Loan Officersnetwork with colleagues to build sales for loan and credit services. For example, mortgage specialists may interact with real estate agents, lawyers, accountants, builders and home inspectors to exchange information and obtain referrals. chat with existing and prospective clients to solicit business. They speak to clients to assess their needs and goals, discuss loan and credit options and offer financial services. They use persuasive arguments to convince clients that they would benefit from loans, credit lines, credit extensions or debt consolidation plans. interact with supervisors to define sales objectives and monitor progress towards them, discuss challenges, obtain guidance and exchange updates on the status of pending and delinquent loans. They may also persuade their supervisors to approve or reject specific loan and credit applications.speak to clients whose loans have become delinquent to discuss refinancing and to negotiate appropriate arrangements for loan repayment. Loan officers have to be particularly tactful and diplomatic with these clients as they may be embarrassed, angry and unreceptive. attend meetings and participate in phone conferences with co-workers. At these meetings, they share information about financial products and clients' accounts. They review branch, regional and national performances and celebrate successes. They discuss loan and credit policies and procedures. They may also present their recommendations to improve sales, lending processes and customer service.interact with loan and credit applicants. They interview them to collect asset and liability data needed for loan applications. They answer questions and alleviate concerns. They advise applicants that their loans and lines of credit have been approved and rejected. They may also counsel applicants who did not qualify due to derogatory credit and recommend actions which would increase their chances of approval in the future.
Active Listening -- Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.Time Management -- Managing one's own time and the time of others.Reading Comprehension -- Understanding written sentences and paragraphs in work related documents.Persuasion -- Persuading others to change their minds or behaviour.Speaking -- Talking to others to convey information effectively.Social Perceptiveness -- Being aware of others' reactions and understanding why they react as they do.Coordination -- Adjusting actions in relation to others' actions others' actions.Service Orientation -- Actively looking for ways to help people.Complex Problem Solving -- Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.Active Learning -- Understanding the implications of new information for both current and future problem-solving and decision-making.Judgment and Decision Making -- Considering the relative costs and benefits of potential actions to choose the most appropriate one.Monitoring -- Monitoring/Assessing performance of you, other individuals, or organizations to make improvements or take corrective action.Learning Strategies -- Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things. Critical Thinking -- Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems. Negotiation -- Bringing others together and trying to reconcile differences.Instructing -- Teaching others how to do something.Writing -- Communicating effectively in writing as appropriate for the needs of the audience.
Making Decisions and Solving Problems -- Analyzing information and evaluating results to choose the best solution and solve problems.Processing Information -- Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.Analyzing Data or Information -- Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.Performing for or Working Directly with the Public -- Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests. Getting Information -- Observing, receiving, and otherwise obtaining information from all relevant sources.Establishing and Maintaining Interpersonal Relationships -- Developing constructive and cooperative working relationships with others, and maintaining them over time.Communicating with Persons outside Organization -- Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.Judging the Qualities of Things, Services, or People -- Assessing the value, importance, or quality of things or people.Communicating with Supervisors, Peers, or Subordinates -- Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.Interacting With Computers -- Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Documenting/Recording Information -- Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.Evaluating Information to Determine Compliance with Standards -- Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.Organizing, Planning, and Prioritizing Work -- Developing specific goals and plans to prioritize, organize, and accomplish your work.14) Selling or Influencing Others -- Convincing others to buy merchandise/goods or to otherwise change their minds or actions.15) Performing Administrative Activities -- Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.16) Interpreting the Meaning of Information for Others -- Translating or explaining what information means and how it can be used.17) Updating and Using Relevant Knowledge -- Keeping up-to-date technically and applying new knowledge to your job.18) Monitor Processes, Materials, or Surroundings -- Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.19) Identifying Objects, Actions, and Events -- Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
1) Oral Comprehension -- The ability to listen to and understand information and ideas presented through spoken words and sentences.2) Oral Expression -- The ability to communicate information and ideas in speaking so others will understand.3) Speech Clarity -- The ability to speak clearly so others can understand you.4) Written Comprehension -- The ability to read and understand information and ideas presented in writing.5) Inductive Reasoning -- The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).6) Problem Sensitivity -- The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.7) Speech Recognition -- The ability to identify and understand the speech of another person.8) Near Vision -- The ability to see details at close range (within a few feet of the observer).9) Deductive Reasoning -- The ability to apply general rules to specific problems to produce answers that make sense.10) Written Expression -- The ability to communicate information and ideas in writing so others will understand.11) Information Ordering -- The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).12) Mathematical Reasoning -- The ability to choose the right mathematical methods or formulas to solve a problem.
