Loan Officer Job Description: Top Duties and Qualifications

A Loan Officer, or Commercial Loan Officer works with financial institutions and money lenders. Their primary duties include developing and maintaining relationships with borrowers, evaluating various loan applications and managing loan portfolios.


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Loan Officer duties and responsibilities

Apart from issuing loans to customers, the Loan Officer’s day-to-day duties include:

  • Assessing the financial position and credibility of customers seeking loans
  • Selling business loans, mortgages and other financial products to customers
  • Discussing the different loans and credit facilities with borrowers
  • Approving loans to a certain a specified limit and rejecting applications that don’t meet the borrowing threshold
  • Explaining the loan repayment schedules to borrowers
  • Reviewing and updating loan files and credit documentation
  • Obtaining and compiling copies of applicant’s credit histories, financial statements and other financial information
  • Ensuring clients adhere to loan agreements and ensure that repayment is done on time


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Loan Officer Job Description Examples:


Example 1

*Admissions, Recruitment AND Marketing Service* *Admissions Service* *Student Visa Compliance and Federal Loans Officer* *Ref: SC3923* *£26,715 to £32,817 per annum* ***THIS Vacancy MUST BE Applied FOR VIA THE UEA Website*** The University of East Anglia is seeking applicants for the position of Student Visa Compliance and Federal Loans Officer within the Student Visa Compliance team. The Student Visa Compliance team are responsible for ensuring the University complies with Home Office requirements to sponsor international students to study in the UK. The team provides support in relation to the recruitment, admission, monitoring and reporting of students requiring UK immigration permission and study visas. The post holder will act as a source of specialist advice, information and guidance for University staff and students on all aspects of UK Study visas, the Points Based System and visa compliance matters relating to students. Providing first level line management to members of the Student Visa Compliance team, acting as a point of referral for complex cases and queries, and manage the administration of US Federal Student Aid ensuring the UEA operates all relevant procedures and processes in compliance with the University’s responsibilities is part of this role. Educated to degree level, or equivalent experience, you will possess management capabilities, strong communication and interpersonal skills, customer focus and demonstrable organisational abilities. Attention to detail, with the ability to understand and analyse complex documents, together with strong IT skills are also essential. Basic visa knowledge is desirable although experience of US Federal Student Aid is not anticipated with full training available. This post is available on an indefinite, full-time basis. *Closing date: Monday 28 June 2021* *To apply for this vacancy, please follow the online instructions at: **[website] ***Please note CVs received directly from Indeed will not be considered. Only application forms completed on the above UEA website will be accepted*** The University is a Silver Athena Swan Award holder. Reference ID: SC3923 Job Types: Full-time, Permanent Salary: per year Schedule: * Monday to Friday Work remotely: * Temporarily due to COVID-19

What does a Loan Officer do?

A Loan Officer manages the loan pipeline and process to ensure customers receive loans in a timely manner. They also explore loan opportunities, handle loan applications and prepare credit reports. Other than selling or originating mortgages, the Loan Officer advises customers on their financial status and repayment methods.

The Loan Officer develops and maintains client relationships as they pursue new customer opportunities. They do so by calling customers and monitoring their efforts. From time to time, they liaise with the borrower, lenders, credit agencies and external parties. When borrowers delay with repayments or default, they advise debt collection agencies on irreconcilable accounts for further action. 


Loan Officer skills and qualifications

Loan Officers are integral to the success of any financial or lending institution. To perform their job effectively a successful Loan Officer candidate will have various prerequisite skills and qualifications that typically include:

  • Working knowledge of loan operations with banks or lenders with agency exposure
  • Ability to use various IT tools such as financial and administrative, word processing, spreadsheet and database software
  • Excellent interpersonal and communication skills, both verbal and written
  • Impeccable customer service and customer handling skills
  • Working knowledge of credit unions and how they deliver financial services
  • Firm grasp of financial, documentation and administration procedures
  • Ability to analyse loan applications and supporting documents for issuance of loans
  • Strong numerical skills to handle loan calculations and repayments for the customers


Loan Officer experience requirements

A Loan Officer needs to have least three years of experience working in various financial institutions. Experience in banking or financial services is desirable. Applicants need to have experience making loan decisions through various means including credit history review, credit scoring and affordability analysis.


Loan Officer education and training requirements

Entry-level Loan Officer positions require a Level 3 Diploma in personal and business finance. For a senior role, a degree in business, finance and accounting is necessary. On-the-job training is essential for new hires. Some employers provide a combination of company sponsored training and other informal training. For senior roles, it’s best to hire a Loan Officer with CeMAP Level 3 qualification and understanding of FCA and MCOB regulation.


Loan Officer salary expectations

According to Indeed Salaries, the average salary of a Loan Officer in the UK, is £24,747 per year. This figure varies depending on job experience, location and company size.


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Loan Officer job description FAQs


What qualities make a good Loan Officer?

A good Loan Officer is forthright with customers and adheres to all national loan regulations. They don’t overpromise or under deliver. The best performers base their decisions on data and information such as credit report pulls, contracts and other financial documentation. As well as being accountable, they maintain positive communication and develop relationships with their customers. The officer must also display high professionalism even when dealing difficult clients, including delinquents.


What should you look for in a Loan Officer CV?

Look for experience in the banking sector or the financial services either as a Loan Officer or a Credit Controller. Experience disbursing consumer loans and handling loan portfolios is a plus. The successful candidate has experience selling various loan products including mortgage, business loans and personal loans. Strong numerical skills and interpersonal skills are also essential this role.


How can you make your Loan Officer job description stand out?

Highlight their duties and responsibilities clearly, followed by the desired skills and qualifications,education and experience needed. Describe the work conditions, who they will report to and how much they’ll earn. Provide as much details as possible so applicants can decide if they’re a good fit or not.


What are the different types of Loan Officers?

While Loan Officers have the same background in business, finance or accounting, they pursue different career paths. Some of them will work as Credit Controllers, Debt Collectors, Bailiffs and even Credit Managers with different financial institutions.

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