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Loan Officers
SOC Code: 13-2072.00

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, and loan underwriters.

Sample of reported job titles: Branch Manager, Business Banking Officer, Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Loan Officer, Mortgage Loan Officer, Mortgage Loan Originator, Portfolio Manager, Relationship Manager

Tasks

  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Handle customer complaints and take appropriate action to resolve them.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Review and update credit and loan files.
  • Submit applications to credit analysts for verification and recommendation.
  • Compute payment schedules.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
  • Confer with underwriters to aid in resolving mortgage application problems.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Negotiate payment arrangements with customers who have delinquent loans.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Supervise loan personnel.
  • Interview, hire, and train new employees.
  • Provide special services such as investment banking for clients with more specialized needs.

Technology Skills

  • Accounting software - Bottom Line LoanMaster Loan Servicing; Financial Industry Computer Systems Loan Accountant
  • Compliance software - Wolters Kluwer Financial Services ComplianceOne
  • Content workflow software - Equifax Application Engine; Experian Transact SM
  • Data base user interface and query software - Data entry software
  • Development environment software - Common business oriented language COBOL
  • Document management software - eOriginal eCore Business Suite
  • Electronic mail software - IBM Notes ; Microsoft Outlook
  • Financial analysis software - Delphi Discovery; Experian Credinomics; VueCentric MortgageDashboard; White Clarke North America Credit Adjudication and Lending Management (see all 54 examples)
  • Information retrieval or search software - CGI-AMS BureauLink Enterprise; LexisNexis
  • Internet browser software - Web browser software
  • Office suite software - Experian Strategy Management; Microsoft Office
  • Presentation software - Microsoft PowerPoint
  • Spreadsheet software - Microsoft Excel
  • Transaction server software - Customer information control system CICS
  • Word processing software - Microsoft Word

Tools Used

  • Desktop computers
  • Notebook computers
  • Personal computers
  • Personal digital assistant PDAs or organizers - Personal digital assistants PDA
  • Scanners
  • Tablet computers

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.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • 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.
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
  • Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.

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.
  • Service Orientation - Actively looking for ways to help people.
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Mathematics - Using mathematics to solve problems.
  • Coordination - Adjusting actions in relation to others' actions.
  • Instructing - Teaching others how to do something.
  • Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Time Management - Managing one's own time and the time of others.

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.
  • Speech Clarity - The ability to speak clearly so others can understand you.
  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
  • Speech Recognition - The ability to identify and understand the speech of another person.
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
  • Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
  • Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
  • Number Facility - The ability to add, subtract, multiply, or divide quickly and correctly.

Interests

  • Interest code: CES
    • 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 Context

  • Telephone - 100% responded “Every day.”
  • Contact With Others - 78% responded “Constant contact with others.”
  • Freedom to Make Decisions - 64% responded “A lot of freedom.”
  • Frequency of Decision Making - 71% responded “Every day.”
  • Importance of Being Exact or Accurate - 66% responded “Extremely important.”
  • Spend Time Sitting - 63% responded “Continually or almost continually.”
  • Electronic Mail - 88% responded “Every day.”
  • Face-to-Face Discussions - 62% responded “Every day.”
  • Impact of Decisions on Co-workers or Company Results - 49% responded “Important results.”
  • Letters and Memos - 53% responded “Every day.”
  • Structured versus Unstructured Work - 59% responded “A lot of freedom.”
  • Work With Work Group or Team - 49% responded “Extremely important.”
  • Indoors, Environmentally Controlled - 78% responded “Every day.”
  • Deal With External Customers - 44% responded “Very important.”
  • Importance of Repeating Same Tasks - 56% responded “Extremely important.”
  • Level of Competition - 42% responded “Highly competitive.”
  • Time Pressure - 45% responded “Every day.”
  • Duration of Typical Work Week - 61% responded “More than 40 hours.”
  • Coordinate or Lead Others - 41% responded “Very important.”
  • Consequence of Error - 32% responded “Very serious.”
  • Degree of Automation - 48% responded “Moderately automated.”
  • Responsibility for Outcomes and Results - 33% responded “Moderate responsibility.”

Education

Percentage of RespondentsEducation Level Required
32%Bachelor's degree
20%High school diploma or equivalent
17%Some college, no degree

Work Styles

  • Integrity - Job requires being honest and ethical.
  • Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
  • Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high stress situations.
  • Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
  • Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
  • Initiative - Job requires a willingness to take on responsibilities and challenges.
  • Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
  • Self Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
  • Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
  • Persistence - Job requires persistence in the face of obstacles.
  • Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
  • Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
  • Concern for Others - Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
  • Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction.
  • Social Orientation - Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
  • Innovation - Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.

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.

Wages & Trends

  • Median wages (2017)
    • $31.09 hourly, $64,660 annual
  • Employment (2016)
    • 319,000 employees
  • Projected growth (2016-2026)
    • Faster than average (10% to 14%)
  • Projected job openings (2016-2026)
    • 30,400

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