Loan Officer Question: Download Questions PDF
What are the main job duties and responsibilities of loan officer employee?
Answer:
loan officer responsibilities are to 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; analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans;
meet with applicants to obtain information for loan applications and to answer questions about the process; handle customer complaints and take appropriate action to resolve them; compute payment schedules; stay abreast of new types of loans and other financial services and products to better meet customers' needs; review and update credit and loan files; analyze potential loan markets and develop referral networks to locate prospects for loans; review loan agreements to ensure that they are complete and accurate according to policy; submit applications to credit analysts for verification and recommendation; approve loans within specified limits, and refer loan applications outside those limits to management for approval; work with clients to identify their financial goals and to find ways of reaching those goals; confer with underwriters to aid in resolving mortgage application problems;
negotiate payment arrangements with customers who have delinquent loans; supervise loan personnel; market bank products to individuals and firms, promoting bank services that may meet customers' needs;
interview, hire, and train new employees; prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action; set credit policies, credit lines, procedures and standards in conjunction with senior managers;
arrange for maintenance and liquidation of delinquent properties; provide special services such as investment banking for clients with more specialized needs; petition courts to transfer titles and deeds of collateral to banks.
meet with applicants to obtain information for loan applications and to answer questions about the process; handle customer complaints and take appropriate action to resolve them; compute payment schedules; stay abreast of new types of loans and other financial services and products to better meet customers' needs; review and update credit and loan files; analyze potential loan markets and develop referral networks to locate prospects for loans; review loan agreements to ensure that they are complete and accurate according to policy; submit applications to credit analysts for verification and recommendation; approve loans within specified limits, and refer loan applications outside those limits to management for approval; work with clients to identify their financial goals and to find ways of reaching those goals; confer with underwriters to aid in resolving mortgage application problems;
negotiate payment arrangements with customers who have delinquent loans; supervise loan personnel; market bank products to individuals and firms, promoting bank services that may meet customers' needs;
interview, hire, and train new employees; prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action; set credit policies, credit lines, procedures and standards in conjunction with senior managers;
arrange for maintenance and liquidation of delinquent properties; provide special services such as investment banking for clients with more specialized needs; petition courts to transfer titles and deeds of collateral to banks.
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