Loan officers work for lenders such as financial institutions or banks as well as other agencies specializing in loans. They work to help borrowers obtain money they may need for financial ventures such as mortgaging a home, starting a new business, or buying a car. Loan officers must also work to minimize the risk to their place of employment in terms of what loans may be given and to whom.
Loan Officer Tasks
Track and maintain credit and loan data.
Work directly with clients to review agreements, explain programs, and negotiate loans and terms.
Obtain and compile financial information to evaluate loan applications and their risk.
Generate new clients and referrals through strong relationship building.