CompGeo Salary Survey Benchmark Job Summary and Competencies

Loan Officers

The Benchmark Job Description below represents the specific Position Characteristics of the job used in the Salary Survey. Benchmark Job Descriptions should be inspected carefully to review the degree of matching between an organizations' Job and the Salary Survey Benchmark. Matching internal Jobs to Salary Survey Benchmark Jobs should not be done on Job Title alone. A thorough comparison of Salary Survey Benchmark to Internal Job Descriptions is recommended. A good overlap should exist on any comparisons used on critical Job Dimensions and Competencies.
CompGeo Occupation Group: Finance
Job Family: Loan and Credit
Benchmark Title: Loan Officers
Summary Job Description Tasks
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. Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Meet with applicants to obtain information for loan applications and to answer questions about the process.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Review and update credit and loan files.
Review loan agreements to ensure that they are complete and accurate according to policy.
Compute payment schedules.
Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Submit applications to credit analysts for verification and recommendation.
Handle customer complaints and take appropriate action to resolve them.
Work with clients to identify their financial goals and to find ways of reaching those goals.
Confer with underwriters to aid in resolving mortgage application problems.
Negotiate payment arrangements with customers who have delinquent loans.
Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
Supervise loan personnel.
Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
Provide special services such as investment banking for clients with more specialized needs.
Analyze potential loan markets and develop referral networks to locate prospects for loans.
Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
Arrange for maintenance and liquidation of delinquent properties.
Interview, hire, and train new employees.
Petition courts to transfer titles and deeds of collateral to banks.
CompGeo Occupation Group: Finance
Job Family: Loan and Credit
Benchmark Title: Loan Officers
Important Knowledge Competencies Competency Description
Sales and Marketing Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Customer and Personal Service Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Economics and Accounting Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
English Language Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Clerical Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
CompGeo Occupation Group: Finance
Job Family: Loan and Credit
Benchmark Title: Loan Officers
Important Skill Competencies Competency Description
Speaking Talking to others to convey information effectively.
Active Listening Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Reading Comprehension Understanding written sentences and paragraphs in work related documents.
Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Service Orientation Actively looking for ways to help people.
Writing Communicating effectively in writing as appropriate for the needs of the audience.
Mathematics Using mathematics to solve problems.
Complex Problem Solving Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Active Learning Understanding the implications of new information for both current and future problem-solving and decision-making.
Social Perceptiveness Being aware of others' reactions and understanding why they react as they do.
Monitoring Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
Time Management Managing one's own time and the time of others.
Coordination Adjusting actions in relation to others' actions.
Persuasion Persuading others to change their minds or behavior.
CompGeo Occupation Group: Finance
Job Family: Loan and Credit
Benchmark Title: Loan Officers
Important Ability Competencies Competency Description
Oral Comprehension The ability to listen to and understand information and ideas presented through spoken words and sentences.
Oral Expression The ability to communicate information and ideas in speaking so others will understand.
Speech Clarity The ability to speak clearly so others can understand you.
Written Comprehension The ability to read and understand information and ideas presented in writing.
Inductive Reasoning The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Problem Sensitivity The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Speech Recognition The ability to identify and understand the speech of another person.
Deductive Reasoning The ability to apply general rules to specific problems to produce answers that make sense.
Near Vision The ability to see details at close range (within a few feet of the observer).
Written Expression The ability to communicate information and ideas in writing so others will understand.
Information Ordering The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
Mathematical Reasoning The ability to choose the right mathematical methods or formulas to solve a problem.
Number Facility The ability to add, subtract, multiply, or divide quickly and correctly.
