Loan Officers
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, loan underwriters, and payday loan officers.
Sample of reported job titles:
Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer, Financial Counselor, Loan Counselor, Loan Officer, Mortgage Loan Officer
Occupation-Specific Information
Tasks
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Technology Skills
- Accounting software:Bottom Line LoanMaster Loan Servicing,Financial Industry Computer Systems Loan Accountant,Tax software
- Compliance software:Wolters Kluwer Financial Services ComplianceOne
- Content workflow software:Equifax Application Engine,Experian Transact SM
- Customer relationship management CRM software:Microsoft Dynamics
- Data base user interface and query software:EDExpress,ELM Resources ELM,EMT Applications CounselorMax,FileMaker Pro,Financial aid management system FAM,Microsoft Access,Student information systems SIS,SunGard Higher Education Banner Financial Aid,Sungard Higher Education PowerFAIDS
Occupational Requirements
Work Activities
- Getting Information:Observing, receiving, and otherwise obtaining information from all relevant sources.
- Evaluating Information to Determine Compliance with Standards:Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
- Establishing and Maintaining Interpersonal Relationships:Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Processing Information:Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- Analyzing Data or Information:Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Detailed Work Activities
- Advise others on financial matters.
- Analyze market conditions or trends.
- Assess financial status of clients.
- Authorize financial actions.
- Compute debt repayment schedules.
Work Context
- Telephone:100% responded"Every day"
- Electronic Mail:100% responded"Every day"
- Indoors, Environmentally Controlled:100% responded"Every day"
- Face-to-Face Discussions:94% responded"Every day"
- Contact With Others:84% responded"Constant contact with others"
Worker Requirements
Skills
- Active Listening:Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Speaking:Talking to others to convey information effectively.
- Judgment and Decision Making:Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Reading Comprehension:Understanding written sentences and paragraphs in work-related documents.
- Critical Thinking:Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Knowledge
- Customer and Personal Service:Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Economics and Accounting:Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- English Language:Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Mathematics:Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Sales and Marketing:Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Education
How much education does a new hire need to perform a job in this occupation? Respondents said:
- 69%Bachelor's Degree
- 13%Some College Courses
- 11%Associate's Degree (or other 2-year degree)
Worker Characteristics
Abilities
- Oral Comprehension:The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Oral Expression:The ability to communicate information and ideas in speaking so others will understand.
- Written Comprehension:The ability to read and understand information and ideas presented in writing.
- Near Vision:The ability to see details at close range (within a few feet of the observer).
- Written Expression:The ability to communicate information and ideas in writing so others will understand.
Interests
- Conventional:Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
- Enterprising:Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
- Social:Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Work Values
- Relationships:Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
- Independence:Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
- Support:Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
Work Styles
- Integrity:Job requires being honest and ethical.
- Dependability:Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- Cooperation:Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
- Attention to Detail:Job requires being careful about detail and thorough in completing work tasks.
- Adaptability/Flexibility:Job requires being open to change (positive or negative) and to considerable variety in the workplace.
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