Loan Officer Job Description

Question

Loan Officer Job Description

Job descriptions
Banking and Financial Services

Job summary 1

The Loan Officer manages his or her local territory. They will continually identify, develop, and maintain a quality network of business relationships and serve as a recurring source of referrals for new lending opportunities; promote the Client’s competitive mortgage products, services, and programs in his or her assigned offices; and will consult with customers about their current and future needs to help them achieve their financing needs. The Loan Officer is expected to collect and review all needed supporting loan documentation; maintain minimum standards for production and quality; and originate and close quality loan volume through sales and marketing activities.

Duties & Responsibilities 1

special offer

Download all 10 Loan Officer Job Descriptions

100Hires
eBook

Free Guide:

The Ultimate guide
to recruiting

Requirements & Skills 1

A minimum of three (3) years of current outside sales origination experience, including established contacts/relationships within the purchase market
Thorough knowledge of all mortgage products and programs
NMLS License Required under the S.A.F.E. Act of 2008
Good knowledge of retail product philosophy, policy, underwriting, procedures, documentation, and systems
Experience proactively soliciting new business
- Good analytical skills necessary to evaluate credit requests and determine trends in a given marketplace
- The Loan Officer will have advanced verbal and written communication skills and the ability to work with a wide range of constituencies in a diverse community
- Proficient in standardized software applications, including Microsoft Word, Excel, PowerPoint, and Outlook

Job summary 2

The Loan Officer is responsible for making sales of loan packages through proactively soliciting and self-sourcing mortgage business to meet loan quality and production goals. The Loan Officer is customarily and regularly conducting sales and engaged in sales activities in a variety of settings.

Duties & Responsibilities 2

Establishes, develops, and maintains positive relationships with existing and potential customers. Develops, maintains, and monitors relationships with client referral sources such as realtors and brokers, builders, developers, financial advisors, and other potential referral sources to generate mortgage leads with potential new or existing customers.
Keeps informed on trends, changes, and developments in the local real estate market.
Keeps informed of all origination, processing, appraisal, underwriting, and closing requirements for both company and investor guidelines about both governments insured and privately-insured mortgages.
- Negotiates price, terms, and conditions with mortgagors.
- Responsible for the overall customer interaction and interface with all parties involved on each loan that is originated from application to closing including, but not limited to: counseling and prequalifying potential home buyers; taking complete and accurate applications; obtaining all necessary support documents along with the appropriate fees and lock-in information; overseeing the loan status to all interested parties; and obtaining loan documentation after closing as directed by corporate or senior management.
- Writes sales reports, plans itineraries, and engages in marketing and promotional activities in support of sales goals.

Requirements & Skills 2

Performs other related duties as assigned from time to time.
This job has no supervisory responsibilities.
To perform this job successfully, an individual must be able to perform each essential function satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job.
- Must have a current and active NMLS in good standing
- Must have current and active State Licensing in good standing
- Bachelor's degree from a four-year College or University; or one to two years related experience and/or training; or equivalent combination of education and experience as a loan originator.

Job summary 3

Loan Officers will report to Sales Managers and work hand in hand with document technicians and loan processors to assist with client correspondence and expectations.

Duties & Responsibilities 3

Guages customers' eligibility and acceptability of loan risk
Helps gather customer's authorizations and supporting documentation that is required by regulation and/or program guidelines
Originates loan applications and monitors the loan from application through the closing process, maintaining effective communications with customers, referral sources, and loan support staff

Requirements & Skills 3

Associate's Degree, excellent organization, attention to detail, and Microsoft Office skills, at an intermediate level, is preferred
2+ years of experience preferred
Working knowledge of conventional and government loan programs
Strong analytical and problem solving skills
Superb written and verbal communication/presentation skills
- State license(s) to originate loans. The ability to obtain licensing authority to perform origination functions, including National Certification, in multiple states is also required. In addition, the ability to maintain a license and continuing education requirements is a position condition.
- Must be able to keep up to date on regulation changes-knowledge may be gained through coursework and on-the-job training
- Extended hours and weekend work hours may be required

Job summary 4

We are looking for a Loan Officer. The ideal candidate will have experience and a successful track record in sales. If you are or want to be, the kind of person that has the opportunity to impact, influence and educate clients daily that helps better their lives, while putting you on a career path with unlimited opportunities and income potential, then this job is for you.

Duties & Responsibilities 4

Advise borrowers on financial status and payment methods
Guide customers through the loan application process
- File loan applications and supporting documents
- Develop referral networks to locate prospects for loans
- Handle customer complaints and take appropriate action to resolve them

Requirements & Skills 4

Previous experience in finance, banking, or other related fields
Familiarity with financial and lending practices
- Ability to build rapport with clients
- Strong analytical and mathematical skills
- Excellent written and verbal communication skills

Job summary 5

In this role, you’ll use your competitive edge to present, evaluate and sell valuable financial solutions to clients across the country. Your ability to build connectivity and rapport with clients will contribute to your overall success.

