Loan Officers
What is a Loan Officer?
A Loan Officer is a financial professional who works with individuals and businesses to help them secure funding through loans or credit. They act as intermediaries between borrowers and lenders, guiding clients through the loan application process, assessing their financial needs, and recommending suitable loan products. Loan Officers typically work for banks, credit unions, mortgage companies, and other financial institutions, and they play a crucial role in evaluating creditworthiness, studying financial documents, and ensuring that all necessary information is gathered for loan approvals. Their expertise in loan products and the lending process helps customers understand their options, minimize risks, and make informed financial decisions.
Tasks
- 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.
Technology Skills
- Data base user interface and query software
- Video conferencing software
- Financial analysis software
- Accounting software
- Enterprise resource planning ERP software
Tools Used
- Personal digital assistant PDAs or organizers
- Desktop calculator
-
Scanners
-
Notebook computers
-
Desktop computers
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.
-
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.
-
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
-
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.
Skills
-
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.
-
Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
-
Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
-
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Abilities
-
Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
-
Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
-
Written Comprehension
The ability to read and understand information and ideas presented in writing.
-
Near Vision
The ability to see details at close range (within a few feet of the observer).
-
Written Expression
The ability to communicate information and ideas in writing so others will understand.
Education
How much education does a new hire need to perform a job in this occupation?
-
Bachelor's degree
-
Some college, no degree
-
Associate's degree
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.
-
Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
-
Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Detailed Work Activities
- Interview clients to gather financial information.
- Assess financial status of clients.
- Authorize financial actions.
- Interpret financial information for others.
- Submit financial applications.
Work Interests
-
Conventional
Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
-
Enterprising
Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.
-
Social
Work involves helping, teaching, advising, assisting, or providing service to others. Social occupations are often associated with social, health care, personal service, teaching/education, or religious activities.
Job Outlook
Projected salary and job growth
$37020.0 - $139470.0
New job opportunities are less likely in the future. : Below Average
Assessment
Related assessments and tests
No assessment available.