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