Loan Officers
What would you do if you wanted to buy something but didn't have enough money for it? You could wait until you'd saved up more, or you might ask a family member or friend to lend you some money, with the understanding that you'd pay them back later. If you go with that second option, you should know that the money you'd be taking is called a "loan" - a loan means taking money from a person or institution in exchange for a promise to pay it back within a set period of time. In this case, maybe you only needed a few dollars, so you turned to people you know to get that amount. But some people need much larger sums of money, so they turn to banks or financing companies instead, since these are able to provide such amounts. Banks also set specific conditions for anyone who wants to borrow from them, whether individuals or businesses. The person who handles lending tasks at a bank or financing company is called a "loan officer" - the specialist responsible for reviewing and evaluating customers' applications.
Meet the Writer: Waleed Abo Omiraa
What You'll Actually Do
The core tasks and responsibilities that fill a typical day.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- 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.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Review and update credit and loan files.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Compute payment schedules.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Submit applications to credit analysts for verification and recommendation.
- Handle customer complaints and take appropriate action to resolve them.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- 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.