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
- $75170Salary
- 74%Job satisfaction
- MediumBecoming one
- MediumJob growth
A
Being A Loan Officer: What You Really Do
Table of Contents
2. Typical Day
3. Other Responsibilities
4. Working Life
5. Is This Right For Me
6. Related Careers
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.
74%
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.
Become one
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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
More than 40 hours per week
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?
Do Loan Officers work in a warehouse-style work environment?
Do Loan Officers work outdoors?
Is this right for me
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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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