How to Become a Loan Review Officer
Step 1: Understand the job description and responsibilities of a Loan Review Officer
What does a Loan Review Officer do?
A Loan Review Officer performs reviews of bank's loans to ensure compliance with established policies and standards. Reviews mid- to large-size loans. Being a Loan Review Officer reviews loan risk grades. Compiles reports and provides data required for accounting and regulatory reporting. Additionally, Loan Review Officer requires a bachelor's degree. Typically reports to a manager or head of a unit/department. The Loan Review Officer gains exposure to some of the complex tasks within the job function. Occasionally directed in several aspects of the work. To be a Loan Review Officer typically requires 2 -4 years of related experience.
Based on our compensation data, the estimated salary potential for Loan Review Officer will increase 16 % over 5 years.
New York ranks number 1 out of 50 states nationwide for Loan Review Officer salaries.
Evaluate the activities of lending personnel, ensuring such activities are compliant with lending policies and the quality of their loan approval, monitoring, and risk grading assessment.
Discuss all noted deficiencies and identified weaknesses, and any existing or planned corrective actions, including time frames for correction, with appropriate loan officers and managers.
Use a formal methodology to set the loan review scope and prepare ongoing risk assessments of the Bank’s portfolios.
Step 2: Learn best tips to become a Loan Review Officer
Best tips for those who want to become a Loan Review Officer
Here are some tips to become a Loan Review Officer.
Step 3: View best colleges and universities for Loan Review Officer
Best colleges and universities for Loan Review Officer
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Loan Review Officer
Is being a Loan Review Officer Worth it?
Loan officer assistant for Senior loan officer requires previous experience in residential mortgage origination.
Review various loan reports to monitor exceptions and perform any required maintenance to loan data.
Reviews and responds to loan restructure or modification requests from loan officers; ensures all forms are signed and documented properly.
FBI Police Officer applicants are required to sign a continued service agreement….
Originates new loan relationships by delivering conventional commercial loan products and….
Step 5: Prepare relevant skills for being a Loan Review Officer
What skills do you need to be a Loan Review Officer?
There are skills required to succeed in every role, and this one is no different. Strategic knowledge of the follow skills will be required: Internal Controls, Risk Assessment, Risk Analysis, Lending Regulatory Compliance, Loan Review. For success, a grasp of the following is key: Loan Software. Your ability to stand out from the competition depends on these skills, as well as your resume, interview, and other factors.
The Skills You Need to Excel as a Commercial Loan Review Officer.
This is a job that favors an experienced loan officer, one who may even be reaching out to a managerial position.
The review officer is also known as a contract or numbers expert; one capable of identifying trends, analyzing performance ratios and knows all legal precedents that may negate an application.
Experience requirements may differ, though it is higher than a loan officer’s position, sometimes as long as ten years.
Reports to the Loan Review Action Committee any findings which may have an adverse effect on loan collateral or a borrower’s ability to repay the loan.
Step 6: View average salary for Loan Review Officer
How much does a Loan Review Officer make?
The average salary range for a Loan Review Officer is from $76,546 to $105,004. The salary will change depending on your location, job level, experience, education, and skills.
- View average salary for the United States
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Average salary for Loan Review Officer jobs
- Entry Loan Review Officer
- Loan Review Officer I
- Loan Review Officer II
- Senior Loan Review Officer
- Commercial Loan Review Officer III
- Commercial Loan Review Officer I
- Commercial Loan Review Officer II
- Commercial Loan Review Officer IV
- Loan Review Officer -Small Loans