Duties & Responsibilities 5

Provide every client with exceptional customer service
Achieve or exceed sales goals and objectives
- Advise clients on the home buying or refinance process
- Educate clients on how to better manage their mortgages
- Assist clients through the loan process from application to closing

Requirements & Skills 5

Strong verbal and written communication skills
Ability to remain competitive and coachable while working in a fast-paced sales environment
Desire to take your sales career to the next level
Ability to adapt well to change with the willingness to maintain a flexible schedule
- Team player attitude
- Experience reaching or exceeding sales goals and objectives
- Proven success in a sales or customer service role

Job summary 6

The Loan Officer will conduct the initial pre-qualification phone screen, and prepare the loan application and necessary documentation. The Loan Officer will provide high-quality service to both internal and external customers by selecting the best options and taking ownership to resolve problems and meet customer needs.

Duties & Responsibilities 6

Requirements & Skills 6

Self-starter, goal-oriented sales professional who is focused on providing the highest level of customer service to our customers
Developing knowledge of the mortgage industry, products, lending practices, and regulatory guidelines
Strong negotiation and time management skills
- Excellent communication skills, both verbal and written
- Computer skills with the ability to learn loan origination systems and automated underwriting systems
- Bachelor's degree (B.A.) from a four-year College or University; or one to two years related experience and/or training; or equivalent combination of education and experience

Job summary 7

This is a sales position responsible for seeking and developing relationships for new business sources both internally and externally. Meet with and interview prospective customers, brokers, NHCs, and other referral sources at homebuilding communities or other convenient locations to collect and analyze customer financial information, advise customers on the risks and benefits of various mortgage products, and help select the appropriate loan program. Obtain loan applications from customers and work with them to achieve loan approval.

Duties & Responsibilities 7

Requirements & Skills 7

Job summary 8

Seek and develop relationships for new business sources both internally and externally. Interview customers to collect and analyze customer financial information. Advise customers on the risks and benefits of various mortgage products and help select the appropriate loan program.

Duties & Responsibilities 8

Make sales calls and develop relationships within the community to generate business for the company.
Interview the customer and secure a complete loan application within five days of the purchase agreement.
Review leads daily and contact borrowers via telephone and email in an attempt to obtain their loan applications. Utilize the Mortgage Returns system for prospecting.
- Be accessible to the buyers and associates and return calls on the same day.
- Build rapport with and maintain open lines of communication with borrowers, builders, realtors, and processors and provide outstanding customer service.
- Solicit new business from home builders and realtors.

Requirements & Skills 8

Job summary 9

They are looking for an experienced Loan Officer with strong marketing, communication, and analysis skills to join our team and assist loan applicants in securing the ideal loan.

Duties & Responsibilities 9

Monitor the mortgage process to ensure all company and regulatory processes are adhered to
Communicate a thorough understanding of different loan programs and closing costs to help prospective buyers make a decision
Exceed our production standards by maintaining an active pipeline
Work closely with industry-related professionals to gather and prepare all necessary information to complete underwriting requirements
Takes applications
Enters files/uploads documents into the database
- Follows up with clients
- Gathers missing docs
- Helps clear conditions

Requirements & Skills 9

Previous experience with Office Suite and loan-originating software such as Experian, Calyx, or LendingWise preferred
- Familiarity with multiple types of loans such as conventional, fixed/ adjustable, FHA, VA, USDA, bridge, non-conforming, FNMA and FHLMC, and Home Equity Lines of Credit
- Requires compliance with lending regulations and bank underwriting guidelines and lending policies
- 3-5 years of real estate, mortgage origination, or lending experience required

Job summary 10

We are currently seeking a Loan Officer to join our team.

Duties & Responsibilities 10

Displays knowledge on reviewing member credit profiles, including credit report review and analyze income
Acts within lending limits and assigned credit guidelines
Displays knowledge on reviewing member credit profiles, including credit report review and analyze income
Acts within lending limits and assigned credit guidelines
- Displays knowledge on reviewing member credit profiles, including credit report review and analyze income
- Acts within lending limits and assigned credit guidelines
- Gathers required loan documents for loan package within required timeline

Requirements & Skills 10

Minimum 3-5 years of Loan Officer experience
Previous experience with loans and refinance loan packages
Must have current/active NMLS registration number

Frequently asked questions

What are the duties of a Loan Officer?