CompGeo Occupation Group: Finance
Job Family: Loan and Credit
Benchmark Title: Loan Officers
Tools/Technology Example Product Category
Amortization loan software Financial analysis software
Bankers Systems Rembrandt Lending System Financial analysis software
Bottom Line LoanMaster Loan Servicing Accounting software
CGI-AMS BureauLink Enterprise Information retrieval or search software
CGI-AMS CACS Enterprise Financial analysis software
CGI-AMS Strata Financial analysis software
California Infinite LPS Financial analysis software
Calyx Point Financial analysis software
Click1003 Online Mortgage Application Financial analysis software
Credit and risk analysis software Financial analysis software
Credit fraud detection software Financial analysis software
Credit underwriting software Financial analysis software
Delphi Discovery Financial analysis software
Dun and Bradstreet Global DecisionMaker Financial analysis software
Dynamic Loanledger Financial analysis software
Ellie Mae Contour Financial analysis software
Ellie Mae Genesis Financial analysis software
Equifax Advanced Decisioning Financial analysis software
Equifax Application Engine Content workflow software
Equifax InterConnect Financial analysis software
Experian Credinomics Financial analysis software
Experian Detect Financial analysis software
Experian FraudShield Financial analysis software
Experian Quest Financial analysis software
Experian Retention Triggers Financial analysis software
Experian Strategy Management Office suite software
Experian Transact SM Content workflow software
FAS Loan Service Plus Financial analysis software
Fair Isaac Application Risk Model Software Financial analysis software
Fair Isaac Capstone Decision Manager Financial analysis software
Fair Isaac Falcon ID Financial analysis software
Fannie Mae Desktop Underwriter Financial analysis software
FinEng Solutions software Analytical or scientific software
Financial Industry Computer Systems Loan Accountant Accounting software
Financial Industry Computer Systems Loan Originator Financial analysis software
Financial Industry Computer Systems Loan Producer Financial analysis software
Freddie Mac Loan Prospector Financial analysis software
Harland Financial Solutions DecisionPro Financial analysis software
Harland Interlinq MortgageWare Financial analysis software
IA Systems StreamLend Financial analysis software
Indus Lending Solutions Financial analysis software
Integra Destiny Loan Origination Financial analysis software
LA PRO Loan Administrator Pro Financial analysis software
LawFirm Software 1003 Uniform Residential Loan Application Software Financial analysis software
LawFirm Software Loan Origination Software Financial analysis software
Loan application processing software Financial analysis software
Moody's KMV CreditEdge Financial analysis software
Moody's KMV Decisions Financial analysis software
Moody's KMV Financial Analyst Financial analysis software
Moody's KMV Risk Advisor Financial analysis software
Moody's KMV Risk Analyst Financial analysis software
Opportunity management system OMS software Financial analysis software
Plimus Loan Artist Financial analysis software
QuikDraw Loan Management System Financial analysis software
RealBenefits Amortization Loan Financial analysis software
Technicost LOS Financial analysis software
The Mortgage Office Loan Origination Financial analysis software
The Mortgage Office Loan Servicing Financial analysis software
TrueClose Loan Origination software Financial analysis software
VueCentric MortgageDashboard Financial analysis software
Web browser software Internet browser software
White Clarke North America Credit Adjudication and Lending Management Financial analysis software
Wolters Kluwer Financial Services ComplianceOne Compliance software
eCredit Enterprise Financial analysis software
eOriginal eCore Business Suite Document management software
Desktop computers Desktop computers
Notebook computers Notebook computers
Personal computers Personal computers
Personal digital assistants PDA Personal digital assistant PDAs or organizers
Scanners Scanners
Tablet computers Tablet computers
CompGeo Occupation Group: Finance
Job Family: Loan and Credit
Benchmark Title: Loan Officers
Prerequisite Qualification Category Education and Experience Level
Required Level of Education High School Diploma (or GED or High School Equivalence Certificate)
On-the-Job Training Over 1 month, up to and including 3 months
Related Work Experience None
On-Site or In-Plant Training Over 1 month, up to and including 3 months
CompGeo Occupation Group: Finance
Job Family: Loan and Credit
Benchmark Title: Loan Officers
Alternate Job Title(s)
Agricultural Loan Officer
Bank Officer
Bank Representative
Branch Banker
Branch Lending Officer
Branch Manager
Commercial Banker
Commercial Lender
Commercial Loan Collection Officer
Commercial Loan Officer
Consumer Loan Officer
Corporate Banking Officer
Farm Loan Representative
Loan Administrator
Loan Adviser
Loan Analyst
Loan Approver
Loan Auditor
Loan Consultant
Loan Coordinator
Loan Counselor
Loan Examiner
Loan Officer
Loan Originator
Loan Reviewer
Loan Service Officer
Loan Specialist
Loan Supervisor
Loan Workout Officer
Mortgage Banker
Mortgage Broker
Mortgage Consultant
Mortgage Loan Officer
Mortgage Originator
Mortgage Specialist
Mortgage Underwriter
Mortgage or Loan Underwriter
Personal Banking Officer
Portfolio Manager
Real Estate Loan Officer
Real Estate Officer
Relationship Manager
CompGeo Occupation Group: Finance
Job Family: Loan and Credit
Benchmark Title: Loan Officers
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