Loan Officers Job Description

October 8, 20110 Comments

Loan officers job profile and description  

The job of a loan officer is very similar to the loan consultant. He or she may be the common individuals or represent some company. He or she has to find potential clients and gather information about them to ensure credit worthiness of the client. He or she also assists them in applying for loans.

Duties and responsibilities

The job of a loan officer has to fulfill a number of duties and responsibilities and they are as following:

  • A loan officer has to contact those borrowers who have delinquent accounts for obtaining full payment.
  • He or she has to counsel with the clients about their financial problems, such as excessive borrowing and spending.
  • It will be the duty to review the accounts and also update them according to the changes with accuracy.
  • He or she has to submit petition in courts for transferring the deeds and titles of collaterals to banks.
  • He or she has the duty to interview applicants and make requests for specified loan information.
  • He or she has to help the clients in completing the paper work and resolve questions about the client’s applications.
  • He or she has to ensure that if the loan agreements are accurate and complete and in accordance to policies.
  • He or she has to calculate and estimate the remaining time for debt so will have to oversee the amount of funds and debt available.
  • He or she has the responsibility to approve loans falling within specified limits.
  • It will be the responsibility to see the feasibility of granting loans so analyze the applicants’ financial status, property evaluations and credit.

Skills and specifications

The candidate should have required skills and specifications for the job and they are as follows:

  • The candidate needs to have thorough knowledge about the financial market and understanding about the working principles of banks and financial institutions.
  • He should have excellent mathematical skills and should have good problem solving abilities.
  • He should possess excellent interpersonal skills to be a good motivator
  • The candidate needs to have the excellent communication skills with fluent working and regional language

Education and qualification

  • The candidate needs to have an MBA degree to do the job.
  • A candidate having additional courses and diplomas in the field will have an edge over the others.

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