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Loan Officers Occupation Detailed Description

Loan Officers career

General Job Description and Education/Training Levels for Loan Officers

The main tasks and work activities of Loan Officers are to authorize financial actions, interview clients to gather financial information, assess financial status of clients, interpret financial information for others. In general, for the Loan Officers, active Listening, speaking, reading Comprehension, judgment and Decision Making and other 9 skills are required.
Loan Officers Job Description
EducationMost of these occupations require a four-year bachelor's degree, but some do not.
Related ExperienceA considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Job TrainingEmployees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
ExampleMany of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.
The following chart shows the education/training levels for Loan Officers jobs. 6.13% of Loan Officers have High School Diploma (or the equivalent) and 69.86% of Loan Officers have Bachelor's Degree and Above.
Less than a High School Diploma
0.00%
High School Diploma (or the equivalent)
6.13%
Post-Secondary Certificate
0.00%
Some College Courses
12.83%
Associate's Degree (or other 2-year degree)
11.18%
Bachelor's Degree and Above
69.86%

Tasks and Work Activities of Loan Officers

  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Review and update credit and loan files.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Compute payment schedules.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Submit applications to credit analysts for verification and recommendation.
  • 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.
  • Confer with underwriters to aid in resolving mortgage application problems.
  • Negotiate payment arrangements with customers who have delinquent loans.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Supervise loan personnel.
  • Set credit policies, credit lines, procedures, and standards in conjunction with senior managers.
  • Provide special services, such as investment banking for clients with more specialized needs.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Getting InformationObserving, receiving, and otherwise obtaining information from all relevant sources.
  • Evaluating Information to Determine Compliance with StandardsUsing relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
  • Establishing and Maintaining Interpersonal RelationshipsDeveloping constructive and cooperative working relationships with others, and maintaining them over time.
  • Processing InformationCompiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Analyzing Data or InformationIdentifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
  • Interacting With ComputersUsing computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
  • Communicating with Persons Outside OrganizationCommunicating 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 ProblemsAnalyzing information and evaluating results to choose the best solution and solve problems.
  • Communicating with Supervisors, Peers, or SubordinatesProviding information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
  • Organizing, Planning, and Prioritizing WorkDeveloping specific goals and plans to prioritize, organize, and accomplish your work.
  • Authorize financial actions.
  • Interview clients to gather financial information.
  • Assess financial status of clients.
  • Interpret financial information for others.
  • Gather financial records.
  • Maintain data in information systems or databases.
  • Examine financial records.
  • Verify accuracy of financial information.
  • Compute debt repayment schedules.
  • Update professional knowledge.
  • Submit financial applications.
  • Correspond with customers to answer questions or resolve complaints.
  • Develop financial plans for clients.
  • Confer with personnel to coordinate business operations.
  • Negotiate agreements to resolve disputes.
  • Market products, services, or events.
  • Supervise employees.
  • Establish organizational guidelines or policies.
  • Recommend investments to clients.
  • Analyze market conditions or trends.

Skills and Abilities for Loan Officers

  • Active ListeningGiving 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.
  • SpeakingTalking to others to convey information effectively.
  • Reading ComprehensionUnderstanding written sentences and paragraphs in work related documents.
  • Judgment and Decision MakingConsidering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Critical ThinkingUsing logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • WritingCommunicating effectively in writing as appropriate for the needs of the audience.
  • Complex Problem SolvingIdentifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Social PerceptivenessBeing aware of others' reactions and understanding why they react as they do.
  • MathematicsUsing mathematics to solve problems.
  • Time ManagementManaging one's own time and the time of others.
  • Active LearningUnderstanding the implications of new information for both current and future problem-solving and decision-making.
  • Service OrientationActively looking for ways to help people.
  • Oral ExpressionThe ability to communicate information and ideas in speaking so others will understand.
  • Written ComprehensionThe ability to read and understand information and ideas presented in writing.
  • Oral ComprehensionThe ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Written ExpressionThe ability to communicate information and ideas in writing so others will understand.
  • Near VisionThe ability to see details at close range (within a few feet of the observer).
  • Inductive ReasoningThe ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Deductive ReasoningThe ability to apply general rules to specific problems to produce answers that make sense.
  • Problem SensitivityThe 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.
  • Speech ClarityThe ability to speak clearly so others can understand you.
  • Speech RecognitionThe ability to identify and understand the speech of another person.
  • Number FacilityThe ability to add, subtract, multiply, or divide quickly and correctly.
  • Mathematical ReasoningThe ability to choose the right mathematical methods or formulas to solve a problem.
  • Information OrderingThe ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
  • Selective AttentionThe ability to concentrate on a task over a period of time without being distracted.
  • Category FlexibilityThe ability to generate or use different sets of rules for combining or grouping things in different ways.
  • Fluency of IdeasThe ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
  • Desktop computerse.g. Desktop computers
  • Notebook computerse.g. Notebook computers
  • Personal computerse.g. Personal computers
  • Personal digital assistant PDAs or organizerse.g. Personal digital assistants PDA
  • Scannerse.g. Scanners
  • Tablet computerse.g. Tablet computers
  • Customer and Personal ServiceKnowledge 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 AccountingKnowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • English LanguageKnowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • MathematicsKnowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Sales and MarketingKnowledge 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 GovernmentKnowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • Administration and ManagementKnowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.