A Loan Officer normally works for banks, financial institutions, or lending institutions. Their purpose is to help people or business’s to get loans from the place that they are working.

Primary Responsibilities:

• The Loan Officer assists with Commercial Loans.
• The Loan Officer assists with Consumer Loans.
• The Loan Officer assists with Mortgages.

A Loan Officer is required to have a Bachelor’s Degree in finance, economics, or related field. The Loan Officer needs to have good computer skills knowing word processing, excel and other spreadsheet programs as required by the financial institution they are with. The Loan Officer should have the capability to communicate with consumers disseminating what they need and how he as a professional can help meet those needs. The Loan Officer needs to be able to have good communication skills in writing and verbally. Most Loan Officers need to be able to work together as a team with those who are affiliated with his job.

Most experienced Loan Officers move to larger branches of their firms or move on into a managerial position. The more experience you have as a loan officer the better opportunity you have for advancement in the corporation. The Loan Officer does not need any type of licensing or certification for the position. In some states mortgage Loan Officers need licensing, but to work in a financial institution providing loans for personal or commercial purposes the Loan Officer does not need to be licensed.

The Loan Officers must find potential clients, individuals or businesses in need of loans in order to function in his business. Many times the clients will walk into the lending institution and ask for the needed loan but the Loan Officer cannot depend on this totally for his source of clients. The Loan Officer often will follow-up on leads presented to him through other clients. The Loan Officer might take it upon himself to make discreet phone calls to businesses he knows that are planning on increasing in size or equipment and offer his services. The Loan Officer needs to be capable of creating mailers that he can send to customers of the bank so that he can offer them personal loans or credit card loans. The Loan Officer has to be creative enough to find clients and sell them on getting a loan from his lending institution. Many lending institutions place advertisements in local newspapers and even use a website to obtain clients which helps the Loan Officer in his function.

Once the Loan Officer has a potential client then they need to process them and get loan approval from the appropriate sources in their lending institutions. The Loan Officer needs to interview the potential client making a determination if his lending institution can help the customer’s needs and if the customer is someone that will be eligible to receive a loan. After the first initial interview then the paper work begins by the client. The Loan Officer has legal and proper paper work for loans that his financial institution renders. The client is asking to fill in all the paper work and sign it in front of the Loan Officer. The Loan Officer has to witness the signature making sure that the person asking for this loan is legitimate. The Loan Officer will normally need to ask the client for important things to help get the loan approved. The client will need to submit in most cases the following:

• A picture copy ID to prove identity.
• At least two years of income tax returns
• Proof of employment and income
• In case of business the license of the business
• Depending on the size of the loan references might be needed

Other information like social security numbers and drivers license numbers are already asks on the loan application. The Loan Officer must get permission from the client to check out the credit record. Then after all important information has been collected, references checked, credit score secured, the Loan Officer must present the request before the committee or management for approval. Once the approval has been given then the Loan Officer must supply the client with the proper paper work (agreement) to repay the loan in a timely manner. The Client then must sign the repayment agreement in front of the Loan Officer who in return will have a check issued to the client to cover the amount of the loan. All this information must be properly documented and recorded by the Loan Officer.

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