1) Sales and Marketing -- Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.2) Customer and Personal Service -- Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.3) Economics and Accounting -- Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.4) English Language -- Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.5) Mathematics -- Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Loan Officerswrite comments on forms and reminders in daybooks. For example, they may write short explanations on loan and credit applications, account exchanges and assignments, loan pre-approvals and action request forms. They may also write notes on database forms to keep records of conversations with clients, phone messages and actions required. write e-mail to co-workers. For example, they may write brief messages to co-workers to outline the conditions of approval for loan and credit applications, request changes to clients' accounts, provide missing information and respond to questions. write letters to clients. For example, they may write letters to clients to confirm that their loans and lines of credit have been approved and clarify the terms and interest rates. They may write letters to thank clients for referrals. They may also write letters to tell clients that their loans have become delinquent and to let them know how to avoid collection procedures. write risk management summaries in which they justify their recommendations and decisions to approve and reject loan and credit applications. For example, a loan officer may write a short summary of special circumstances which justify a recommendation to approve a loan for a client whose credit history and debt service ratio do not meet minimum standardsmay write proposals for large loans to home buyers and commercial borrowers. They must use clear and concise language which can be easily understood. They must also adhere to their organizations' proposal formats. may write 'frequently asked questions' for clients. They must address clients' key questions in an effective manner. For example, mortgage specialists may prepare 'frequently asked questions' to inform pre-approved clients of income and down payment verification procedures, credit bureau checks, conditions to be satisfied and actions to be taken to obtain unconditional approvals
Interact directly with customers. This might mean putting on special events, calling a customer to let her know that the style she's looking for is now in stock or simply spending time chatting with customers about topics that aren't necessarily related to business. Vary the type of communications you send your customers. All too often, the only mail a customer receives from a company is promotional. Send emails and direct mail that provide notice of special events, helpful tips or that offer a reward or freebie. This approach can help you get back on customers' radar when they've been feeling overwhelmed by too aggressive an approach.Strive to genuinely improve your customers' lives. First Interstate Bank provides a good model for developing customer relationships. FIB employees will tell customers where they can get the best loan, even if it is at a competing bank, according to a 2001 report compiled by the U.S. Department of Health and Human Services. Progressive Insurance also follows this model. As a result, these companies enjoy plenty of return business because they have cultivated an atmosphere of transparency and trust. Hire people who genuinely care about your company and customers. Frontline employees, especially, will help a customer form an opinion about the company---including whether she wants to continue doing business with it. Cultivate an environment in which customers experience consistent excellent customer service to facilitate ongoing relationships.Solicit customer input when making changes to your product or services. This approach helps customers feel invested in the company and that their opinion is valued. Asking for customers' opinions and ideas is a trend that companies are well-advised to follow, as there are potentially large gains to be made, states management expert Bo Edvardsson in his book, "Involving Customers in New Service Development." Use social media to stay on customers' radar. Offer specials available only to online followers or friends, interesting tidbits about your business and events in which your business is participating. With their permission, take photos of customers and post them on your social media page. Customers will check in to see who's being featured, and your business will generate buzz. Put the cherry on the top: Go the extra mile. It feels so g-o-o-o-d. Include something extra. Always. Something not expected. Something not required. Something above and beyond. A surprise that delights the decision-maker.When I was 7 or 8, there were 4 little ice cream parlors within a few blocks of my home in Ventnor, New Jersey. I'd check out each store to see where I got the best deal for my five cents. The ice cream cones were all about the same size.However, at one of the stores the person behind the counter would dip the ice cream cone into a bowl of jimmies (little chocolate sprinkles) and then hand me the ice cream cone. Which ice cream parlour do you think got all my business?Anticipate Needs: When an organization understands customers, it can anticipate their needs. For example, instead of customers calling to refill orders, the organization calls customers to inform them that it will resupply their materials.Truth in Advertising: Ensure that the product or service performs as promised in advertising materials; do not make unrealistic promises.Start Small and Emphasize Human Touch: Everyone remembers the theme song to the ever-popular television series Cheers. Well it's very true, as getting to know the names and faces of regular customer’s shows that you care. Additionally, as a small business, make the extra effort to emphasize face-to-face interaction as opposed to phone or email.To meet and exceed the expectations of your customers, you need to be familiar with your customer service framework. This sets out how you and your colleagues will help the organisation achieve service excellence. Therefore, it makes perfect sense that you should let your customers know about it. One of the best ways of doing that, as well as actually taking customers through your mission, objectives, structure and policies, perhaps in a contract meeting, is to ensure that you deliver the promise. Customers will love to see that the way you do business with them aligns with your organisation's vision for customer service. You will be representing an organisation that does as it says it will do!Don’t just build your customer list - segment it. No two customers are the same. Being able to speak to your unique customers, in unique ways, is one of the true keys to building strong customer relationships. When communication with your clients is personalized, it creates a whole new dynamic. Sending daily e-mail blasts is one thing, but sending something that makes a personal connection is a game-changer. Your customer’s base cannot be viewed as one single amorphous entity. So how you do this? One way is to survey them and move customers to new lists. Another way is to use the tools available. Email Marketing tools like a Weber give you the ability to segment lists based on who clicked what link, who opened what email, and who didn't open it. That's a great start.
