Main Responsibilities and Required Skills for Loan Officer
A Loan Officer is a professional who works in the banking or financial industry and is responsible for evaluating and approving loan applications. They review loan applications, assess the creditworthiness of applicants, analyze credit and financial data, and evaluate collateral or other assets that can be used to secure the loan. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Loan Officers.
Get market insights and compare skills for other jobs here.
Main Responsibilities of Loan Officer
The following list describes the typical responsibilities of a Loan Officer:
Achieve
Achieve sales and referral goals by developing a positive customer experience.
Acquire
Acquire new business through an established sales process.
Adhere to
Adhere to all federal regulations regarding origination of mortgage loans and FCU internal policies.
Advise
Advise borrowers on available lock options and locks loans promptly.
Advise borrowers on financial status and payment methods.
Analyze
Analyze active loan files on a regular basis and recommend solutions to speed up the loan process.
Analyze credit history of applicants and determine loan repayment capabilities.
Analyze customer's credit and financial scenario and determining appropriate loan product(s).
Analyze eligibility of loan grant.
Apply
Apply sound judgment in execution of core job responsibilities.
Approve
Approve mortgage loans by examining application and supporting documentation.
Assist
Assist customers and follows up on outstanding items.
Assist the Loan Processor once approval received and forward to borrower.
Attend
Attend required company meetings.
Build
Build / organize new loan applications and supporting documents.
Calculate
Calculate income, reviews assets and liabilities.
Call
Call prospects from the provided data base using our automated dialer system.
Close
Close sales and advise customer of next steps.
Collect
Collect initial qualifying documentation.
Communicate
Communicate closing date to affected parties.
Communicate with Borrower and Agents prior to Processing.
Communicate with customers to help them choose the best mortgage loan they can afford.
Complete
Complete and maintain appropriate documentation and reports.
Complete annual training as required by company policy and law on an annual basis in a timely manner.
Complete loan contracts and educate clients on policies and regulations.
Compute
Compute payment schedules.
Conduct
Conduct business in compliance with all state and federal regulations.
Conduct consistent business development activities that drive new mortgage business.
Conduct customer needs analysis to learn and understand customer's goals.
Confirm
Confirm receipt of quotes via email or phone conversation.
Contribute
Contribute to team effort by accomplishing daily and weekly performance objectives.
Coordinate
Coordinate and schedules loans closings.
Coordinate, create, track and distribute marketing materials.
Coordinate the loan closing with the customer and, if used, closing agent / title Company.
Coordinate with other team members and departments to optimize the sales effort.
Counsel
Counsel partners and provide assistance with completing loan applications.
Counsel members whose loan requests were denied, explaining reasons and alternatives.
Delegate
Delegate Tasks to Admin as needed.
Deliver
Deliver high quality customer service to applicants via phone and email.
Deliver prepared questions reading from scripts that describe our financial services.
Design
Design flyers for new programs or other programs of interest.
Determine
Determine borrower financing objectives and goals.
Determine financing objectives and goals.
Develop
Develop and maintain a high degree of visibility for WFHM in the marketplace.
Develop and maintain business relationships and referral sources.
Develop and maintain knowledge of Conventional, VA and FHA lending policies and procedures.
Develop and monitors a commercial loan portfolio.
Develop new member prospects and business for UARK, while managing an existing portfolio.
Develop personal marketing programs to help increase business.
Develop plan to achieve sales goals with assistance from sales management.
Develop referral networks to locate prospects for loans.
Direct
Direct any client requests beyond the scope of your position to the appropriate parties.
Discuss
Discuss and gain commitment on activities for success based on the annual mortgage production goal.
Discuss various mortgage products that meet the member's needs.
Document
Document and send all quotes to the borrower in writing via email or SMS.
Document and processes member requests for additional information.
Educate
Educate the customer on Bank products, pricing, underwriting and regulatory guideline.
Enhance
Enhance Bank's compliance with Community Reinvestment Act.
Ensure
Ensure accuracy and maintenance of Customer records and files and updates information as needed.
Ensure clients have a return appointment set up to complete financial packaging.
Ensure Collections Forecast worksheet entries are accurate and updated on time.
