What are the responsibilities and job description for the Loan Officer position at Community State Bank?
Loan officer - job description
Job purpose of Loan officer is to evaluate, authorize, or recommend approval of consumer/commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
Key duties of Loan officer:
1. Review and update credit and loan files.
2. Review loan agreements to ensure that they are complete and accurate according to policy.
3. Compute payment schedules.
4. Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
5. Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
6. Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.
7. Stay abreast of new types of loans and other financial services and products to better meet customers’ needs.
8. Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
10. Meet with applicants to obtain information for loan applications and to answer questions about the process.
2. Review loan agreements to ensure that they are complete and accurate according to policy.
3. Compute payment schedules.
4. Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
5. Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
6. Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.
7. Stay abreast of new types of loans and other financial services and products to better meet customers’ needs.
8. Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
10. Meet with applicants to obtain information for loan applications and to answer questions about the process.
11. Fulfill responsibilities under the Bank Secrecy Act and Anti-Money Laundering regulations. This includes identifying customers properly, initiating CTRs and SARs investigations as needed, utilizing OFAC records and maintaining appropriate records.
12. Adheres to Bank’s policies and procedures and all Federal and State laws and regulations.
Due to the size of the institution the loan officer(s) may need to fill in with some of the loan assistant duties from time to time.
- Process applications and verify accuracy for both consumer and commercial loans; conduct loan interviews with customers when necessary.
- Provide all applicable disclosures for both fixed and variable-rate loans.
- Calculate closing costs and provide a good faith estimate for closing costs to customers as per loan officers request.
- Process loans to include verification of employment, deposit accounts, and all liabilities in order to prepare application of verified information.
- Order and check credit report to determine credit worthiness of applicant based on industry standards for collateral/equity value as per loan officers request.
- Depending upon experience, evaluate applicant loan files to recommend approval or denial.
- Depending upon experience evaluate real-estate appraisal to ensure proper guidelines are followed and final value is properly determined.
- Request flood certifications to determine property flood zone location.
- Obtain copy of current homeowner’s insurance and flood insurance (if applicable) and make sure mortgage clause is in favor of credit union.
- Establish repayment and interest schedules based upon loan guidelines and rates.
- Prepare loan closing packages.
- Order title searches, legal work and appraisals.
- Work with the loan department to ensure that all documents needing county and state recording are perfected
- Provides efficient and accurate information and service to customers either in person, by phone (inbound/outbound), fax, e-mail or by mail.
- Responds to and resolve loan applicant inquiries and concerns in a timely manner, facilitating assistance for customers from others as appropriate.
- Fund loans and disburses all funds.
- Perform compliance checks to insure appropriate documentation, liens perfected and all file maintenance completed.
QUALIFICATIONS:
- A minimum of two years’ experience as a loan officer, processor, loan officer assistant, or similar position.
- Basic understanding of FHA, VA and Conventional single family underwriting guidelines and the residential mortgage loan process.
- Demonstrated experience with accurate data entry, strong attention to detail and organizational skills.
- Proficient with MS Office including Word and Excel.
- Some exposure to marketing and/or preparation of advertising materials for both consumer and commercial loan products.
- Excellent communication skills - phone, personal contact and written.
- Strong ability and desire to work with others, both employees and customers, in a cooperative and professional manner. Work cooperatively with and maintain effective communication and working relationship with customers, co-workers, and manager.
- Must possess good judgment, be able to accept responsibility and handle confidential information.
- This position requires National Mortgage Licensing System and Registry (NMLS) registration under the terms of the Safe Act of 2008. As such, upon active employment with Community State Bank, you will be required to either register via the NMLS Registry or re-register and move your previous registration to Community State Bank's registration. Your continued employment in this position is contingent upon successful registration after your start date and annual re-registration thereafter.
- A high school diploma or equivalent is required. A college degree is preferred.
Loan officer - job descriptionJob purpose of Loan officer is to evaluate, authorize, or recommend approval of consumer/commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.Key duties of Loan officer:1. Review and update credit and loan files.
2. Review loan agreements to ensure that they are complete and accurate according to policy.
3. Compute payment schedules.
4. Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
5. Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
6. Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.
7. Stay abreast of new types of loans and other financial services and products to better meet customers’ needs.
8. Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
10. Meet with applicants to obtain information for loan applications and to answer questions about the process.11. Fulfill responsibilities under the Bank Secrecy Act and Anti-Money Laundering regulations. This includes identifying customers properly, initiating CTRs and SARs investigations as needed, utilizing OFAC records and maintaining appropriate records.12. Adheres to Bank’s policies and procedures and all Federal and State laws and regulations.Due to the size of the institution the loan officer(s) may need to fill in with some of the loan assistant duties from time to time. - Process applications and verify accuracy for both consumer and commercial loans; conduct loan interviews with customers when necessary.
- Provide all applicable disclosures for both fixed and variable-rate loans.
- Calculate closing costs and provide a good faith estimate for closing costs to customers as per loan officers request.
- Process loans to include verification of employment, deposit accounts, and all liabilities in order to prepare application of verified information.
- Order and check credit report to determine credit worthiness of applicant based on industry standards for collateral/equity value as per loan officers request.
- Depending upon experience, evaluate applicant loan files to recommend approval or denial.
- Depending upon experience evaluate real-estate appraisal to ensure proper guidelines are followed and final value is properly determined.
- Request flood certifications to determine property flood zone location.
- Obtain copy of current homeowner’s insurance and flood insurance (if applicable) and make sure mortgage clause is in favor of credit union.
- Establish repayment and interest schedules based upon loan guidelines and rates.
- Prepare loan closing packages.
- Order title searches, legal work and appraisals.
- Work with the loan department to ensure that all documents needing county and state recording are perfected
- Provides efficient and accurate information and service to customers either in person, by phone (inbound/outbound), fax, e-mail or by mail.
- Responds to and resolve loan applicant inquiries and concerns in a timely manner, facilitating assistance for customers from others as appropriate.
- Fund loans and disburses all funds.
- Perform compliance checks to insure appropriate documentation, liens perfected and all file maintenance completed.
- QUALIFICATIONS:
- A minimum of two years’ experience as a loan officer, processor, loan officer assistant, or similar position.
- Basic understanding of FHA, VA and Conventional single family underwriting guidelines and the residential mortgage loan process.
- Demonstrated experience with accurate data entry, strong attention to detail and organizational skills.
- Proficient with MS Office including Word and Excel.
- Some exposure to marketing and/or preparation of advertising materials for both consumer and commercial loan products.
- Excellent communication skills - phone, personal contact and written.
- Strong ability and desire to work with others, both employees and customers, in a cooperative and professional manner. Work cooperatively with and maintain effective communication and working relationship with customers, co-workers, and manager.
- Must possess good judgment, be able to accept responsibility and handle confidential information.
- This position requires National Mortgage Licensing System and Registry (NMLS) registration under the terms of the Safe Act of 2008. As such, upon active employment with Community State Bank, you will be required to either register via the NMLS Registry or re-register and move your previous registration to Community State Bank's registration. Your continued employment in this position is contingent upon successful registration after your start date and annual re-registration thereafter.
- A high school diploma or equivalent is required. A college degree is preferred.
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