Loan Officers

Description

Evaluate, 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, and loan underwriters.

Tasks

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.
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.

Knowledge

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.
Sales and Marketing: Knowledge 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.
Mathematics: Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
English Language: Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Clerical: Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Economics and Accounting: Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Law and Government: Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

Skills

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
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.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Abilities

Near Vision: The ability to see details at close range (within a few feet of the observer).
Oral Expression: The ability to communicate information and ideas in speaking so others will understand.
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.
Written Expression: The ability to communicate information and ideas in writing so others will understand.
Deductive Reasoning: The ability to apply general rules to specific problems to produce answers that make sense.
Speech Clarity: The ability to speak clearly so others can understand you.

Work Activities

Establishing and Maintaining Interpersonal Relationships: Developing constructive and cooperative working relationships with others, and maintaining them over time.
Organizing, Planning, and Prioritizing Work: Developing specific goals and plans to prioritize, organize, and accomplish your work.
Getting Information: Observing, receiving, and otherwise obtaining information from all relevant sources.
Updating and Using Relevant Knowledge: Keeping up-to-date technically and applying new knowledge to your job.
Making Decisions and Solving Problems: Analyzing information and evaluating results to choose the best solution and solve problems.
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.
Interacting With Computers: Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

Work Context

Telephone: How often do you have telephone conversations in this job?
Electronic Mail: How often do you use electronic mail in this job?
Indoors, Environmentally Controlled: How often does this job require working indoors in environmentally controlled conditions?
Contact With Others: How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
Frequency of Decision Making: How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?
Importance of Being Exact or Accurate: How important is being very exact or highly accurate in performing this job?
Freedom to Make Decisions: How much decision making freedom, without supervision, does the job offer?
Spend Time Sitting: How much does this job require sitting?
Face-to-Face Discussions: How often do you have to have face-to-face discussions with individuals or teams in this job?
Structured versus Unstructured Work: To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?

Interests

Conventional: Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Enterprising: Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Social: Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Investigative: Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
Realistic: Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.
Artistic: Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.

Work Style

Integrity: Job requires being honest and ethical.
Stress Tolerance: Job requires accepting criticism and dealing calmly and effectively with high stress situations.
Attention to Detail: Job requires being careful about detail and thorough in completing work tasks.
Achievement/Effort: Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Dependability: Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Initiative: Job requires a willingness to take on responsibilities and challenges.
Analytical Thinking: Job requires analyzing information and using logic to address work-related issues and problems.
Self Control: Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
Cooperation: Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Persistence: Job requires persistence in the face of obstacles.

Work Values

Relationships: Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
Independence: Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Support: Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
Achievement: Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Recognition: Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Working Conditions: Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.

Related Occupations

Credit Analysts

Financial Analysts

Personal Financial Advisors

Tax Examiners and Collectors, and Revenue Agents

Tax Preparers

Billing, Cost, and Rate Clerks

Tellers

Brokerage Clerks

Loan Interviewers and Clerks

New Accounts Clerks

Lay Titles

Agricultural Loan Officer

Bank Officer

Bank Representative

Branch Banker

Branch Lending Officer

Branch Manager

Commercial Banker

Commercial Lender

Commercial Loan Collection Officer

Commercial Loan Officer

Corporate Banking Officer

Farm Loan Representative

Lender

Loan Administrator

Loan Adviser

Loan Analyst

Loan Approver

Loan Auditor

Loan Consultant

Loan Coordinator

Loan Counselor

Loan Examiner

Loan Officer

Loan Originator

Loan Reviewer

Loan Service Officer

Loan Specialist

Loan Supervisor

Loan Workout Officer

Mortgage Banker

Mortgage Broker

Mortgage Consultant

Mortgage Loan Officer

Mortgage or Loan Underwriter

Mortgage Originator

Mortgage Specialist

Mortgage Underwriter

Personal Banking Officer

Portfolio Manager

Real Estate Officer

Relationship Manager

National Wages and Employment Info

Median Wages (2008):: $28.76 hourly, $59,820 annual.

Employment (2008):: 286,670 employees