Ensure compliance with all government and regulatory requirements.
Ensure compliance with privacy laws and confidentiality policies throughout the process.
Ensure customer problems are handled appropriately, escalating issues when necessary.
Ensure customers understand the value and benefits of suggested alternatives and closes sales.
Ensure data are in line with national and local financial rules.
Ensure exceptional customer service by overseeing loan process from origination to closing.
Ensure highest level of member / applicant satisfaction.
Ensure necessary due diligence is taken to support the accuracy of all Customer transactions.
Ensure the outcome meets the client's satisfaction.
Ensure the timely processing and funding of loans.
Enter
Enter data and maintain marketing programs and tools such as Loan Officer Toolbox.
Establish
Establish appointments with clients.
Evaluate
Evaluate credit worthiness by processing loan applications and documentation within specified limits.
Explain
Explain information required and other aspects of the loan process to Customers.
Follow up with
Follow up with assigned clients at all times, keeping them informed of the loan process.
Follow up with clients at all times, keeping them informed of the loan process.
Forward
Forward requests requiring additional action to appropriate personnel.
Gather
Gather all necessary and required documentation for loan approvals.
Handle
Handle customer complaints and take appropriate action to resolve them.
Identify
Identify opportunities for Wealth and Money In referrals.
Identify appropriate opportunities to sell additional products.
Identify client needs and assist them with financial options to fund their education.
Improve
Improve awareness and image of the Bank and its products in targeted markets.
Inform
Inform clients about loan approval or rejection.
Inform client of closing costs such as appraisals, and attorney fees.
Initiate
Initiate the SAFE registration process immediately after your employment start date.
Input
Input customer details on paper application and internal computer system, Calyx Point.
Input Team files into Encompass with accuracy to make sure the correct information is in the file.
Justify
Justify decisions (approvals / rejections) and report on them.
Keep up to date on
Keep up to date on regulation changes.
Keep up to date with company approved programs and software systems.
Maintain
Maintain active communication with the processing team concerning client needs.
Maintain a high level of confidentiality.
Maintain contact and follow up with members throughout the loan process.
Maintain contact with the member, Realtor and / or seller during the entire loan progress.
Maintain current knowledge of loan programs, policies and procedures, guidelines and regulations.
Maintain current knowledge of mortgage insurance guidelines and coverage requirements.
Maintain dialogue with loan officers and real estate brokers with loan status reports.
Maintain high ethical standards.
Maintain the highest level of sales ability and negotiation skills.
Maintain timely and detailed updates for client and representative advisors.
Make
Make a concentrated effort to solve member problems and make sound decisions.
Make copies for Clients and copy packages / scans / uploads files.
Make
Make weekly sales calls to develop new business and retain existing business.
Manage
Manage appraisal order status and updates.
Manage client and referral partner databases.
Manage Customers' expectations regarding processing times and closing dates.
Manage large amounts of outboard and inbound calls in a timely manner.
Manage monthly compliance-approved email marketing to realtors.
Manage personal pipeline to ensure service standards and financial goals are met.
Meet
Meet company's standards and values.
Meet or exceed monthly and quarterly production goals / quotas set by the company.
Meet strict deadlines and maintain compliance.
Meet with clients for mortgage opportunities as scheduled.
Meet with loan applicants to identify their needs and collect information for loan applications.
Monitor
Monitor and report on application processes.
Monitor and update account records.
Negotiate
Negotiate terms and conditions with borrowers.
Network
Network and build relationships with agents, and stay informed about developing trends.
Operate
Operate in compliance with laws and regulations and adhere to lending compliance guidelines.
Organize
Organize all documentation submitted and verifies file completeness.
Originate
Originate loans and work with Loan Coordinator and processing to close the loan.
Participate in
Participate in all steps related to the origination of a mortgage loan including but not limited to.
Participate in new training and licensing programs to expand the team's capabilities.
Perform
Perform Admin Functions as needed.
Perform daily pipeline management reviews.
Perform initial set up of files in Origination System.
Perform miscellaneous duties as needed and required.
Prepare
Prepare and submit mortgage loan applications.
Prepare basic management reports summarizing loan activity.
