What Do Loan Officers Do (including Their Typical Day At Work)

Job Description

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. They also analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.

Other tasks include:

• 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.
• Review loan agreements to ensure that they are complete and accurate according to policy.
• Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
• Handle customer complaints and take appropriate action to resolve them.

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

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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.

Typical Day At Work

On a daily basis, Loan Officers analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans. They supervise loan personnel.

A typical day for a Loan Officer will also include:

• Stay abreast of new types of loans and other financial services and products to better meet customers’ needs.
• Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
• Work with clients to identify their financial goals and to find ways of reaching those goals.
• Review and update credit and loan files.
• Submit applications to credit analysts for verification and recommendation.

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
	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 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 their typical day, Loan Officers also confer with underwriters to aid in resolving mortgage application problems. They may also provide special services such as investment banking for clients with more specialized needs.

On a weekly to monthly basis, Loan Officers Analyze potential loan markets and develop referral networks to locate prospects for loans. They might also Market bank products to individuals and firms, promoting bank services that may meet customers’ needs.

In addition, they Compute payment schedules.

Although specific duties may vary, many of them Meet with applicants to obtain information for loan applications and to answer questions about the process.

To some Loan Officers, it is also their responsibility to Review loan agreements to ensure that they are complete and accurate according to policy.

Working life

More than 40 hours per week

Regular schedule like a 9 to 5

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

Is this right for me

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas..

They 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.

You can read more about these career personality types here.

Explore other careers

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