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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
- 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
- Bank Officer
- Agricultural Loan Officer
Tasks for “Lender”
- 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.
- Supervise loan personnel.
- Petition courts to transfer titles and deeds of collateral to banks.
- 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.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Interview, hire, and train new employees.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Arrange for maintenance and liquidation of delinquent properties.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Submit applications to credit analysts for verification and recommendation.
- Handle customer complaints and take appropriate action to resolve them.
- Negotiate payment arrangements with customers who have delinquent loans.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Compute payment schedules.
- Review and update credit and loan files.
- Provide special services such as investment banking for clients with more specialized needs.
- 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.
Related Technology & Tools
- Scanners
- Desktop computers
- Personal digital assistants PDA
- Notebook computers
- Personal computers
- Tablet computers
- Moody's KMV Financial Analyst
- CGI-AMS BureauLink Enterprise
- QuikDraw Loan Management System
- IBM Notes
- Microsoft Office
- Equifax InterConnect
- 1003 Uniform Residential Loan Application
- Harland Financial Solutions DecisionPro
- Experian Transact SM
- Experian Detect
- Fair Isaac Capstone Decision Manager
- Ellie Mae Contour
- Bankers Systems Rembrandt Lending System
- eCredit Enterprise
- The Mortgage Office Loan Origination
- Harland Interlinq MortgageWare
- Microsoft Excel
- Dun and Bradstreet Global DecisionMaker
- Fair Isaac Application Risk Model Software
- Amortization loan software
- White Clarke North America Credit Adjudication and Lending Management
- Plimus Loan Artist
- Experian Quest
- Microsoft Outlook
- Credit and risk analysis software
- Calyx Point
- Credit underwriting software
- Loan application processing software
- Common business oriented language COBOL
- Wolters Kluwer Financial Services ComplianceOne
- Experian FraudShield
- LA PRO Loan Administrator Pro
- California Infinite LPS
- Dynamic Loanledger
- Freddie Mac Loan Prospector
- Opportunity management system OMS
- FAS Loan Service Plus
- Fair Isaac Falcon ID
- Financial Industry Computer Systems Loan Accountant
- Delphi Discovery
- CGI-AMS CACS Enterprise
- Moody's KMV Risk Analyst
- Loan origination software
- Web browser software
- Equifax Advanced Decisioning
- IA Systems StreamLend
- The Mortgage Office Loan Servicing
- Moody's KMV CreditEdge
- Indus Lending Solutions
- RealBenefits Amortization Loan
- Bottom Line LoanMaster Loan Servicing
- Ellie Mae Genesis
- Financial Industry Computer Systems Loan Producer
- Financial Industry Computer Systems Loan Originator
- Experian Retention Triggers
- Equifax Application Engine
- Fannie Mae Desktop Underwriter
- Microsoft PowerPoint
- Experian Credinomics
- VueCentric MortgageDashboard
- eOriginal eCore Business Suite
- Moody's KMV Risk Advisor
- Click1003 Online Mortgage Application
- Customer information control system CICS
- Technicost LOS
- Microsoft Word
- Moody's KMV Decisions
- CGI-AMS Strata
- Experian Strategy Management
- Integra Destiny Loan Origination
- Credit fraud detection software
- LexisNexis