Profession loan officer

Credit and loan officers analyse and evaluate financial information on applications for credit and loans and determine approval or disapproval of the client for the credit or loan or recommend to management approval or disapproval.

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Personality Type

  • Enterprising / Social
  • Conventional / Enterprising

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  • Money changer
  • Money-lender
  • Personal financial advisor

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.

  • 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.  

  • 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.

Skills

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Obtain financial information

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

  • 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.

  • 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.

Optional knowledge and skills

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

Common job titles

  • Loan consultant
  • Mortgage loan associate
  • Loan officer 200bps (2% commission)
  • Agents needed - outbound sales - mortgage leads
  • Mortgage loan officer
  • Builder loan officer
  • Consumer loan officer - call center experience preferred
  • Loan officer training
  • Loan officer