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Loan Officer Overview
For many individuals, taking out a loan may be the
only way to afford a house, car, or college education. For businesses,
loans likewise are essential to start many companies, purchase
inventory, or invest in capital equipment. Loan officers facilitate this
lending by finding potential clients and assisting them in applying for
loans. Loan officers also gather personal information about clients and
businesses to ensure that an informed decision is made regarding the
creditworthiness of the borrower and the probability of repayment. Loan
officers may provide guidance to prospective loan applicants who have
problems qualifying for traditional loans. The guidance may include
determining the most appropriate type of loan for a particular customer
and explaining specific requirements and restrictions associated with
the loan.
Loan officers usually specialize in commercial, consumer, or mortgage
loans. Commercial or business loans help companies pay for new equipment
or expand operations; consumer loans include home equity, automobile,
and personal loans; mortgage loans are made to purchase real estate or
to refinance an existing mortgage. As banks and other financial
institutions begin to offer new types of loans and a growing variety of
financial services, loan officers will have to keep abreast of these new
product lines so that they can meet their customers’ needs.
In many instances, loan officers act as salespeople. Commercial loan
officers, for example, contact firms to determine their needs for loans.
If a firm is seeking new funds, the loan officer will try to persuade
the company to obtain the loan from his or her institution. Similarly,
mortgage loan officers develop relationships with commercial and
residential real estate agencies so that, when an individual or firm
buys a property, the real estate agent might recommend contacting a
specific loan officer for financing.
Once the initial contact has been made, loan officers guide clients
through the process of applying for a loan. The process begins with a
formal meeting or telephone call with a prospective client, during which
the loan officer obtains basic information about the purpose of the loan
and explains the different types of loans and credit terms that are
available to the applicant. Loan officers answer questions about the
process and sometimes assist clients in filling out the application.
After a client completes the application, the loan officer begins the
process of analyzing and verifying the information on the application to
determine the client’s creditworthiness. Often, loan officers can
quickly access the client’s credit history by computer and obtain a
credit “score,” representing a software program’s assessment of the
client’s creditworthiness. In cases a credit history is not available or
in which unusual financial circumstances are present, the loan officer
may request additional financial information from the client or, in the
case of commercial loans, copies of the company’s financial statements.
With this information, loan officers who specialize in evaluating a
client’s creditworthiness—often called loan underwriters—may conduct a
financial analysis or other risk assessment. Loan officers include such
information and their written comments in a loan file, which is used to
analyze whether the prospective loan meets the lending institution’s
requirements. Loan officers then decide, in consultation with their
managers, whether to grant the loan. If the loan is approved, a
repayment schedule is arranged with the client.
A loan may be approved that would otherwise be denied if the customer
can provide the lender with appropriate collateral—property pledged as
security for the repayment of the loan. For example, when lending money
for a college education, a bank may insist that borrowers offer their
home as collateral. If the borrowers should ever default on the loan,
the home would be seized under court order and sold to raise the
necessary money.
Some loan officers, referred to as loan collection officers, contact
borrowers with delinquent loan accounts to help them find a method of
repayment in order to avoid their defaulting on the loan. If a repayment
plan cannot be developed, the loan collection officer initiates
collateral liquidation, in which the lender seizes the collateral used
to secure the loan—a home or car, for example—and sells it to repay the
loan.
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Source: US Department of Labor, Bureau of Labor Statistics
For More Information go to http://www.bls.gov/oco/
