Loan Officer job description

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Description

Loan Officers are required to find potential customers and help them to apply for loans. They gather information about business and individuals to determine the likelihood to repay that money. These professionals guide clients and provide them the most suitable loan plans for their needs, explaining specific restrictions and requirements about this operation. They may specialize in loan areas such as mortgage, commercial, and consumer.

Loan Officers usually perform many of the following tasks:
• Explaining conditions and terms.
• Studying financial status of their clients.
• Helping clients to acquire a loan.
• Creating payment schedules.
•   Analyzing new kinds of loans in the market.

Skills

• Having time management skills.
• Being able to cope with a fast-pacing market.
• Having good communication skills
• Being tactful.
• Having IT skills.
• Being an active listener.
• Having interpersonal skills.
• Being persuasive.
• Having problem-solving skills.
• Being reliable and trustworthy.

Education

Loan Officer jobs demand candidates having a High School Diploma and a training program as minimum academic qualifications. Some employers also require applicants having a Bachelor´s Degree in Economics, Finance, or a related subject. Another valuable point for companies in this market is work experience in sales, banking, and lending areas. Most training programs are offered on-the-job during the first few months of employment. All professionals working on this field are required have a license. Applicants for these qualifications need to pass a written examination, have at least twenty hours of coursework, and pass a background check.

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