Consumer Loan Officer develops and services consumer loans. Interviews loan applicants to determine financing needs and to offer the appropriate loan products and repayment arrangements. Being a Consumer Loan Officer evaluates loan applications and applicant creditworthiness. Once a loan is approved and negotiated, monitors loan payments, and provides customer service to ensure the borrower's questions are answered and needs are met, and that the loan is repaid appropriately. Additionally, Consumer Loan Officer maintains accurate and thorough records, and follows all applicable organizational, state, and federal policies and regulations. Requires a high school diploma. Typically reports to a manager or head of a unit/department. The Consumer Loan Officer works under moderate supervision. Gaining or has attained full proficiency in a specific area of discipline. To be a Consumer Loan Officer typically requires 1-3 years of related experience. (Copyright 2024 Salary.com)
OVERALL JOB PURPOSE
The Loan Officer will be responsible for interviewing, analyzing, underwriting and rendering decisions on loan applications using background information, applicant’s credit history and policy guidelines.
DUTIES AND RESPONSIBILITIES
The duties and responsibilities of this position include but are not limited to:
Gathers background information on loan applicants through interview and credit bureau reports
Assists members with loan application process to ensure completeness of information
Verifies debt-to-income ratios, and calculates level of outstanding secured and unsecured debts
Determines collateral needs, strength of collateral and payment plan
Verifies accuracy of application information, loan amounts and repayment terms, and ensures approved loan requests are originated
Approves or denies consumer and real estate loan applications within credit union parameters and lending limits
Explains reasons for denial and explores options for members when loans are denied
Sells products and/or services to meet members’ needs and to achieve Credit Union goals and objectives
Implements new loan products and system services in accordance with management direction
EDUCATION AND EXPERIENCE REQUIREMENTS
Schedule: Monday - Friday 8:30 a.m. to 5:30 p.m., rotating Saturdays 8:30 a.m. to 1:30 p.m.
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