What skills do you need to be a loan officer?

Question

Zippia Team · Accepted Answer

The skills needed to be a loan officer are focused on helping the client on the entire loan process from start to finish. Loan officers must be able to evaluate, authorize, or recommend approval of loan applications. They work for commercial banks, credit unions, mortgage companies, and other financial institutions.

Loan officer job responsibilities:

Advises clients about the risks, consequences, and benefits of alternative lending solutions.
Develops loan applications by evaluating applicant information and documentation.
Consults with clients about their lending needs to help them achieve their financial goals, including the collection and analysis of information about the client's financial situation.
Evaluate loan applications and documentation by informing applicants of additional requirements.
Rejects loans by explaining deficiencies to applicants.
Schedules and tracks closing dates, contingency dates, and loan lock expirations.
Approves loans by issuing checks or forwarding applications to the loan committee.
Completes loan contracts by explaining provisions to applicants, obtaining signatures and notarizations, and collecting fees.
Prepares and submits timely and accurate loan files.
Uses state of the art technology to manage loan pipelines and conduct credit and underwriting analysis.
Updates job knowledge by participating in educational opportunities, reading professional publications, maintaining professional networks, and participating in professional organizations.
Helps customers by answering questions and responding to requests.
Maintains customer confidence by keeping loan information confidential.
Accomplishes bank mission by completing related results as needed.