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

Stan T.Career, Job DescriptionLeave a Comment

Find a college that suits you! Click here

Job Description, Daily Responsibilities, and Work Life

Loan Officers

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, loan underwriters, and payday loan officers.

Salary
$76930
Becoming One
Hard
Education
Bachelor's degree
Job Satisfaction
Job Growth

Personality
Interest Match



Job Description

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.

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.



Find a college that suits you! Click here

Featured Schools

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

Working hours

More than 40 hours per week

Working schedule

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.

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

Every day
78%


Never
21%


Do Loan Officers work outdoors?

Never
79%


Every day
7%



Is this right for me

Best personality for this career

The Organizers and The Entrepreneurs

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.



Learn more about Loan Officers

Summary
Job Description (You are here)
Salary
Requirements
Quiz

Find a college with the major you want


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


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.