In this day in the life guide, you will find out:
- What does a day as Loan Officers looks like
- What do they do every day
- Things they do on a weekly or monthly basis
- How many hours do they work
The purpose of this is to give you a clear picture of this career so you can make a better career decision on whether this career is suitable for you or not.
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Typical Day for Loan Officers
Here is a list of tasks that Loan Officers do every day.
- Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
- Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Weekly and Monthly Tasks
Here is a list of tasks that Loan Officers do on a weekly or monthly basis.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Compute payment schedules.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Confer with underwriters to aid in resolving mortgage application problems.
- Market bank products to individuals and firms, promoting bank services that may meet customers’ needs.
- How many hours do Loan Officers work per week? More than 40 hours per week
- What is the work schedule like? Regular (Set schedule and routine)
Indoors, Environmentally Controlled
Learn more about Loan Officers
Related careers to Loan Officers
This career is also closely related to Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Account Executive, Branch Account Manager, Branch Banker, Branch Lending Officer, Branch Manager or Business Banker.