Loan Officers Job Description
Loan Officers Job Profile and Description
Loan officers find potential clients and assist them in applying for loans. They may be common individuals or may represent some company. A loan officer also gathers personal information about his/her clients and businesses to ensure the credit worthiness of the client and make sure that an informed decision is arrived at in regards to the burrower. The job is similar to that of the loan consultant’s.
Duties and Responsibilities
- To contact borrowers who have delinquent accounts for obtaining full payment or negotiate repayment options.
- To counsel clients with family and personal financial problems, such as excessive borrowing and spending.
- To review the billing for accuracy.
- To submit petition in courts for transferring the deeds and titles of collaterals to banks.
- To review and maintain account records, update and re-categorize them according to the status changes.
- To interview applicants and make requests for specified loan information.
- To contact applicants and creditors and resolve questions about the client’s applications or assist to complete the paperwork.
- To check loan agreements and ensure that they are accurate and complete, and in accordance to policies.
- To calculate the amount of funds and debt available in order to estimate remaining time for debt liquidation and plan methods for payoff.
- To approve loans falling within specified limits.
- To analyze the applicants’ financial status, property evaluations and credit to determine the feasibility of granting loans.
Skills and Specifications
- He should be thorough with the financial market.
- He should have the understanding of the working principles of banks and financial institutions.
- He should be efficient in business mathematics and should have good problem solving abilities.
- He should be a good motivator with commendable interpersonal skills.
- He needs to be verbally fluent and know both the working and regional language
Education and Qualifications
An MBA degree in related stream will be required for this job profile. A candidate having additional courses and diplomas in the field will have an edge over the others.