Loan Officers

What they do:

Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

On the job, you would:

  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Review and update credit and loan files.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Compute payment schedules.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Submit applications to credit analysts for verification and recommendation.

Knowledge

  • Customer and Personal Service
  • Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • Economics and Accounting
  • Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • English Language
  • Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Mathematics
  • Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Sales and Marketing
  • Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
  • Computers and Electronics
  • Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • Law and Government
  • Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • Clerical
  • Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
  • Administration and Management
  • Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
  • Education and Training
  • Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

Skills

  • Active Listening
  • Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Speaking
  • Talking to others to convey information effectively.
  • Reading Comprehension
  • Understanding written sentences and paragraphs in work related documents.
  • Judgment and Decision Making
  • Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Critical Thinking
  • Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Service Orientation
  • Actively looking for ways to help people.
  • Social Perceptiveness
  • Being aware of others' reactions and understanding why they react as they do.
  • Writing
  • Communicating effectively in writing as appropriate for the needs of the audience.
  • Mathematics
  • Using mathematics to solve problems.
  • Active Learning
  • Understanding the implications of new information for both current and future problem-solving and decision-making.

Abilities

  • Oral Expression
  • The ability to communicate information and ideas in speaking so others will understand.
  • Oral Comprehension
  • The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Speech Clarity
  • The ability to speak clearly so others can understand you.
  • Speech Recognition
  • The ability to identify and understand the speech of another person.
  • Written Comprehension
  • The ability to read and understand information and ideas presented in writing.
  • Problem Sensitivity
  • The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
  • Deductive Reasoning
  • The ability to apply general rules to specific problems to produce answers that make sense.
  • Inductive Reasoning
  • The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Written Expression
  • The ability to communicate information and ideas in writing so others will understand.
  • Near Vision
  • The ability to see details at close range (within a few feet of the observer).

Work Activities

  • Getting Information
  • Observing, receiving, and otherwise obtaining information from all relevant sources.
  • Making Decisions and Solving Problems
  • Analyzing information and evaluating results to choose the best solution and solve problems.
  • Establishing and Maintaining Interpersonal Relationships
  • Developing constructive and cooperative working relationships with others, and maintaining them over time.
  • Interacting With Computers
  • Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
  • Processing Information
  • Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Organizing, Planning, and Prioritizing Work
  • Developing specific goals and plans to prioritize, organize, and accomplish your work.
  • Performing for or Working Directly with the Public
  • Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
  • Updating and Using Relevant Knowledge
  • Keeping up-to-date technically and applying new knowledge to your job.
  • Communicating with Persons Outside Organization
  • Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
  • Resolving Conflicts and Negotiating with Others
  • Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.

Interests

  • Conventional
  • Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
  • First Interest High-Point
  • Primary-Rank Descriptiveness
  • Enterprising
  • Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Second Interest High-Point
  • Secondary-Cutoff/Rank Descriptiveness
  • Third Interest High-Point
  • Tertiary-Cutoff/Rank Descriptiveness
  • Social
  • Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
  • Investigative
  • Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
  • Artistic
  • Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
  • Realistic
  • Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.

Work Styles

  • Integrity
  • Job requires being honest and ethical.
  • Attention to Detail
  • Job requires being careful about detail and thorough in completing work tasks.
  • Stress Tolerance
  • Job requires accepting criticism and dealing calmly and effectively with high stress situations.
  • Achievement/Effort
  • Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
  • Dependability
  • Job requires being reliable, responsible, and dependable, and fulfilling obligations.
  • Initiative
  • Job requires a willingness to take on responsibilities and challenges.
  • Analytical Thinking
  • Job requires analyzing information and using logic to address work-related issues and problems.
  • Self Control
  • Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
  • Cooperation
  • Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
  • Persistence
  • Job requires persistence in the face of obstacles.