What Does a Loan Officer Do?
Loan officers assist individuals and organizations applying for loans in a financial institution. They offer loan products that best address the borrower’s needs and inform them of the documents required to process the loan. Loan officers work for banks and other lending institutions.
Loan Officer Job Overview
In the loan officer role, you will be responsible for educating applicants about the firm’s loan packages, governing interest rates, and payment terms. You will gather applicant information and work with the underwriting team to manage credit risk. You must maintain a deep understanding of the existing lending rules and regulations. Success in this role will be demonstrated by identifying qualified borrowers and closing loan applications to minimize non-performing loans and to increase interest income.
Loan Officer Job Responsibilities and Duties
- Reviews and processes incoming loan requests
- Monitors borrower accounts and follows up on loan payments
- Maintains accurate and complete loan files
- Provides a thorough response to loan inquiries
- Identifies lending opportunities
- Gathers loan applications and requirements
- Facilitates periodic borrower assessment
- Maintains comprehensive knowledge of loan offerings
Loan Officer Job Requirements
- Minimum 1 year of financial services or bank lending experience
- Proficient in MS Office
- Knowledge in database management
- Detail-oriented with excellent organizational skills
- Strong analytical skills
- Outstanding communication skills
- Bachelor’s degree in Business, Finance, or a related field
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