Jobs Description of Loan Officer

Jobs Description
Loan Officer - Evaluates, authorizes or recommends approval of commercial, real estate, or credit loans. Advises borrowers on financial status and methods of payment. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

Loan Officer is part of the Finance cluster Banking Services Careers pathway.

A person in Loan Officer career:

  • Approves loans within specified limits and refers applications outside those limits to management for approval. 
  • Meets with applicants to obtain information for loan applications and to answer questions about the process. 
  • Analyzes applicants' financial status, credit and property evaluations to determine feasibility of granting loans. 
  • Explains to customers the different types of loans and credit options available, as well as the terms of those services. 
  • Obtains and compiles copies of loan applicants' credit histories, corporate financial statements and other financial information. 
  • Reviews and updates credit and loan files. 
  • Reviews loan agreements to ensure they are complete and accurate. 
  • Computes payment schedules. 
  • Remains aware of new types of loans and other financial services and products in order to better meet customers' needs. 
  • Submits applications to credit analysts for verification and recommendation.

Basic Skills A person in Loan Officer career 

The following skills are important for this career:
  • Reading comprehension – medium (Level 5)
  • Active listening – medium (Level 5)
  • Writing – medium (Level 3)
  • Speaking – medium (Level 5)
  • Mathematics – medium (Level 3)
  • Critical thinking – medium (Level 4)
  • Active learning – medium (Level 3)
  • Monitoring – medium (Level 3)
These skills are necessary but not as important:
  • Science – very low (Level 0)
  • Learning strategies – low (Level 2)

Transferable Skills A person in Loan Officer career

Here's a list of skills used in this career that are also used in other careers.
  • High level of skill required
    • Examining and evaluating financial records
    • Explaining banking, loan, and financial services
    • Preparing and organizing numerical records
    • Preparing financial reports
    • Processing numbers and figures
  • Medium level of skill required
    • Giving advice on financial matters
    • Interviewing people to obtain information

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