Key skills used by people in housing loans
1) Approve loans within specified limits, and refer loan applicationsoutside those limits to management for approval.2) Meet with applicants to obtain information for loan applicationsand to answer questions about the process.3) Analyze applicants financial status, credit, and propertyevaluations to determine feasibility of granting loans.4) Explain to customers the different types of loans and credit optionsthat are available, as well as the terms of those services.5) Obtain and compile copies of loan applicants credit histories,corporate financial statements, and other financial information.6) Review and update credit and loan files.7) Review loan agreements to ensure that they are complete andaccurate according to policy.Job description of a loan officer
8) Compute payment schedules.9) Stay abreast of new types of loans and other financial services andproducts in order to better meet customers needs.10) Submit applications to credit analysts for verification andrecommendation.11) Handle customer complaints and take appropriate action to resolvethem.12) Work with clients to identify their financial goals and to find ways ofreaching those goals.13) Confer with underwriters to aid in resolving mortgage applicationproblems.14) Negotiate payment arrangements with customers who have delinquentloans.15) Market bank products to individuals and firms, promoting bank servicesthat may meet customers needs.
16) Supervise loan personnel.17) Set credit policies, credit lines, procedures and standards inconjunction with senior managers.18) Provide special services such as investment banking for clientswith more specialized needs.19) Analyze potential loan markets and develop referral networks inorder to locate prospects for loans.20) Prepare reports to send to customers whose accounts aredelinquent, and forward irreconcilable accounts for collector action.21) Arrange for maintenance and liquidation of delinquentproperties.22) Interview, hire, and train new employees.23) Petition courts to transfer titles and deeds of collateral to banks
Network with colleaguesChat with existing clientsInteract with SupervisorsAttend meetings with co-workersInteract with loan and creditapplicantsCommunication skills exhibited by loan offier invarious fields
Skills Needed for: "Loan Officer"• Active Listening• Time Management• Reading Comprehension• Persuasion• Speaking .• Social Perceptiveness• Coordination• Service Orientation• Complex Problem Solving• Active Learning• Judgment and Decision Making• Monitoring• Learning Strategies• Critical Thinking• Negotiation• Instructing• Writing
Loan officer jobs requires the ability to communicate withborrowers from different ethnicities, nationalities, cultures,religious background, socio-economic status and education levels.So people skills are a must. Customers will usually choose to dobusiness with people they like and trust, and people skills are avital component of this. Loan officer jobs require a dedication tohonest, ethical behaviour, a desire to provide the best possiblecustomer service and the commitment to provide a loan that bestfits a customer’s needs and desires.Most important skill needed for home loans: People ‘s Skill
1) Making Decisions and Solving Problems .2) Processing Information3) Analyzing Data or Information4) Performing for or Working Directly with the Public5) Getting Information6) Establishing and Maintaining Interpersonal Relationships7) Communicating with Persons Outside Organization8) Judging the Qualities of Things, Services, or People9) Communicating with Supervisors, Peers, or Subordinates10) Interacting With ComputersJob Activities for: "Loan Officer”“
11) Documenting/Recording Information.12) Evaluating Information to Determine Compliance withStandards.13) Organizing, Planning, and Prioritizing Work.14) Selling or Influencing Others.15) Performing Administrative Activities.16) Interpreting the Meaning of Information for Others-17) Updating and Using Relevant Knowledge.18) Monitor Processes, Materials, or Surroundings.19) Identifying Objects, Actions, and Events.20) Building good client relationships
1) Oral Comprehension2) Oral Expression3) Speech Clarity4) Written Comprehension5) Inductive Reasoning6) Problem Sensitivity7) Speech Recognition8) Near Vision9) Deductive Reasoning10) Written Expression11) Information Ordering12) Mathematical ReasoningAbilities Needed for: "Loan Officer”
1) Sales and Marketing2) Customer and Personal Service .3) Economics and Accounting4) English Language5) Mathematics .Knowledge, Experience, Education Required for: "Loan Officer”
Write comments on forms and remindersin daybooks.Write e-mail to co-workersWrite letters to clients.Write risk management summaries whichjustify their decisions.May write proposals for large loans tohome buyers and commercial borrowers.May write frequently asked questions forclients.Essentials on part of loan officers
How to make bond and relationship with your customer?•Interact directly with customers.•Vary the type of communications you send your customers,•Strive to genuinely improve your customers lives.•Hire people who genuinely care about your company and customers.•Solicit customer input when making changes to your product or services.•Use social media to stay on customers radar.
•Respond to requests by emphasizing what you can do to help meet them.•Follow through and do what you say you’ll do.•Listen without passing judgment and don’t rush in to give advice.•When you have concerns, work them out with the source, not with others.•Communicate with respect in every interaction regardless of whether youlike the person.•When others give you assistance or support, express appreciation for it.•Focus on issues, not personalities, when you discuss work matters andproblems.•When differences in views or ideas occur, work first to understand themfrom the other person’s perspective.
•Be direct and sincere as normal practices.•Use humour in good taste.•Appreciate the business that your customers give you.•Put the cherry on the top: Go the extra mile.•Anticipate Needs•Truth in Advertising•Regularly assess whether customer expectations are being consistentlyme.•When differences in views or ideas occur, work first to understandthem from the other person’s perspective.
•Collect feedback from customers and staff to ensure that solutionsare being provided that result in customer satisfaction.•Start Small and Emphasize Human Touch.•To meet and exceed the expectations of your customers, you needto be familiar with your customer service framework.•Don’t just build your customer list - segment it.