A Bank loan officer is the one who evaluates, authorizes or recommends the approval of the loans like commercial, real estate or credit loans. He advises the borrowers on their financial status and the modes of making the payments back to the bank. The team of members who works with him includes the mortgage loan officers and agents, loan servicing officers, collection analysts and the loan underwriters.
Bank Loan Officer’s Job Duties
- Approve the loans within the specified limits and loan applications if it exceeds outside those limits then they are referred to the management for approval.
- Meets the applicants to obtain information further to the filling of loan applications and answers to all the questions about the process.
- Analyzes the applicants’ financial background and status, credits, if any, and the property evaluations to determine the feasibility of granting the loans to the customers.
- Explaining to the customers about the different types of loans and their credit options that are available and the terms of those services
- Obtaining and compiling the copies of applicants’ credit history, the applicants’ corporate financial statements and other financial information regarding the applicant.
- Reviews the loan agreement to make sure that they are complete and accurate as per the policy.
- Reviewing and updating the credit and loan files of the applicants
- Staying updated of the new types of loans and the other financial services and products available by the bank in order to cater the customers’ needs.
- Handling the customers’ complaints and takes appropriate actions to resolve them.
- Works with the clients in identifying their financial goals and in finding ways of reaching those specified goals.
- Confers with the underwriters to aid in resolving problems based on mortgage application and the policy related to them.