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Occupation information for

Loan Officers
District Of Columbia

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description

Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

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details

Currently Employed: 610

Projected Annual Job Openings: 20

Typical Hourly Wage: $26.54 - $46.78

Typical Annual Salary: $55,200 - $97,300

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typical training

Typical education needed for entry: Bachelor's degree

Typical work experience needed for a job in this occupation: None

Typical on-the-job training once you have a job in this occupation: Moderate-term on-the-job training

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typical job duties

  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Handle customer complaints and take appropriate action to resolve them.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Review and update credit and loan files.

tools & technology


Tools:
  • Desktop computers
  • Notebook computers
  • Personal computers
  • Personal digital assistant PDAs or organizers
  • Tablet computers

Technology:
  • Accounting software
  • Content workflow software
  • Document management software
  • Financial analysis software
  • Office suite software

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