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Loan Officers

Competency-Based Apprenticeship
Sponsoring Company:
O*NET Detailed Work Activities
O*Net Code
Rapids Code
Req. Hours
Jul 16, 2021
Jul 16, 2021

Competency-Based Skills

24 skill sets | 31 total skills
Interview clients to gather financial information
Meet with applicants to obtain information for loan applications and to answer questions about the process.
Assess financial status of clients
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations.
Authorize financial actions
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Authorize or sign mail collection letters.
Interpret financial information for others
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
Submit financial applications
Submit applications to credit analysts for verification and recommendation.
Verify accuracy of financial information
Review loan agreements to ensure that they are complete and accurate according to policy.
Examine financial records
Review and update credit and loan files.
Review accounts to determine write-offs for collection agencies.
Maintain data in information systems or databases
Review and update credit and loan files.
Maintain and review account records, updating and recategorizing them according to status changes.
Gather financial records
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Correspond with customers to answer questions or resolve complaints
Handle customer complaints and take appropriate action to resolve them.
Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
Develop financial plans for clients
Work with clients to identify their financial goals and to find ways of reaching those goals.
Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
Supervise employees
Supervise loan personnel.
Update professional knowledge
Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Market products, services, or events
Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
Analyze market conditions or trends
Analyze potential loan markets and develop referral networks to locate prospects for loans.
Compute debt repayment schedules
Compute payment schedules.
Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
Prepare financial documents, reports, or budgets
Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
Establish organizational guidelines or policies
Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
Advise others on financial matters
Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
Confer with others about financial matters
Confer with underwriters to resolve mortgage application problems.
Educate clients on financial planning topics
Inform individuals and groups about the financial assistance available to college or university students.
Inform individuals or organizations of status or findings
Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
Recommend products or services to customers
Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations.
Verify accuracy of records
Review billing for accuracy.

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