Loan Officer Job Descriptions, Average Salary, Interview Questions
Loan officers help customers research loans and handle the loan application, approval, and closing process. They recommend commercial and personal loan options to clients, explain their terms, and determine the risks of loaning to clients based on their credit and processing paperwork.
Many loan officers work for banks or other financial institutions. They meet with people who want to obtain a loan for a home, car, or to start a business, and help them acquire one based on the customer’s needs and qualifications. These individuals stay abreast of lending regulations and work with clients to gather the necessary financial documentation to move forward with an application. Then, they either recommend clients for approval or explain why a request was denied.
Sample job description #1
Ensure proper management of the contact database for all business partners, including realtors, builders, financial planners, attorneys, accountants, etc.
Create and conduct general marketing tasks to assist in client relationships
Compile and update an annual calendar
Send out milestone cards for birthdays, anniversaries, congratulations, thinking of you, etc.
Send out thank you cards to clients post close
Create and distribute a monthly mailer to contacts
Create and distribute regular flyers to contacts
Create and maintain realtor presentation materials
Create and conduct a daily success plan to include personal touch points via handwritten note or phone calls
Maintain social media presence via Facebook, LinkedIn, Twitter, Instagram, and any other applicable social media medium
Coordinate video recordings for the mortgage team and share to social media
Support loan officer by performing additional responsibilities as business needs arise
High school graduate or equivalent
Minimum of one year of experience in marketing, ideally with social media emphasis
Minimum of one year of experience in mortgage preferred
Excellent organization and time management skills
Excellent verbal and written communication skills with positive attitude
Proficient in Word, Excel, Publisher, Outlook, and social media sites
Self-driven individual who can work well in team orientated atmosphere
Respect of highly confidential information
Highly organized and excellent time management skills
Strong attention to great detail
Ability to get along with others in a team environment
Ability to follow instructions and direction
Sample job description #2
In this role you will
Solicit residential mortgages from various sources and produce high quality loans which are compliant and provide excellent customer service
Responsible for the offering of loans, negotiating of terms, and taking an application for a dwelling secured transaction
Analyze best mortgage loans based on client’s need in order to ensure compliance and maximum customer satisfaction
Present recommendations for producing loans and exercise some independent judgment while developing understanding of functional area, policies, procedures, compliance requirements, and generating loans
Provide information regarding the loans to consultants and functional colleagues
Interact with customers to understand their needs and provide them with a high-quality loan service
2+ years of Mortgage Retail Sales experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, or education
Basic Microsoft Office skills
Documented retail residential mortgage fundings over the past 12 months referred primarily from established, local, external sources
Excellent verbal, written, and interpersonal communication skills
Mortgage industry experience
Knowledge and understanding of sales prospecting and generating referrals
Experience developing and cultivating professional relationships
Customer service experience
Sample job description #3
Obtain an accurate and thorough 1003
Collect supporting documentation from borrower
30 day paystubs
2 years tax returns
Last 2 years W2’s
Award letters, disability, trust income, etc.
LOE for Gaps in jobs
At initial contact with borrower provide needs list and complete application
2 months bank statements
Obtain executed disclosures within regulations time frame
Obtain accurate AUS findings
Analyze credit report and financial scenario, determining appropriate loan product(s)
Determine (price) a profitable loan and communicate fees to ops team
Submit a complete loan package to processing
Lock in rate
Review CD to ensure fees and cash at closing are consistent with commitment to customer
Issue Lender Credit if needed
If loan out of balance, work with processor and branch manager to request subsidy
Resolve file problems, bottlenecks and qualifying issues throughout production and underwriting process
Provide administrative support in the collection and preparation of submitting loan application with supporting documentation to processing
Coordinate, create, track, and distribute marketing materials
Manage client and referral partner databases
Answer customer inquiries involving rates, products, and loan application status to ensure quality customer service
Perform any other reasonable duties required by Guild Mortgage Company or Managing Loan Officer
High school diploma or equivalent required
At least two years of experience in Mortgage lending or related field
Active NMLS License
Ability to manage multiple priorities, strong detail orientation, and highly organized
Works with a strong sense of urgency and responsiveness
Passionate about delivering excellence in customer service
Demonstrated patience and professionalism when interacting with both internal and external customers
Proficiency with data entry, PDF software programs, Microsoft Word, and Excel required
Strong verbal and written communication skills
Physical: Work is primarily sedentary; mobility in an office setting
Manual Dexterity: Frequent use of computer keyboard and mouse
Audio/Visual: Ability to accurately interpret sounds and associated meanings at a volume consistent with interpersonal conversation. Regularly required to accurately perceive, distinguish and interpret information received visually and through audio; e.g., words, numbers, and other data broadcasted aloud/viewed on a screen, as well as print and other media
Environmental: Office environment – no substantial exposure to adverse environmental conditions
Average salary and compensation
The average salary for a commercial loan officer is $58,350 per year in the United States. The average salary plus bonus is $68,500. Salary may vary due to level of experience, education, and geographical location.
Los Angeles, California
Minneapolis-St. Paul, Minnesota
New York City, New York
Sample interview questions
What are the roles of a loan officer?
How many years of customer service experience do you have?
What qualities make you a great loan officer?
What is your biggest accomplishment as a loan officer to date?
What was your most challenging loan file and how did you handle it?
What are your best closing techniques?
What qualities do you think a loan officer needs to be successful?
How do you begin evaluating a proposal?
Is it more important to meet your sales goals or to make your customers happy?
How would you inform someone that their loan has been denied?
How do you explain the loan process to a new customer?
How do you calculate risk assessment?
Which automated loan processing tools are you familiar with?
Can you tell me about a time you had to deal with a challenging customer? How did you approach them?
What are you most concerned with while reviewing a loan?
How would you approach teaching a coworker about a loan they are unfamiliar with?
Can you give an example of when you went above and beyond to help a customer obtain a loan?
How do you ensure the confidentiality of a customer’s financial information?
How would you sell a customer on a loan proposal they aren’t sure about?
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