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Career Details :: Loan Officers

Description

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

Experience

A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

Education

Most of these occupations require a four-year bachelor's degree, but some do not.

Training

Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Tasks

• Analyzes applicant's financial status, credit, and property evaluation to determine feasibility of granting loan.
• Ensures loan agreements are complete and accurate according to policy.
• Submits application to credit analyst for verification and recommendation.
• Confers with underwriters to aid in resolving mortgage application problems.
• Arranges for maintenance and liquidation of delinquent property.
• Analyzes potential loan markets to develop prospects for loans.
• Supervises loan personnel.
• Negotiates payment arrangements with customers for delinquent loan balance.
• Petitions court to transfer title and deeds of collateral to bank.
• Computes payment schedule.
• Contacts applicant or creditors to resolve questions regarding application information.
• Approves loan within specified limits.
• Interviews applicant and requests specified information for loan application.
• Refers loan to loan committee for approval.

Related Careers

• Billing, Cost, and Rate Clerks
  
• Brokerage Clerks
  
• Credit Analysts
  
• Financial Analysts
  
• Loan Interviewers and Clerks
  
• New Accounts Clerks
  
• Personal Financial Advisors
  
• Tax Examiners, Collectors, and Revenue Agents
  
• Tax Preparers
  
• Tellers
  

Important Abilities

• Written Comprehension
• Oral Expression
• Number Facility
• Written Expression
• Oral Comprehension

General Work Activities

• Getting Information Needed to Do the Job
• Analyzing Data or Information
• Communicating With Other Workers
• Communicating With Persons Outside Organization
• Establishing & Maintaining Relationships

Important Skills

• Speaking
  
• Information Gathering
  
• Mathematics
  
• Judgment and Decision Making
  
• Reading Comprehension
  

Frequent Work Context

• Job-Required Social Interaction
• Indoors
• Consequence of Error
• Importance of Being Exact or Accurate
• Importance of Being Sure All Is Done

Related Majors

Major	Add to XapPack
Banking	[ add ]
Banking/Finance	[ add ]
Bankruptcy	[ add ]
Business Administration/Finance	[ add ]
Business Financial Management	[ add ]
Business Management/Banking	[ add ]
Business/Finance	[ add ]
Business/Management/Finance	[ add ]
Commerce/Finance	[ add ]
Corporate Financial Management	[ add ]
Economics/Finance	[ add ]
Farm Business Management/Finance	[ add ]
Finance	[ add ]
Finance/Banking	[ add ]
Finance/Business	[ add ]
Finance/Economics	[ add ]
Finance/Financial Services	[ add ]
Finance/Insurance	[ add ]
Finance/International Business	[ add ]
Finance/Investments	[ add ]
Finance/Marketing	[ add ]
Finance/Pre-Law	[ add ]
Finance/Real Estate	[ add ]
Finance/Real Estate/Law	[ add ]
Financial Management	[ add ]
Financial Markets/Trading	[ add ]
Financial Planning/Services	[ add ]
Financial Services	[ add ]
Financial Services/Planning	[ add ]
Financial Services/Risk Management	[ add ]
Global Business	[ add ]
Global Financial Analysis	[ add ]
Insurance/Finance	[ add ]
International Business Finance	[ add ]
International Economics/Finance	[ add ]
International Marketing/Finance	[ add ]
International Trade/Finance	[ add ]
Quantitative Methods/Finance	[ add ]

Institutions Offering Related Majors

No institutions found.