Loan Officers


Also called : Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer, Financial Counselor, Loan Counselor, Loan Officer, Mortga

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, loan underwriters, and payday loan officers.

On the job, one would


  • Work with clients to identify their financial goals and to find ways of reaching those goals.

  • Handle customer complaints and take appropriate action to resolve them.

  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.

  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.

  • Analyze potential loan markets and develop referral networks to locate prospects for loans.

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.

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.

  • Judgment and Decision Making
    Considering the relative costs and benefits of potential actions to choose the most appropriate one.

  • Reading Comprehension
    Understanding written sentences and paragraphs in work-related documents.

  • Critical Thinking
    Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.

ABILITIES


  • Oral Comprehension
    The ability to listen to and understand information and ideas presented through spoken words and sentences.

  • Oral Expression
    The ability to communicate information and ideas in speaking so others will understand.

  • Written Comprehension
    The ability to read and understand information and ideas presented in writing.

  • Near Vision
    The ability to see details at close range (within a few feet of the observer).

  • Written Expression
    The ability to communicate information and ideas in writing so others will understand.

PERSONALITY

People interested in this work, will do well at jobs that need;

  • Integrity
    Job requires being honest and ethical.

  • Dependability
    Job requires being reliable, responsible, and dependable, and fulfilling obligations.

  • Cooperation
    Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.

  • Attention to Detail
    Job requires being careful about detail and thorough in completing work tasks.

  • Adaptability/Flexibility
    Job requires being open to change (positive or negative) and to considerable variety in the workplace.

  • Initiative
    Job requires a willingness to take on responsibilities and challenges.

  • Stress Tolerance
    Job requires accepting criticism and dealing calmly and effectively with high-stress situations.

  • 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.

  • Persistence
    Job requires persistence in the face of obstacles.

TECHNOLOGY

  • Accounting software

  • Compliance software

  • Content workflow software

  • Customer relationship management CRM software

  • Data base user interface and query software

  • Development environment software

  • Document management software

  • Electronic mail software

  • Enterprise resource planning ERP software

  • Financial analysis software

  • Information retrieval or search software

EDUCATION AND TRAINING

  • Preparation

    Considerable Preparation Needed

  • Education

    Four-year bachelor degree

  • Experience

    A considerable amount of work-related skill, knowledge, or experience is needed for these occupation

  • Jobtraining

    Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

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