What Do Loan Officers Do: Job Description, Responsibilities and Duties

Stanley TanLeave a Comment



daily life of a Loan Officer
are Loan Officers happy with their job

Loan Officers

Other names for this job might include Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Account Executive, Branch Account Manager, Branch Banker, Branch Lending Officer, Branch Manager, Business Banker


  • $75170
    Salary
  • 74%
    Job satisfaction
  • Medium
    Becoming one
  • Medium
    Job growth
OwlGuru Rank

A



Being A Loan Officer: What You Really Do


In this job description guide, you will find out what do Loan Officers do and what is their typical work day like.

After reading this, you will have a much better idea on whether you will like working as a Loan Officer or not.



Job summary

Loan Officers 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.

We asked Loan Officers how satisfied they are with their job. Here is what they said.

Job satisfaction

74%

How meaningful is this job

53%


74% of them said they were satisfied with their job and 53% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical day

On a daily basis, Loan Officers Approve loans within specified limits, and refer loan applications outside those limits to management for approval. They Meet with applicants to obtain information for loan applications and to answer questions about the process.

1 of the main responsibilities as A Loan Officer is to Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.

Some may also Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.

In a normal work day, another thing that Loan Officers do is they Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.

In addition to that, they Review and update credit and loan files..

A typical day for A Loan Officer look like this:

Authorize financial actions.
Interview clients to gather financial information.
Assess financial status of clients.

We asked some Loan Officers a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?100% said yes
Do you have to use email everyday in this job?88% said yes
How important is it to work in a team in this job?49% said very important
Do you have group discussions everyday in this job?62% said yes
Do you have to meet strict deadlines everyday in this job?45% said yes
Do you talk or work with customers everyday in this job?43% said yes
Do you have to deal with angry customers everyday in this job?2% said yes
Do you have to make decisions everyday in this job?71% said yes



Other responsibilities

Besides the “typical day” things that Loan Officers do, they Review loan agreements to ensure that they are complete and accurate according to policy. They might also Compute payment schedules.

On a weekly to monthly basis, Loan Officers Confer with underwriters to aid in resolving mortgage application problems. and Market bank products to individuals and firms, promoting bank services that may meet customers’ needs.

In addition, they Analyze potential loan markets and develop referral networks to locate prospects for loans.

A typical week or month for them might include:

Verify accuracy of financial information.
Compute debt repayment schedules.
Confer with personnel to coordinate business operations.
Market products, services, or events.
Analyze market conditions or trends.



Working life

Working hours

More than 40 hours per week

Working schedule

Regular (Set schedule and routine)


In a typical work week as A Loan Officer, you can expect to work More than 40 hours per week.

Do Loan Officers work in an office-style work environment?

Everyday
77.86%

Once a week
0.95%

Once a month
0%

Once a year
0%

Never
21.19%

Do Loan Officers work in a warehouse-style work environment?

Everyday
0.24%

Once a week
0%

Once a month
10%

Once a year
6.42%

Never
83.33%

Do Loan Officers work outdoors?

Everyday
7.05%

Once a week
3.3%

Once a month
6.19%

Once a year
4.03%

Never
79.43%



Is this right for me

Best personality for this career

The Organizers and The Persuaders


You can read more about these career personality types here.

You will like this career if you are someone who likes following set procedures and routines. They like working with data and details more than with ideas.

You also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.



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Career type

Business and Finance
Banking and Related Services, Financial and Investment Planning

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Related to Loan Officers Job Description

Loan Officers job description, what do Loan Officers do, typical day for Loan Officers, what is it like to work as a Loan Officer, how many hours do Loan Officers work, day to day work of a Loan Officer

Additional resources

http://www.bls.gov/OOH/business-and-financial/loan-officers.htm
http://www.aba.com/
https://www.mba.org/
http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx

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Loan Officers
Written by: Stanley Tan
Loan Officers 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.
4.8 / 5 stars

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