Loan Officers handle existing and potential clients by handling all incoming phone calls, walk in clients regarding all queries for their loan application. They possess good verbal and written communication skills as they prepare word documents, reports on excel and also have good keyboarding skills.
They store and update client data, settle loan administrative transactions for clients and keep the loan files updated at all times. Loan Officers work in all kinds of organizations around the state, from large city-based companies, to regional and remote financial organizations.
Loan Officer Job Duties:
- Handle all incoming client and vendor calls through phone, email and answer it timely by providing current information
- Meet new clients and update them on the types of loan products available as per their requirements
- Based on client data, advise them of the best loan products and services after reviewing their financial status documents and credit evaluation
- Perform loan processing of the agreed loan option and maintain its documentation
- Keep updated client financial records, credit reports and loan
Alternative names: Loan Coordinator, Loan Executive, Loan Professional, Loan Specialist, Loan Clerk, Loan Assistant, Loan Manager, Loan Administrator
Job projections: Good
Loan Officer Skills and Qualifications:
- Good spoken and written communication
- Complete knowledge of company’s products and services
- Good listening ability
- Good keyboarding skills with average typing speed of at least 35 words per minute
- Attention to Detail & Confidentiality
- Time Management and Ability to prioritize tasks
The annual salary of a Loan Officer ranges between 32,870$ – 130,630$ with the median salary being $63430. The salary can vary widely depending on a variety of factors.
Education and Training:
Degree or Diploma in finance, economics, accounting or mathematics, statistics or an equivalent education is desired for this position with necessary and relevant work experience. Good analytical skills, above average verbal and written communication skills along with product knowledge skills are also considered by majority of the employers for employment as an Loan Officer.