Loan Officer Job Description – What Are Their Duties
There are different reasons why people, organizations and firms approach banks or other financial institutions for loans. There are many expenses which individuals pay for from rent, tuition, hospital bills to mortgage which might require extra cash from reputable Institutions.
Companies also need loans when carrying out big projects, mergers or launch of new products which may be capital intensive and might stretch the companies budget if a loan is not obtained.
This is where loan officers come into the picture. they serve as liaison officers between individuals, banks and organizations that need the money and whichever financial institution that they work for.
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Job Profile For Loan Officers
Loan officers typically work in banks and other financial institutions where they give well-tailored advice to intending borrowers.
They must investigate the creditworthiness of any individual, firm or company looking to obtain funds from their organization. Based on their findings, they can then authorize or recommend the approval of their loans and also discuss repayment plans with such clients.
There may be different procedures and different types of loans officers in any bank that you approach, this would be based on the type of loan which you have applied for. ( either commercial, consumer or mortgage loans).
Your work schedule is usually from 8-5 and you spend most of your time in the office except on occasions where you need to visit clients in their homes or offices during the verification of their loan application.
Job Description For Loan Officers
Working as a loan officer, your daily schedule would include;
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Meet with potential customers to discuss different types of loans available and the process involved in obtaining loans
- Confirm applicants financial status, bank statements and properties before proceeding with the loan application
- Review loan agreements and policies before handing out documents to clients
- Follow up on repayment schedules of clients to ensure prompt repayment
- Handle all customer complaints and also reschedule procedures when there is a default with payments
What Skill Should I Have As A Loan Officer?
Some of the relevant skills for a successful career as a loan officer include;
- Problem-solving skills
- Decision- making skills
- Organizational Skills
- Customer relationship skills
- Good presentation skills
- Analytical skills and great attention to details
- Research and writing skills
- Communication and interpersonal skills
- Great salesmanship
Where Can I Work As A Loan Officer?
The work of a loan officer requires that you work with financial institutions or companies who are involved in financing people with excellent credit profile. You can with the following organizations:
- Banks
- Micro-Finance Banks
- Mortgage Banks
- Insurance Companies
What Steps Can I Take To Become A Loan Officer
Having a degree in Economics, accounting and other finance courses would give you an edge in getting an entry-level position. But you should also consider getting the appropriate license required of you to practice as a loan officer in whichever country or state that you would love to work in.
