Loan Officer

Also called: Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Banker

$76,930

estimated salary

Loan officer evaluates, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.

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.
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
Submit applications to credit analysts for verification and recommendation.
Review loan agreements to ensure that they are complete and accurate according to policy.
Review and update credit and loan files.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Work with clients to identify their financial goals and to find ways of reaching those goals.
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.
Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
Analyze potential loan markets and develop referral networks to locate prospects for loans.
Compute payment schedules.
Supervise loan personnel.
Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
Authorize or sign mail collection letters.
Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
Confer with underwriters to resolve mortgage application problems.
Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
Inform individuals and groups about the financial assistance available to college or university students.
Maintain and review account records, updating and recategorizing them according to status changes.
Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations.
Review accounts to determine write-offs for collection agencies.
Review billing for accuracy.

Work Context

Telephone — 100% responded "Every day".
Electronic Mail — 100% responded "Every day".
Indoors, Environmentally Controlled — 100% responded "Every day".
Face-to-Face Discussions — 95% responded "Every day".
Contact With Others — 84% responded "Constant contact with others".
Frequency of Decision Making — 85% responded "Every day".
Spend Time Sitting — 63% responded "Continually or almost continually".

Deal With External Customers — 67% responded "Extremely important".

Work With Work Group or Team — 69% responded "Extremely important".

Importance of Being Exact or Accurate — 57% responded "Extremely important".

Impact of Decisions on Co-workers or Company Results — 59% responded "Very important results".

Freedom to Make Decisions — 49% responded "A lot of freedom".

Structured versus Unstructured Work — 59% responded "A lot of freedom".

Letters and Memos — 45% responded "Every day".

Time Pressure — 46% responded "Every day".

Level of Competition — 38% responded "Extremely competitive".

Coordinate or Lead Others — 38% responded "Extremely important".

Responsibility for Outcomes and Results — 37% responded "Very high responsibility".

Importance of Repeating Same Tasks — 32% responded "Extremely important".

Spend Time Using Your Hands to Handle, Control, or Feel Objects, Tools, or Controls — 57% responded "Continually or almost continually".

Deal With Unpleasant or Angry People — 38% responded "Once a week or more but not every day".

Degree of Automation — 50% responded "Moderately automated".

Frequency of Conflict Situations — 46% responded "Once a week or more but not every day".

Physical Proximity — 47% responded "I work with others but not closely (e.g., private office)".

Consequence of Error — 35% responded "Serious".

Work Activities

Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Communicating with Persons Outside Organization — Communicating 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 Problems — Analyzing information and evaluating results to choose the best solution and solve problems.

Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.

Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.

Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.

Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.

Performing for or Working Directly with the Public — Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.

Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.

Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members.

Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.

Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.

Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.

Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.

Monitor Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.

Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.

Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others.

Detailed Work Activities

Verify application data to determine program eligibility.
Authorize financial actions.
Compute debt repayment schedules.
Confer with others about financial matters.
Correspond with customers to answer questions or resolve complaints.
Inform individuals or organizations of status or findings.

Customer and Personal Service

Knowledge 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 Accounting

Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

English Language

Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

Active Listening

Giving 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.

Speaking

Talking to others to convey information effectively.

Reading Comprehension

Understanding written sentences and paragraphs in work related documents.

Judgment and Decision Making

Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Oral Comprehension

The ability to listen to and understand information and ideas presented through spoken words and sentences.

Written Comprehension

The ability to read and understand information and ideas presented in writing.

Oral Expression

The ability to communicate information and ideas in speaking so others will understand.

Written Expression

The ability to communicate information and ideas in writing so others will understand.

People interested in this work like activities that include ideas, thinking, and figuring things out.

They do well at jobs that need:

Achievement/Effort

Persistence

Initiative

Leadership

Cooperation

Concern for Others

Social Orientation

Self Control

You might use software like this on the job:

Word processing software

Microsoft Word

Presentation software

Microsoft PowerPoint

Electronic mail software

Microsoft Outlook
IBM Notes

Bachelor's Degree or
Some College Courses
usually needed

Get started on your career:

New job opportunities are less likely in the future.

$63,960

$33,650

$133,850

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Loan Officer

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