A loan officer is responsible for helping individuals and businesses obtain loans for a variety of purposes. Their duties typically include:

Reviewing loan applications: Loan officers are responsible for reviewing loan applications to ensure that they are complete and accurate.

Evaluating creditworthiness: Loan officers assess the creditworthiness of loan applicants by analyzing their credit history, income, and other financial information.

Approving loans: Loan officers have the authority to approve or deny loan applications based on their analysis of the applicant's creditworthiness.

Determining loan terms: Loan officers determine the terms of the loan, including the interest rate, repayment schedule, and amount of the loan.

Explaining loan terms to borrowers: Loan officers explain the terms of the loan to the borrower and answer any questions they may have.

Collecting loan payments: Loan officers may collect loan payments from borrowers and ensure that payments are made on time.

Marketing loan products: Loan officers may be responsible for marketing loan products to potential customers, which can involve attending events, making presentations, or engaging in other marketing activities.

Building relationships with clients: Loan officers may build and maintain relationships with clients to ensure repeat business and referrals.

Ensuring compliance with regulations: Loan officers must ensure that their lending practices comply with all applicable regulations and laws.

Overall, loan officers play a crucial role in the lending process by evaluating creditworthiness, approving loans, and determining loan terms. They must also build relationships with clients, ensure compliance with regulations, and market loan products to potential customers.

What are qualities of a good Loan Officer?

Here are some qualities that make a good loan officer:

Strong communication skills: Loan officers must be able to clearly explain complex financial information to borrowers in a way that they can understand.

Attention to detail: Loan officers must review loan applications and financial statements with a keen eye for detail to ensure accuracy and prevent errors.

Analytical skills: Loan officers must have strong analytical skills to evaluate creditworthiness and assess financial risk.

Sales and marketing skills: Loan officers must be able to sell loan products and persuade borrowers to choose their institution over others.

Customer service skills: Loan officers must have excellent customer service skills to build relationships with clients and provide a positive experience.

Professionalism: Loan officers must present themselves in a professional manner and follow all applicable laws and regulations.

Adaptability: Loan officers must be able to adapt to changing market conditions and evolving lending standards.

Time management skills: Loan officers must be able to manage their time effectively to meet deadlines and handle a large volume of loan applications.

Ethics and integrity: Loan officers must adhere to high ethical and professional standards and act with integrity when working with borrowers.

Overall, a good loan officer must have a combination of technical and soft skills, including strong communication and analytical skills, attention to detail, sales and marketing skills, customer service skills, adaptability, time management skills, and ethics and integrity.

Which skill is the most essential for a Loan Officer?

All of the skills mentioned above are important for a loan officer, but the most essential skill for a loan officer is the ability to evaluate creditworthiness.

Assessing creditworthiness is a critical part of the loan approval process, as it determines whether a borrower is a good candidate for a loan and what the terms of the loan should be. Loan officers must analyze a variety of financial data, such as credit reports, income statements, and tax returns, to determine whether a borrower can afford to repay the loan and whether they are likely to make payments on time.

To evaluate creditworthiness, loan officers need to have strong analytical skills and attention to detail. They must be able to interpret complex financial information and make sound judgments based on that information. They also need to have a thorough understanding of lending standards and regulations, as well as the ability to communicate with borrowers and explain the loan process in simple terms.

Overall, the ability to evaluate creditworthiness is essential for a loan officer, as it is the foundation of the lending process and helps to ensure that loans are made to borrowers who can repay them.

Olivia Powell
Recruiting expert

Last updated Sep 22

Weekly Webinars

Get started with 100Hires

We use cookies to offer you our service. By continuing to use this site, you consent to our use of cookies as described in our policy

Loan Officer Job Description

Job summary 1

Duties & Responsibilities 1

Requirements & Skills 1

Job summary 2

Duties & Responsibilities 2

Requirements & Skills 2

Job summary 3

Duties & Responsibilities 3

Requirements & Skills 3

Job summary 4

Duties & Responsibilities 4

Requirements & Skills 4

Job summary 5

Duties & Responsibilities 5

Requirements & Skills 5

Job summary 6

Duties & Responsibilities 6

Requirements & Skills 6

Job summary 7

Duties & Responsibilities 7

Requirements & Skills 7

Job summary 8

Duties & Responsibilities 8

Requirements & Skills 8

Job summary 9

Duties & Responsibilities 9

Requirements & Skills 9

Job summary 10

Duties & Responsibilities 10

Requirements & Skills 10

Frequently asked questions

What are the duties of a Loan Officer?

What are qualities of a good Loan Officer?

Which skill is the most essential for a Loan Officer?

Start Using 100hires for Free

Weekly Webinars

Start Using
100hires for Free