Loan Officers

Description

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.

Tasks

  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • 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.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Review and update credit and loan files.
  • Submit applications to credit analysts for verification and recommendation.
  • Compute payment schedules.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
  • Confer with underwriters to aid in resolving mortgage application problems.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Negotiate payment arrangements with customers who have delinquent loans.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Supervise loan personnel.
  • Interview, hire, and train new employees.
  • Provide special services such as investment banking for clients with more specialized needs.
  • Arrange for maintenance and liquidation of delinquent properties.
  • Petition courts to transfer titles and deeds of collateral to banks.

Knowledge

Philosophy and Theology
Knowledge of different philosophical systems and religions. This includes their basic principles, values, ethics, ways of thinking, customs, practices, and their impact on human culture.
Transportation
Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
Engineering and Technology
Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
Biology
Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.

Skills

Quality Control Analysis
Conducting tests and inspections of products, services, or processes to evaluate quality or performance.
Operation and Control
Controlling operations of equipment or systems.
Science
Using scientific rules and methods to solve problems.
Equipment Selection
Determining the kind of tools and equipment needed to do a job.
Installation
Installing equipment, machines, wiring, or programs to meet specifications.
Equipment Maintenance
Performing routine maintenance on equipment and determining when and what kind of maintenance is needed.
Troubleshooting
Determining causes of operating errors and deciding what to do about it.
Repairing
Repairing machines or systems using the needed tools.

Abilities

Trunk Strength
The ability to use your abdominal and lower back muscles to support part of the body repeatedly or continuously over time without 'giving out' or fatiguing.
Dynamic Strength
The ability to exert muscle force repeatedly or continuously over time. This involves muscular endurance and resistance to muscle fatigue.
Explosive Strength
The ability to use short bursts of muscle force to propel oneself (as in jumping or sprinting), or to throw an object.
Static Strength
The ability to exert maximum muscle force to lift, push, pull, or carry objects.
Speed of Limb Movement
The ability to quickly move the arms and legs.
Wrist-Finger Speed
The ability to make fast, simple, repeated movements of the fingers, hands, and wrists.
Reaction Time
The ability to quickly respond (with the hand, finger, or foot) to a signal (sound, light, picture) when it appears.
Rate Control
The ability to time your movements or the movement of a piece of equipment in anticipation of changes in the speed and/or direction of a moving object or scene.
Response Orientation
The ability to choose quickly between two or more movements in response to two or more different signals (lights, sounds, pictures). It includes the speed with which the correct response is started with the hand, foot, or other body part.
Multilimb Coordination
The ability to coordinate two or more limbs (for example, two arms, two legs, or one leg and one arm) while sitting, standing, or lying down. It does not involve performing the activities while the whole body is in motion.

Work Activities

Handling and Moving Objects
Using hands and arms in handling, installing, positioning, and moving materials, and manipulating things.

Interests

Conventional
Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Enterprising
Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Social
Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Investigative
Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
Realistic
Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.
Artistic
Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.

Work Style

Integrity
Job requires being honest and ethical.
Stress Tolerance
Job requires accepting criticism and dealing calmly and effectively with high stress situations.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Achievement/Effort
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Initiative
Job requires a willingness to take on responsibilities and challenges.
Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
Self Control
Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
Cooperation
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Persistence
Job requires persistence in the face of obstacles.

Work Values

Relationships
Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
Independence
Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Support
Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
Achievement
Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Recognition
Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Working Conditions
Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.

Lay Titles

Agricultural Loan Officer
Bank Officer
Bank Representative
Branch Banker
Branch Lending Officer
Branch Manager
Commercial Banker
Commercial Lender
Commercial Loan Collection Officer
Commercial Loan Officer
Corporate Banking Officer
Farm Loan Representative
Lender
Loan Administrator
Loan Adviser
Loan Analyst
Loan Approver
Loan Auditor
Loan Consultant
Loan Coordinator
Loan Counselor
Loan Examiner
Loan Officer
Loan Originator
Loan Reviewer
Loan Service Officer
Loan Specialist
Loan Supervisor
Loan Workout Officer
Mortgage Banker
Mortgage Broker
Mortgage Consultant
Mortgage Loan Officer
Mortgage or Loan Underwriter
Mortgage Originator
Mortgage Specialist
Mortgage Underwriter
Personal Banking Officer
Portfolio Manager
Real Estate Officer
Relationship Manager

National Wages and Employment Info

Median Wages (2008):
$28.76 hourly, $59,820 annual.
Employment (2008):
286,670 employees