Loan Officers
Tasks
Core Tasks Include:
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- 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.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Handle customer complaints and take appropriate action to resolve them.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Review and update credit and loan files.
- Submit applications to credit analysts for verification and recommendation.
- Compute payment schedules.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
Supplemental Tasks Include:
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Confer with underwriters to aid in resolving mortgage application problems.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Negotiate payment arrangements with customers who have delinquent loans.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Supervise loan personnel.
- Interview, hire, and train new employees.
- Provide special services such as investment banking for clients with more specialized needs.
- Arrange for maintenance and liquidation of delinquent properties.
- Petition courts to transfer titles and deeds of collateral to banks.
The data sources for the information displayed here include: O*NET™.
