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