The job description, as well as the duties and responsibilities of mortgage loan officers, are fairly wide ranging depending on the type of financial association they represent. This is seen in the fact that mortgage loan officers, also known as mortgage loan originators, can work professionally in a wide variety of financial institutions such as commercial banks, credit unions, and mortgage companies. Though the specific job duties can differ depending on which institution the loan officer represents, the general duties are all pretty similar across the board. This article will explore the universal job duties of a loan officer no matter what type of financial institution they are employed in. If you’re interested in pursuing this career than this article is certainly something you should peruse in order to gain an accurate idea of what exactly this job entails.
The primary duties of a loan officer are to handle the various steps required to enable people or businesses to get the best possible type of loan for their specific needs. These include authorizing, evaluating and recommending the most appropriate type of loan for any particular person or business. Most loan officer jobs require a bachelor’s degree and licensing requirements to attain, and a certain amount of education is absolutely required for these positions. Again, the specific job duties ultimately depend on which type of financial institution the loan officer represents, but more generally here is what you can expect to do if you’re looking into this profession.
- Meeting with individuals and businesses in order to accurately analyze their credit, financial status and any property they have.
- Being able to handle any customer complaints and questions about the loan process and having the ability to fix any lingering issues related to their particular loan.
- Advising customers and helping them accrue the various copies of individual and business-related financial documents, credit histories and whichever other financial documents are required in order to fulfill the loan requirements.
- Having the knowledge and ability to adequately explain the different types of loans available, as well as the various terms related to those loans.
- Providing loan applicants with the various types of credit options available and the terms related to those options.
- Explaining to potential customers the viability of certain loans in relation to an individuals or businesses financial standing.
- Providing guidance to customers about how realistic their financial goals are and what they’ll need to do to accomplish those goals.
- Denying or approving loans based on the specific financial limits of the individual or business and being able to offer alternatives when necessary.
- Being able to adequately resolve any snags in the mortgage application process.
- Logically working with any senior management officials to set specific loan policies, standards, and procedures.
- Submitting any and all paperwork related to the loan to credit analysts in order to make sure that loan applicants can get their documents verified and therefore recommended towards the right type of loan for them.
- Handling any loans that have become delinquent and figuring out ways for these delinquent payments to get resolved by communicating and advising the customer.
- Figuring out the different payment scheduling options available to customers, as well as helping to review and update any loan or credit files.
- Helping potential loan prospects find other loan markets when necessary.
- Sending any and all necessary paperwork to loan customers.
- Dealing with irresoluble accounts and forwarding them to collection agencies.
- Arranging for delinquent accounts to become resolved through the liquidation of property.
- Communication with the court’s system in order to transfer deeds and titles of collateral to the bank or financial institution involved in the loan.
- Communicating to customers why their loan was either approved or denied and providing evidence to back up those determinations.
- Keeping loan documents and conversations private in order to maintain customer confidence.
- Staying up-to-date with any changes in the industry by furthering your knowledge of the business through educational opportunities, participating in business-related seminars, and professional networking.
- Responding promptly to phone calls and emails from customers about their loan or loan application process.
- Operating with class and adhering to all laws, regulations, and compliance guidelines.
Though the skills mentioned above are the general job duties of a loan officer, you’ll also need to be able to communicate and advise potential customers in order to satisfy their particular needs and wants in regards to their loan.
You’ll also be required to be extremely detailed-orientated in order to make sure every piece of information related to the load is correct and gone over with a fine-tooth comb with the customer’s best interests in mind.
A variety of computer skills are certainly required in order to perform the various job duties of a loan officer. These include certain types of banking software, mortgage CRMs, as well as the use of basic Windows and Mac computer apps.
The ability to sell a particular loan to an individual or business is another job duty of loan officers. You’ll want to be well-versed in how to promote certain loans over others and explain the pros and cons of each. You also may be required to seek out new loan applicants through marketing and persuasion and understand how and where to reach these potential clients.
As mentioned above, the more specific job duties of a loan officer are dependent upon the particular financial institution the loan officer represents. Each of these unique jobs has its own set of job duties and in order to get a more detailed overview of what these are you’ll want to do a bit more research beyond this particular article.
Becoming a loan officer is a highly complex job that requires a unique set of skills. You’ll need to be an effective communicator, as well as understand the intricacies of various loan and banking procedures. Most of these jobs will require a certain level of higher education and experience to attain, but this job pays well and can be very satisfying knowing that you’re helping people get to where they want to be financially.