What is a Loan Officer?

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A loan officer is an employee of a financial institution who reviews applications for loans, and makes the ultimate determination of whether or not the loan will be approved. In the United States, there were 291,000 loan officers in 2004, and small growth of the industry is expected, because computer systems have streamlined the loan application process. Typical places of employment for loan officers include banks and credit unions, and many of them travel as part of their jobs.In addition to reviewing loan paperwork, a loan officer also helps to recruit and educate clients. Most banks promote their lending program, to encourage customers who are already using the bank to take advantage of more services. In a consultation with a loan officer, clients can learn about home loans, business loans, and other loans designed to help people put children through college, purchase new cars, or deal with unexpected expenses. As part of the consulting side of the job, a loan officer is extremely knowledge about loan options. A good loan officer will refer a client to another institution if the client will not be well served by the bank that the loan officer works for. In either case, a loan officer will talk with a client about options for loans, and will help clients understand the terms of a loan. For example, a client may need to offer collateral, a guarantee that a loan will be repaid, if the client has a poor credit history. Once a customer decides to apply for a loan, the loan officer gives the loan applicant paperwork to fill out. Next, the loan officer processes the application, going through the paperwork to ensure that there is no missing information and checking the references on the application. Using a computer is crucial here, as computerized databases can provide the customer's credit history, and other relevant information which will help the loan officer make a decision. If supplemental information is required, the loan officer will contact the client. If a loan is approved, the client will be informed and the money will be transferred to the client. The loan officer will often remain in touch with the client to deal with any problems which may arise. Loan officers can help clients who are having trouble making payments by setting up a graduated payment plan, for example. A loan officer may also assist a customer who needs to make arrangements to service a loan while on a trip. Most areas have no specific regulations pertaining to loan officers. A bachelor's degree in an economics related field is helpful, as is experience in banking and lending. A loan officer must also be highly computer literate, and should be willing to travel to various sites around the region as part of the job. In addition, a loan officer should be friendly, helpful, and committed to customer service and sales. Good natured loan officers ensure repeat business and referrals.

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