LOAN OFFICER JOB DESCRIPTION
Includes communicating with people outside the organization. Representing the organization to customers, the public, members of local and regional government, and other organizations is another central part to the loan officer’s job.
The loan officer must demonstrate excellent communication skills for inter-office and external communication needs, whether in person, in writing via letter, fax, or email, or by phone.
Gathering and evaluating information
A Loan Officer gathers from the borrower basic information about the purpose of the loan and their ability to repay the amount borrowed.
Approval of loan
He reviews loan agreements to ensure that they are complete and accurate according to policy.
Trust should be established with the client and the lender to be able to find the best solution for both. Establishing and maintaining interpersonal relationships with all the concerned parties would be a very important duty of the Loan Officer.
Updating and Using Relevant Knowledge
He should stay abreast of new types of loans and other financial services and products in order to best meet the needs of the customers. He needs to keep himself up-to-date technically and should apply this new knowledge to his job.
He needs to handle customer complaints and take appropriate action to resolve them. He should also be adept in identifying complex problems and offer solutions.
Prediction of future markets
He analyzes potential loan markets and develops referral networks in order to locate prospects for loans.
Though a Loan Officer works in an office environment, he often needs to go outside to meet his clients and attend functions or parties to represent his company.
Acquiring information from a prospective borrower is one of the major tasks for a Loan Officer. He helps the borrower by making decisions and solving problems. The loan officer would need to have strong research skills to analyze the information provided.
Must be able to work directly with the public. This includes meeting the clients and attending functions. He also needs to communicate with people outside the organization and represent his organization to customers.
A Loan Officer must demonstrate excellent communication skills for inter-office and external communication needs, whether in person, in writing via letter, fax, and e-mail or by phone.
To work as a Loan Officer, one must generally have a Bachelor’s degree in Finance, Economics or a related field.
The candidate should also be familiar with computers and their applications.