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What does a Loan Officer do?

1 Answer(s)
$66,104
Based on 8580 salaries
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Loan Officers consult, advise, and prepare clients about the conditions of their desired loan agreements and are often employed by banks, creditors, and other financial institutions. Loan Officers are responsible for advising clients on the most suitable loan or credit option, attending to their financial goals and needs. Therefore, they are required to have a vast knowledge of financial and bank loan products.  
  
Since they stand as the point of contact between the financial institution and the loan or credit applicant, customer service skills are a definite asset. Loan Officers are also required to be familiar with policies, procedures, security requirements, and institutional and governmental regulations to successfully perform their duties. 


Roles & Responsibilities of a Loan Officer

If you’re curious about what the average day of handling loans and borrowing conditions looks like for Loan Officers, it’s worth looking below. This list is only a short glimpse of what to expect, so remember to ask around or do further research for more tips about what to expect in this position.  
  
  • Contacting and setting up meetings with prospective and current loan clients.
  • Interviewing loan applicants to determine and evaluate all risk factors.  
  • Communicating with other financial institutions to request details on clients’ creditworthiness.  
  • Promoting the institution’s services and assisting clients in selecting the most suitable loan to meet their financial objectives and needs.  
  • Submitting the processed applications to the manager with the observations found to approve or reject the loan.  
  • Keeping loan files and clients’ information up to date by completing credit and loan documentation, preparing detailed reports, and maintaining comprehensive computerized records.  
  • Providing good quality customer service according to company policies.  
  • Researching, gathering and analyzing data to make effective and profitable decisions.  
  • Staying up to date on current regulations as they apply to the loan in question.  
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