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