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.

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% 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.

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:

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

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:

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?

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.