Who is a Loan Officer ?
A loan officer is a person working in a financial institution who assists clients with their loan applications. Loan officers closely work with borrowers to make sure they are able to pay off the loan in a timely manner. Loan Officers mostly work in banks, credit unions, mortgage companies, investment firms, and other related businesses.
What does a Loan Officer do?
Loan officers evaluate the creditworthiness of a client before going forward with the loan procedure. They are responsible for authorizing, approving, and rejecting loan applications of individuals and businesses. They guide their clients through the loan process and help them make responsible decisions.
They work closely with their clients to make them understand the risks involved and evaluate their financial situation. Loan officers also help companies invest in potential profits and evaluate tax returns.
Job brief
We are on the lookout for a loan officer for our company who is well experienced and detail-oriented. If you want to help clients set up loans with our company and obtain payment plans, you are right for this job. You will be responsible for communicating with clients, helping them make loan proposals, and evaluate active loans in the company.
Duties and Responsibilities
- Meet with clients and set up their application process
- Gather information from clients and collect the necessary documents
- Research the market and recommend suitable solutions
- Consult clients to achieve their financial goals
- Evaluate loan applications to determine if they can be approved
- Reject loans and explain the respective reasons for doing so
- Make sure loan contracts are completed on time
- Prepare accurate loan reports
- Respond to customer inquiries
- Follow basic loan rules and regulations
Key requirements
- Bachelor’s degree in finance
- 2-5 years of related proven experience
- Financial and time management skills
- Deep understanding of the state’s loan guidelines
- Up-to-date knowledge of financial software
- Analyzing and negotiation skills
