Banks have decreased the number of branches in operation in recent years, a trend that is expected to continue. Forwarding irreconcilable accounts for collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts. Decision-making skills are important for loan officers, who must assess an applicant’s financial information and decide whether to award a loan. Gain the clarity and confidence that comes from understanding your strengths, talents, and preferences, and knowing which path is truly right for you. This field is heavily dependent on the current state of the economy, however, and growth can shift from field to field. Check out popular job boards such as iHireBanking, Glassdoor, and ZipRecruiter. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. Licenses must be renewed annually, and individual states may have additional requirements. To get a job as a loan officer, aspiring employees need a bachelor’s degree in finance or in a related subject. Some of these professionals can also apply for a broker’s license or as a means for advancement, eventually employing their own loan officers. Approving or denying loans within certain limits and referring higher loans to the responsible parties. Knowing exact expectations for repayment from the get-go helps people make better decisions about whether they should take out a loan, the amount of money, and the time period in which to pay it back. By examining the money seeker’s background and circumstances, loan officers evaluate how good a “risk” someone is, meaning how likely they are to meet the payback terms. Moving on Up: Types of Jobs in Real Estate, Financial Examiner Job Description: Salary, Skills, & More, Loan Officer Job Description: Salary, Skills, & More. The pay of those who are paid on a commission basis can directly correlate with the number of hours they're willing to dedicate to work. Create the perfect job-worthy cover letter effortlessly in just a few clicks! The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. Most loan officers work full time and some work extensive hours. © 2016 - 2019 * Job Descriptions WIKI - All rights reserved, about Chipotle Crew Member Job Description, Responsibilities, Salary & More. Post now on job boards . Loan officers spend much of their time in offices, though sometimes they travel to meet clients at their residence or business. Loan Officers evaluate and authorize approval of business, real estate, or credit loans. Obtaining and compiling copies of corporate financial statements, credit histories, and other such financial information of clients. The Bureau of Labor Statistics projects job prospects for loan officers will grow 11 percent between 2016 and 2026. Explaining the types of loans, different types of credit options, and the terms of the offered services. All rights reserved. If you are still having trouble understanding what candidates are looking for, you may want to consider employing the following tips. My Perfect Cover Letter is your solution and takes the hassle out of cover letter writing. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. Conduct eligibility or selection interviews. They include information such as the amount they wish to borrow, the reason for the loan, their current employment status, their income, and references. Post a Loan Officer job to 100 job boards with one submission. Loan officers work at banks, credit unions, or other financial institutions assisting customers in applying for loans and assessing their creditworthiness through a process called underwriting, where they agree to take on the financial risk for a fee. There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. Loan officers not only look at what’s on the forms, they verify it through means such as background checks, credit checks, financial statements, and calls to people listed. The typical work week for anyone with the loan officer job description is around 50 hours long. Loan officers determine the creditworthiness of loan applicants. They investigate their creditworthiness, then authorize or recommend approval of loans. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. Bank Teller Job Description: Salary, Skills, & More, Moving on Up: Types of Jobs in Real Estate, Animal Control Officer Job Description: Salary, Skills, & More, Cosmetologist Job Description: Salary, Skills, & More, Want to Work in Banking? Loan officers must pay attention to details since the profitability of a loan depends on each piece of information from an application to be correct and properly assessed. They work for commercial banks, mortgage companies or credit unions. There usually are no shifts and no working nights or weekends. Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. Consumer loan officers specialize in loans to people. Loan officers are increasingly using computer software that can more efficiently process data and loan information, requiring reduced interactions with customers. So much so that many report a need for help with determining for which job they should apply. Mark Kolakowski is a business consultant, freelance writer, and business school lecturer. Who is the author? Loan Officer Job Description Template. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Although the demand for loan officers will increase as the overall economy grows, the decline of bank branches and the increasing application of technology in loan processing may moderate employment growth. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision. Personality Test (Myers & Briggs' 16 Types), Securities, Commodities, or Financial Services Sales Agent, Tax Examiner or Collector or Revenue Agent, Credit intermediation and related activities, Contact companies or people to ask if they need a loan, Meet with loan applicants to gather personal information and answer questions, Explain different types of loans and the terms of each type to applicants, Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level, Review loan agreements to ensure that they comply with federal and state regulations, Approve loan applications or refer them to management for a decision. Some might eventually supervise other loan officers and clerical staff. Loan Officer Job Description. The Loan Officer job description sample above is a great example of a standout job description that can attract and retain the best performers for your organization. You should have several essential qualities to succeed at becoming a loan officer. This allows employment of fewer officers to process loan applications. Those on commission usually are paid a base salary plus a commission for the loans they originate. The estimation is that their employment rate will grow by eight percent by 2024, at the same rate as the average for all occupations. Outstanding interpersonal and communication skills. Meet with loan candidates to explain options and answer questions. A consumer loan officer is most likely to work set hours from a fixed location, such as a bank branch or office. This website contains both general guidelines and state-by-state requirements. Not sure how to choose the best career for you? Loan officers held about 316,200 jobs in 2018. Loan officers also need to be excellent communicators because they are responsible for thoroughly explaining loans to those who seek them. Mortgage lending includes loans for the purchase of real estate by individuals—a business normally would be served by a commercial loan officer, even for real estate purchases—or the refinancing of existing mortgages. Some are employed by automobile dealerships to work with customers requiring loans to purchase vehicles. Loan officers determine the creditworthiness of loan applicants. They are specialists at evaluating the financial status of a loan applicant. In-depth knowledge of computers and banking software. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers require at least a bachelor’s degree and tend to receive moderate amounts of training on the job. Math skills are essential to loan officers since they deal with sums and interest rates on a daily basis. The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. Join an organization such as the National Association of Mortgage Brokers (NAMB) or the American Bankers Association (ABA) to meet other industry members and stay current on industry practices. The employer also reserves the right to attribute more or to reduce some of the responsibilities of each employee. Employment of loan officers is projected to increase a little faster than average for all occupations from 2016 through 2026, at about 11%. Interpersonal skills. What Are the Best Jobs in the Banking Industry? Because the banking industry is the leading employer of loan officers, this trend will depress employment growth for these workers. Also, individual banks can supply information about job openings and the activities, responsibilities, and preferred qualifications of their loan officers. This site uses Akismet to reduce spam. However, they can expect a need for overtime, working holidays and traveling. Analyze and verify loan applications to determine clients' creditworthiness. According to the Bureau of Labor Statistics, the rate of employment will rise by 8% by 2024. In such cases, loan officers may have to work with multiple banks to put together a package of loans. If the compensation scheme is largely commission-based, there is a close correlation between performance and reward, with high earnings potential. Loan Officer [Intro Paragraph] Begin your loan officer job description by telling potential applicants about the bank or lending institution. Loan officers typically have an interest in the Helping, Persuading and Organizing interest areas, according to the Holland Code framework. Feel free to revise this job description to meet your specific job duties and job requirements. Submitting applications to credit analysts and making sure that said applications get verified and recommended. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. Here's What You Need to Know, Art Gallery Registrar Job Description: Salary, Skills, & More, Photographer Job Description: Salary, Skills, & More, Wildlife Officer Job Description: Salary, Skills, & More.