# Tasks & work activities — loan officer

Source: O*NET 30.3, occupation 13-2072.00 (Loan Officers).

## Task statements

- **[Core]** Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- **[Core]** Meet with applicants to obtain information for loan applications and to answer questions about the process.
- **[Core]** Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- **[Core]** Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- **[Core]** Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- **[Core]** Review and update credit and loan files.
- **[Core]** Review loan agreements to ensure that they are complete and accurate according to policy.
- **[Core]** Compute payment schedules.
- **[Core]** Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- **[Core]** Submit applications to credit analysts for verification and recommendation.
- **[Core]** Handle customer complaints and take appropriate action to resolve them.
- **[Core]** Work with clients to identify their financial goals and to find ways of reaching those goals.
- **[Core]** Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- **[Core]** Analyze potential loan markets and develop referral networks to locate prospects for loans.
- **[nan]** Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- **[nan]** Authorize or sign mail collection letters.
- **[nan]** Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- **[nan]** Confer with underwriters to resolve mortgage application problems.
- **[nan]** Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- **[nan]** Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- **[nan]** Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- **[nan]** Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- **[nan]** Inform individuals and groups about the financial assistance available to college or university students.
- **[nan]** Maintain and review account records, updating and recategorizing them according to status changes.
- **[nan]** Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations.
- **[nan]** Review accounts to determine write-offs for collection agencies.
- **[nan]** Review billing for accuracy.
- **[Supplemental]** Supervise loan personnel.
- **[Supplemental]** Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- **[Supplemental]** Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.

## Detailed work activities

- Advise others on financial matters.
- Analyze market conditions or trends.
- Assess financial status of clients.
- Authorize financial actions.
- Compute debt repayment schedules.
- Confer with others about financial matters.
- Correspond with customers to answer questions or resolve complaints.
- Develop financial plans for clients.
- Educate clients on financial planning topics.
- Establish organizational guidelines or policies.
- Examine financial records.
- Gather financial records.
- Inform individuals or organizations of status or findings.
- Interpret financial information for others.
- Interview clients to gather financial information.
- Maintain data in information systems or databases.
- Market products, services, or events.
- Prepare financial documents, reports, or budgets.
- Recommend products or services to customers.
- Submit financial applications.
- Supervise employees.
- Update professional knowledge.
- Verify accuracy of financial information.
- Verify accuracy of records.
- Verify application data to determine program eligibility.