It is a fact small business, and even large companies need loans for different reasons. It is because getting loans is a big help in addressing financial constraints and needs such as starting a new business or expanding an existing business.
In this sense, banks and lending companies are hiring loan officers to do the job of guiding and helping people who want to secure loans without much hassle. The tasks of a loan officer are not that hard as long as you know the job descriptions.
One of the job descriptions of loan officers is to approve loans and refer the loan applications to the management for approval. The loan officer is also the one who meets with applicants in order to get information about the loan applications and the processing.
The loan officer is also tasks to analyze the financial status of applicants.
This is so in order that it will be easier to evaluate and determine the feasibility of approving the loan application. Through the loan officer, clients will know the various types of loans available and credit options, as well.
In addition, the loan officer does the task of compiling the copies of credit histories and other financial information of the loan applicants.
Once the loan application is reviewed, the loan officer will submit the loan application to the credit analyst for further verification and recommendation. Aside from processing the loan applications, the loan officer is also responsible to handle customer’s complaints He also helps clients in identifying financial goals and how to realize them.
In case of delinquent loans, the loan officer is the one to negotiate the payment arrangements. He is also responsible to market bank products and services to different individuals and firms. Arranging for liquidation and maintenance of delinquent properties is also the job of a loan officer and filing of petitions to courts for transfer of deeds and titles as loan collaterals.
Anyone who aims of becoming a loan officer should have a degree in commerce, finance, or economics.
Since the job description of loan officer is very demanding, it is important to have the skills in time management because it requires proper managing of his own time and of his clients. He needs also to have sound decision making and judgment in order to determine the appropriate one.
Moreover, a loan officer should also use instructional/training methods and procedures suitable to the situation when teaching new things. In order to obtain new clients, a loan officer should also be skillful in negotiation so that it will be a lot easier to attract new clients and at the same time reconcile differences.
In order to become efficient in carrying out the job descriptions of loan officer, it is required to have knowledge in sales and marketing, personal and customer services.
Otherwise, if you do not have any experience in sales and marketing, you will find it hard to deal with new and current clients.