What is the job description of a Loan Officer? What are the duties and responsibilities of a Loan Officer? What does a Loan Officer do?
Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates this information to determine the applicant’s loan needs and ability to pay back the loan.
Some firms underwrite loans manually, calculating the applicant’s financial status by following a certain formula or set of guidelines. Other firms use underwriting software, which analyzes applications almost instantly. More often, firms use underwriting software to produce a recommendation, while relying on loan officers to consider any additional information to make a final decision.
This Loan Officer job description example includes the list of most important Loan Officer duties and responsibilities as shown below. It can be modified to fit the specific Loan Officer profile you're trying to fill as a recruiter or job seeker.
Loan Officer job description should contain a variety of functions and roles including:
Loan Officer job description should include these common skills and qualifications:
As a hiring manager, recruiting an ideal Loan Officer starts with crafting a good job description. Use this Loan Officer job description template to save yourself time and help you attract the most qualified candidates. Feel free to revise it to meet your specific needs.
Job seekers interviewing for the role of a Loan Officer may also reference it in preparation for the interview.
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