Loan Officer Duties & Responsibilities

The role and function of a Loan Officer includes the following duties and responsibilities:

  • Contact companies or people to ask if they need a loan
  • Explain different types of loans and the terms of each one to applicants
  • Analyze and evaluate the applicant’s finances to decide if the applicant should get the loan
  • Meet with loan applicants to gather personal information and answer questions
  • Obtain and verify financial information, such as the applicant’s credit rating and income level
  • Approve loan applications or refer them to management for a decision

Note that this is not an exhaustive list of Loan Officer duties and responsibilities. Job functions for specific Loan Officer roles may vary, depending on the industry and type of employer.

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