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Lending
Officers Guides
Lending Officers Guides facilitate commercial, consumer or
mortgage lending by seeking potential clients and helping
them apply for loans. Lending Officers Guides gather information
about clients and businesses to ensure the quality of the
loan and the probability of repayment. Commercial or business
loans help companies pay for new equipment or expand operations;
consumer loans include home equity, automobile and personal
loans; mortgage loans help purchase real estate or refinance
an existing mortgage. Lending Officers Guides assist clients
through the process of applying for a loan.
After a client completes the application, the Lending Officers
Guides analyzes and verifies the client's creditworthiness.
Often, Lending Officers Guides can quickly access the client's
credit history by computer and obtain a credit "score." Lending
officers who specialize in evaluating a client's creditworthiness
- often called loan underwriters - may conduct a financial
analysis or other risk assessment. Loan officers include this
information and their written comments in a loan file, which
is used to analyze whether the prospective loan meets the
lending institution's requirements. Lending Officers Guides
then decide, in consultation with their managers, whether
to grant the loan. If the loan is approved, a repayment schedule
is arranged with the client.
Lending Officers Guides contact borrowers with delinquent
loan accounts to help them find a method of repayment to avoid
their defaulting on the loan. If a repayment plan cannot be
developed, the Lending Officers Guides initiates collateral
liquidation, in which the collateral used to secure the loan
- a home or car, for example - is seized by the lender and
sold to repay the loan. Working as Lending Officers Guides
usually involves considerable travel. Most loan officers and
counselors work a standard 40-hour week, but many work longer,
depending on the number of clients and the demand for loans.
Loan officers are especially busy when interest rates are
low.
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