loan-officer/references/tasks.md

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.