Senior loan officers work in financial institutions and often supervise the work of other loan officers. Because this is a senior position, at least a few years of experience as a loan officer are generally required, and sales goals and benchmarks may need to be met in this position.
Commission is often offered based on sales made and even the performance of the department, so it's important to be able to motivate team members to perform well. Senior loan officers often work with clients and guide them through the process of obtaining a loan, and they then review and analyze loan applicants for eligibility. If a customer does not meet the necessary criteria to secure a loan, the officer may offer guidelines to be followed in order to successfully secure it. They must have in-depth knowledge of a wide range of loan programs, and the ability to adequately explain them in simple terms is very important. They may also need to find appropriate alternatives for clients, and some are responsible for generating leads. It's important to perform all duties while adhering state and federal laws, and sales and marketing skills are also beneficial. A high school diploma is usually a minimum requirement for this position, and some employers require a bachelor's degree or higher in a financial field.
Senior Loan Officer Tasks
Solicit, originate, negotiate, underwrite, process, and coordinate the closing of consumer, residential, equipment, commercial building, and business loans.
Cultivate new lending opportunities in new markets.
Make recommendations to senior management to streamline lending practices and procedures.
Assist loan manager in determining the credit risk of the loan portfolio.
Analyze, verify, package, and submit loans.