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