Loan Officer Job Description

This Loan Officer job description template can be posted to online job forums and career pages for the recruitment of candidates. The Loan Officer job description, its requirements and responsibilities, given in this template can be modified according to the specific need of your company.

The primary job role of a Loan Officer is to:

  • Determine all applicable metrics and ratios, and also set up plans for debt payment
  • Interview applicants for the purpose of determining their financial status and eligibility for granting loans
  • Evaluate creditworthiness of clients by processing loan applications

Loan Officer Job Description

We are hiring a qualified Loan Officer for evaluating, authorizing approval or denying loan applications for individuals as well as businesses. You will be responsible for helping the qualified applicants acquire loans in a timely manner by acting as liaison.

In order to succeed in this role, you must have a solid background in Finance or Accounting along with sound knowledge of all loan regulations. So, if you like to work in a fast-paced environment, and qualify the following requirements, we would like to hear from you.

Requirements

  • At least a Bachelor’s degree in Accounting, Finance, Economics or a related field
  • Prior experience as a Loan Officer
  • Experience of working with banking and accounting software
  • Sound knowledge of direct as well as indirect lending practices and products
  • Sound knowledge of all loan regulations
  • Ability to work in a fast-paced, goal-oriented environment
  • Strong communication and customer service skills, sales experience is a plus
  • An analytical mind with problem-solving attitude

Responsibilities

  • Determining all applicable metrics and ratios, and also setting up plans for debt payment
  • Interviewing applicants for the purpose of determining their financial status and eligibility for granting loans
  • Evaluating creditworthiness of clients by processing loan applications
  • Striving to achieve customer satisfaction throughout the underwriting process and building long-term relationships
  • Operating in compliance with laws/regulations and adhering to all lending compliance guidelines
  • Assessing customer needs, exploring all options and introducing different types of loans in accordance
  • Developing referral networks, suggesting alternate channels and cross-selling services and products for the purpose of accomplishing quotas
  • Updating job knowledge on financial services and types of loans
  • Maintaining and updating account records
  • Justifying approval or rejection of loans and also reporting on them
  • Communicating with clients for requesting or for providing information
  • Completing loan contracts and counseling clients on restrictions and policies