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Job 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.
Job Details
- The SOC (Standard Occupational Classification) code is 13-2072.00
- The Mean Annual Wage in the U.S. is $ 76,260.00
- The Mean Hourly Wage is $ 36.00
- Currently, there are 305,700 people on this job
☝️ Information based on the reference occupation “Loan Officers”.
Also Known As…
- Loan Officers
- Relationship Manager
- Portfolio Manager
- Mortgage Loan Originator
- Mortgage Loan Officer
- Loan Officer
- Corporate Banking Officer
- Commercial Loan Officer
- Commercial Banker
- Business Banking Officer
- Branch Manager
- Small Business Banking Officer
- Real Estate Officer
- Real Estate Loan Officer
- Personal Loan Specialist
- Personal Banking Officer
- Mortgage Underwriter
- Mortgage Specialist
- Mortgage Originator
- Mortgage or Loan Underwriter
- Mortgage Loan Closer
- Mortgage Consultant
- Mortgage Closer
- Mortgage Broker
- Mortgage Banker
- Loan Workout Officer
- Loan Supervisor
- Loan Specialist
- Loan Servicing Specialist
- Loan Service Officer
- Loan Reviewer
- Loan Originator
- Loan Interviewer
- Loan Examiner
- Loan Counselor
- Loan Coordinator
- Loan Consultant
- Loan Auditor
- Loan Approver
- Loan Analyst
- Loan Adviser
- Loan Administrator
- Lender
- Home Lending Officer
- Farm Loan Representative
- Escrow Officer
- Consumer Loan Officer
- Commercial Mortgage Broker
- Commercial Loan Collection Officer
- Commercial Lender
- Business Banker
- Branch Lending Officer
- Branch Banker
- Branch Account Manager
- Branch Account Executive
- Banking Services Officer
- Bank Representative
- Agricultural Loan Officer
Tasks for “Bank Officer”
- Review loan agreements to ensure that they are complete and accurate according to policy.
- 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.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Petition courts to transfer titles and deeds of collateral to banks.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Provide special services such as investment banking for clients with more specialized needs.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Review and update credit and loan files.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Handle customer complaints and take appropriate action to resolve them.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Supervise loan personnel.
- Compute payment schedules.
- Confer with underwriters to aid in resolving mortgage application problems.
- Interview, hire, and train new employees.
- Arrange for maintenance and liquidation of delinquent properties.
- 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.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Negotiate payment arrangements with customers who have delinquent loans.
Related Technology & Tools
- Scanners
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- Personal computers
- Notebook computers
- Desktop computers
- Tablet computers
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- Experian Detect
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- Bottom Line LoanMaster Loan Servicing
- VueCentric MortgageDashboard
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- Moody's KMV Decisions
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- RealBenefits Amortization Loan
- Click1003 Online Mortgage Application
- Experian Quest
- LexisNexis
- FAS Loan Service Plus
- IBM Notes
- The Mortgage Office Loan Origination
- Bankers Systems Rembrandt Lending System
- Financial Industry Computer Systems Loan Producer
- Wolters Kluwer Financial Services ComplianceOne
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- Dynamic Loanledger
- QuikDraw Loan Management System
- Microsoft Office
- Microsoft Excel
- Equifax InterConnect
- Harland Financial Solutions DecisionPro
- Indus Lending Solutions
- Web browser software
- Experian Credinomics
- Experian Transact SM
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- Experian Strategy Management
- Microsoft PowerPoint
- Fair Isaac Falcon ID
- eCredit Enterprise
- Moody's KMV Risk Advisor
- California Infinite LPS
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- Harland Interlinq MortgageWare
- Ellie Mae Contour
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- Microsoft Word
- CGI-AMS CACS Enterprise
- Fannie Mae Desktop Underwriter
- Ellie Mae Genesis
- Financial Industry Computer Systems Loan Originator
- Equifax Application Engine
- Dun and Bradstreet Global DecisionMaker
- Moody's KMV Risk Analyst
- 1003 Uniform Residential Loan Application
- Customer information control system CICS
- Experian FraudShield
- Common business oriented language COBOL
- CGI-AMS Strata
- White Clarke North America Credit Adjudication and Lending Management
- CGI-AMS BureauLink Enterprise
- Delphi Discovery
- eOriginal eCore Business Suite
- Fair Isaac Capstone Decision Manager
- The Mortgage Office Loan Servicing
- Fair Isaac Application Risk Model Software
- Technicost LOS
- Opportunity management system OMS
- Moody's KMV Financial Analyst
- Plimus Loan Artist
- Financial Industry Computer Systems Loan Accountant
- Calyx Point
- Moody's KMV CreditEdge
- Freddie Mac Loan Prospector
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- Microsoft Outlook