Loan Officers

Key Responsibilities

• Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
• 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.
• Review loan agreements to ensure that they are complete and accurate according to policy.
• Confer with underwriters to resolve mortgage application problems.
• Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
• Work with clients to identify their financial goals and to find ways of reaching those goals.
• Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations.
• Inform individuals and groups about the financial assistance available to college or university students.
• Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
• Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
• Review billing for accuracy.
• Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
• Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
• Authorize or sign mail collection letters.
• 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.
• Handle customer complaints and take appropriate action to resolve them.
• Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
• 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.
• Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
• Review and update credit and loan files.
• Compute payment schedules.
• Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
• Maintain and review account records, updating and recategorizing them according to status changes.
• Review accounts to determine write-offs for collection agencies.
• Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
• Set credit policies, credit lines, procedures and standards in conjunction with senior managers.