Loan Officer Job Requirements

A loan officer is a professional whose major responsibilities are to establish, develop and maintain strong customer relationships and providing them with high quality services in the area of credit and other associated services. They meet with potential borrowers on a daily basis and approve the loan applications for individuals and businesses as per the organization’s norms and policies.

Loan Officer As A Career Path

The need and demand for a loan officer job role varies with the economic situation. The demand increase with the economic growth and low interest rates. The increase in population also creates a demand for the loan officers. As per the reports of the Bureau of Labor Statistics, the employment prospects of loan officers will increase by 14 percent in the duration 2012- 2020. So, opting for this particular job would be beneficial for the personnel.

The specific job responsibilities of a loan officer are as follows:

  • Providing appropriate product recommendations to the customers as per the credit policy guidelines of the organization.
  • Marketing and promoting the mortgage products.
  • Providing the appropriate mortgage loan recommendations to the borrowers.

Required Educational Profile For A Loan Officer

The educational qualifications for this particular job post are:

  • Bachelor’s degree in Finance, Economics, Business or any related subject.
  • Proper licensure from an accredited organization is necessary.
  • Computer proficiency in the related software products necessary.

Core Competencies Required For A Loan Officer

Professional Skills

  • Sound knowledge of consumer lending and real estate lending.
  • Knowledge of credit scoring, income analysis fundamentals and debt ratio calculations.
  • Knowledge of consumer and real estate loan regulations.
  • Ability to review the loan applications accurately.
  • Ability to perform property assessment of an applicant in an accurate manner.
  • Knowledge of mortgage compliance policies.

Personal Skills

  • Strong analytical skills and mathematical skills.
  • Ability to work under little supervision.
  • Effective oral and written communications.
  • Strong customer service and negotiation skills.

Posted in Job Requirements