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Loan Officer Job Descriptionby Paul Donohue The loan officer job description that is the simplest and easiest to understand is this: loan officers guide clients through the process of applying for a loan. The loan officer works in conjunction with the borrower to secure the loan from the lender from the application process to the servicing of the loan. The loan officer gathers from the borrower basic information about the purpose of the loan and their ability to repay the amount borrowed. If the loan officer works for a broker, they will have the ability to “shop” for the best type and source of loan and interest rate for the borrower. If the officer works for a bank or other financial institution, there will still be options in the different types of loans and payment options, but the source of the loan will be the officer’s employer. Acquiring information from a prospective borrower is one of the easiest tasks for a loan officer. Several duties that are included in the loan officer job description are much more involved. The loan officer is a key person in helping the borrower by making decisions and solving problems. In addition to the borrower, there may be other sources from which the loan officer must gain information. For this, the loan officer would need to have strong research skills. They analyze the information provided and evaluate anticipated results to choose the best solution and solve problems and often offer a second or third option. Breaking down data and information into separate parts to identify underlying principles, reasons and facts that may not be obvious is part of the processing of information a loan officer must complete. One of the key portions of the loan officer job description is working directly with the public. This includes meeting in the loan officer’s or client’s office, attending functions over meals in restaurants or at banquets and other social functions. A large component of the job is service and relationship building. Trust should be established with the client and must be demonstrated with the lender to be able to find the best solution for both. Establishing and maintaining interpersonal relationships, not only with the loan officer’s co-workers and supervisors, but with lenders at banks and other financial institutions and with the public (who are all potential customers), friends, and acquaintances, will make the loan officer’s job much easier and more rewarding. The loan officer job description also includes communicating with people outside the organization. Representing the organization to customers, the public, members of local and regional government, and other organizations is another central part to the loan officer’s job. The loan officer must demonstrate excellent communication skills for inter-office and external communication needs, whether in person, in writing via letter, fax, or email, or by phone. Abacus Mortgage Training and Education offers the tools necessary for the technical and legal aspects of the job, making it the student’s responsibility for acquiring the character traits required in the loan officer job description.
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