Profession loan officer

Loan officers assess and authorise the approval of loan applications for individuals and businesses. They ensure complete transactions between loan organisations, borrowers, and sellers. Loan officers are specialists in consumer, mortgage, or commercial lending.

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Personality Type

  • Conventional / Enterprising

Knowledge

  • Actuarial science

    The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.

  • Banking activities

    The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.

  • Credit control processes

    The various techniques and procedures applied to ensure that credit is given to the suitable customers and that they pay on time.  

Skills

  • Obtain financial information

    Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.

  • Consult credit score

    Analyse the credit files of an individual, such as credit reports which outlines a person's credit history, in order to assess their creditworthiness and all the risks that would be involved in granting a person a loan.

  • Analyse financial risk

    Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.

  • Monitor loan portfolio

    Control the ongoing credit commitments in order to detect anomalies related to the schedules, refinancing, approval limits etc., and to identify improper disbursements.

  • Inform on interest rates

    Inform prospective borrowers on the rate at which compensation fees for use of assets, such as borrowed money, is paid to the lender, and at which percentage of the loan the interest stands.

  • Analyse loans

    Examine and analyse the loans provided to organisations and individuals through different forms of credit such as overdraft protection, export packing credit, term loan, and purchase of commercial bills.

  • Interpret financial statements

    Read, understand, and interpret the key lines and indicators in financial statements. Extract the most important information from financial statements depending on the needs and integrate this information in the development of the department's plans.

  • Maintain credit history of clients

    Create and maintain the credit history of clients with relevant transactions, supporting documents, and details of their financial activities. Keep these documents updated in case of analysis and disclosure.

  • Interview bank loanees

    Perform interviews with candidates requesting a bank loan for different purposes. Pose questions in order to test the goodwill and the financial means of candidates for paying back the loan.

  • Decide on loan applications

    Take into account the risk assessment and analysis and perform the final reviewing of the loan application in order to approve or deny the loan, and set in motion the necessary procedures following the decision.

  • Examine credit ratings

    Investigate and look for information on the creditworthiness of companies and corporations, provided by credit rating agencies in order to determine the likelihood of default by the debtor.

Optional knowledge and skills

property law advise on financial matters customer service analyse business plans advise on risk management debt systems check accounting records assess mortgage risk synthesise financial information business loans provide support in financial calculation protect client interests collect property financial information apply credit risk policy assess customer credibility examine mortgage loan documents debt classification maintain client debt records communicate with banking professionals mortgage loans foreclosure manage loan applications securities tax legislation assist in loan applications