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