At times, the financial institution you work for is pressing for repayment but the borrower may have legitimate reasons for not being able to pay immediately. This kind of situation can be very stressful.
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