Prepare loan applications for mortgage loan products.
Prepare loan committee presentations.
Promote
Promote our team members so they can share their knowledge with others.
Promote our competitive mortgage products, services, and programs.
Provide
Provide administrative and sales support to loan originators and production partners.
Provide a list of prioritized items necessary for the loan officer to complete on a daily basis.
Provide assistance to a designated Loan Officer (s) in originating and processing loans.
Provide disclosures to borrower at application, or mail within 24 hours if over the phone.
Provide exemplary customer service via acting as a primarily contact for clients.
Provide feedback to marketing department to create targeted ad campaigns.
Provide needs list of all items for a complete loan application.
Provide pipeline reports to review status of all files with managing loan officers.
Provide property tax financing to property owners with delinquent property taxes.
Provide recommendations to management on product and program improvements.
Pull
Pull credit reports and have them ready for the meeting.
Pull, review and analyze credit.
Qualify
Qualify and follow through on opportunities to agree to loan terms.
Receive
Receive a weekday off when working weekends.
Request
Request and obtain documentation needed and forwards to Mortgage Processor.
Research
Research local community credit needs and determine how Bank might serve the needs.
Respond to
Respond to customers general inquiries and provide update on loan packages.
Review
Review / Analyze credit and financial data.
Review and update credit and loan files.
Review credit applications and make recommendations regarding the applicant's credit worthiness.
Review Loans to ensure that they are complete and accurate according to policy.
Review mortgage loan disclosure packages and deliver to borrower.
Review the application for completeness and integrity of loan data.
Review the automated recommendation to approve the loan or refer it for further analysis.
Review the loan process by monitoring loan status, term conformity, and regulatory guidelines.
Review underwriting guidelines, structure the loan and submits to the automatic underwriting system.
Run
Run Automated Compliance Testing and inform processor of any major fails.
Schedule
Schedule and complete mortgage loan closing.
Seek
Seek out and originate creditworthy home loans in designated LMI areas.
Sell
Sell loans and insurance products.
Sell and originate residential mortgage loans to sales goals.
Send
Send a daily call report with results to management.
Serve as
Serve as a knowledge source for clients regarding available loan programs and guidelines.
Set
Set and track all appointments for Loan Officer for referring Partners, seminars, closings, etc..
Set customer expectations for additional information needs and closing date.
Stay abreast of
Stay abreast of industry trends.
Stay current with changes and new products.
Strengthen
Strengthen realtor alliances and internal / external title insurance relationships.
Support
Support on Processing - As you work as an independent broker, it's nice to know you're not all alone.
Track
Track incoming leads for Loan Officer and / or LP II using "Lead Tracker” form.
Understand
Understand real estate appraisals, title reports, and real estate transactions.
Update
Update client database information.
Update customers, real estate agents, and titles companies on the loan's progress.
Uphold
Uphold integrity of the brand.
Use
Use computerized system for tracking, information gathering, and follow up of assigned customers.
Use the principles of Balanced Stewardship in independent decision making.
Utilize
Utilize information gathered by the Mortgage Loan Originator to prequalify customers.
Utilize technology to multitask and manage a large pipeline.
Work with
Work closely with customers, customer service representatives and loan officers.
Work closely with processors and underwriters for timely loan funding.
Work hand in hand with property tax lenders to cross sell property tax loan products.
Work hard and have fun to get the job done.
Work weekends and evenings as needed.
Work with a strong sense of urgency and responsiveness.
Work with Loan Origination System - Encompass.
Work with Loan Processors and Underwriters to obtain outstanding conditions from appropriate parties.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Loan Officer:
PC Skills
Automated Underwriting Systems
Business
Plan Own Activities
NMLS License
Outlook
MS Office
Computer
Mortgage Lending
Federal And State Law
Lending Process
Underwriting
Mortgage
Most In-demand Soft Skills
The following list describes the most required soft skills of a Loan Officer:
Written and oral communication skills
Organizational capacity
Interpersonal skills
Time-management
Problem-solving attitude
Attention to detail
Self-motivated
Work independently with little direction
Professionalism
Detail-oriented
Take calculated risks
Flexible
Integrity
Multi-task
Analytical ability
