Loan Officer

Duties and responsibilities

A Loan Officer, or Mortgage Loan Officer, is responsible for helping customers research loans and navigate the application, approval and closing process. Their duties include recommending commercial and personal loan options to clients and explaining their terms, determining risks for loaning to clients based on their credit and processing paperwork.

The Loan Officer is expected to collect and prepare all materials needed to secure a loan. They’re also responsible for reviewing applications. Other than these main duties, some essential responsibilities include the following:

• Oversees the staff that does the paperwork for mortgage applications
• Verifies the information provided on applications to obtain more information if missing data or mistakes are present
• Communicates with customers to help them choose the best mortgage loan they can afford
• Collects data from customers, such as their assets, salaries, debts and employment status
• Reviews file documentation for missing or erroneous information
• Verifies information about applicant history with credit bureaus and other agencies so the lender can approve or deny the loan
• Remains aware of loan application deadlines and informs customers about them

Skills and qualifications

Loan Officers should have a variety of practical skills for their position. The main skills and qualifications of a Loan Officer are:

• Experience with mortgage loan software programs
• Communication skills
• Supervision skills to direct  junior staff
• Sales skills to sell loan-processing services to customers
• Excellent organizational and time management skills
• Knowledge of federal, state and local levels of loan processing laws and regulations and ability to communicate these laws in a non-technical and conversational manner to others

‍