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Loan Officer Job Description
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People take loan to buy a car, a property and start or expand a business. College students fund their education with study loans. Banks and financial institutions offer these loans. They assign staffs to deal with the dispensation of loans. A loan officer works with a bank and financial organization mainly to take care of loans. When interested persons approach a bank or a financial organization enquiring about a loan, they are directed to a loan officer.
Loan Officer Job Duties
The loan officer offers various loan products to interested borrowers. The job is not as easy as it may sound. The loan officer has to perform several crucial tasks. Here are the major tasks that they have to perform:
1) Explain clients about different loan products with repayment terms and conditions. Interested clients usually call up the bank, fill online forms or visit personally for a loan.
2) The most important part is that they have to verify the clients’ credit worthiness and the ability to repay the loan.
3) Will have to ask for the clients’ credit scores. A loan underwriting software can provide the credit histories of clients in minutes.
4) It is then the duty of the loan officer to decide whether the client is fit enough to be their borrower.
5) Finalize a loan product that an eligible client wants.
6) May have to evaluate assets being offered as collateral. This may take time.
7) After detailed study and consultation with senior managers about a company the loan officer may approve them for a loan.
8) Preparation of necessary documents for sanctioning of the loan. Inform the client about the processing charges and the terms and conditions of the loan type they have chosen.
9) Processing the loan, handing over the loan amount or post the check to the client.
10) Have to offer good deals to reputed companies or persons with good credit histories.
Loan Officer Knowledge and Skills
1) Should have excellent numerical skills.
2) Familiar with banking and financial software.
3) Sound judgment in differentiating between credit worthy and unworthy clients.
4) Good at dealing with people.
5) Good at sales.
Loan Officer Educational Qualification and Experience
1) High school degree is sufficient for the job of a loan officer. However, for commercial loans higher qualifications are required. A bachelor’s degree finance, economics or related field is necessary for this.
2) Mortgage loan officers must have a license from The Mortgage Bankers Association (MBA). Candidates with three years of experience have to pass an examination to earn any one of the following designation from the MBA: residential, commercial, and master.
Loan Officer Salary and Benefits
1) According to the Bureau of Labor Statistics the median earnings of loan officers stood at $54,700 in 2008.
2) Loan officers are eligible for all standard benefits that their employers may offer.
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