Loan Officer Job Description

For most people it would be easier to own a house, get a car or enter college if they get a loan. It is also helpful for businesses since it is a vital element in starting a company, acquire inventory and invest in capital equipment. This lending company would hire a Loan Officer to assist them in handling this service.

Do you want to know more about a Loan Officer? Then read the article to get some information.

What is a Loan Officer?

A Loan Officer usually works for firms or banks who lend money to the people. They are hired to help lenders get the public to loan from them. They are the ones who asses, approve, or suggest approval of the different types of loans.

Duties of a Loan Officer

• A Loan Officer is someone who approves loans in a particular limit and suggests loan application that is not within the limits to the management to be approved. They talk with clients to get information about their loan application at the same time clarify and answer questions regarding the process.
• A Loan Officer checks an applicant’s financial status, evaluation of property, credits to make sure that they are capable to be granted a loan. Explaining the different types of loan and other credit options available and the terms of their service is one of the responsibilities of a Loan Officer.
• Loan Officers gather the copies of credit histories, financial statements and all other relevant financial information of the applicants. They are responsible for reviewing and updating the loan files of their clients.
• Loan Officers are also accountable for reviewing the agreement of the loan to make sure that they are comprehensive and accurate and is in line with the company’s policy. They keep themselves updated of the new kind of loans and financial services for them to meet the needs of their clients.

Work Condition of a Loan Officer

• This Loan Officers usually work in an office environment but at times they would be asked to travel to places to meet their clients. Normally they work forty hours per week but there would be times were they will be required to work for longer hours especially in times where there a number of applicants for loan.
• Their typical day would usually start by dealing with a great number of paper works, computer applications, working with the staff and meeting clients. It may not be a stressful job unless an officer is just working based on commission.

Educational Requirements of a Loan Officer

To become a Loan Officer an employer would usually require one to have a bachelor’s degree in economics or finance. But some loan officers does not hold a bachelor’s degree, some of them started as tellers or a customer service representative and are promoted to become loan officers.

Occupation and Progress of a Loan Officer

This Loan Officers in general dwell in one place and don’t progress within a company. They are possibilities where they can change their position to a Senior Loan Officer, but more often than not it means very little apart from the reality that they’ve been around longer than the typical loan officer. They can go forward on the exterior if recruited by other companies that would offer them higher commissions.