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Financial Loan Managers Job Description

Job Descriptions October 27, 2013

Financial loan managers are working professionals who have progressed to the point where they are qualified to work as managers. Workers in this field come from the same career path as a financial loan specialist or loan agent. Their job is to help borrowers find contracts that give them the loan they need.

The loan agent is in charge of bringing the contract to the higher-positioned associates, who ultimately approve the loan. However, these professionals must make sure that the loan is approved within the stated limits and must consult with management regarding changes.

A Managerial Path for Loan Officers

This career path is all about negotiating and getting along with people. Agents meet with applicants and preside over a question and answer session. This is when the borrower answers questions about finances, credit, property and other pertinent information. The borrower learns the different type of loans available and what the terms of service would be.

The financial loan officer then compiles all necessary documentation and calculates payment schedules. Other duties covered include handling customer complaints, addressing clients’ questions, helping underwriters create the contract, and helping people who have delinquent loans.

Considering that the job position is a financial loan manager, this indicates seniority – the worker who learns the system and then qualifies for more responsibility, namely in the vein of management. Managers have additional obligations. They must establish relationships and address customer issues just the same, but they also oversee training programs and recruit new employees, while evaluating loan applications. Since they are ultimately in charge of overseeing cash flow, this is a position of significant responsibility.

These managers maintain professional relationships with clients, direct the activities of multiple departments, and report back to executives on the goings of this side of the business. Managers are very often trusted to market bank products, set policies regarding credit, identify potential loan markets, send reports out and handle minor courtroom activity, concerning the transferring of titles and deeds.

A Day in the Life of a Financial Loan Manager

A financial loan manager’s day is filled with supervisory tasks, as well as picking up after officers when needed. Managers may meet with loan applicants and arrange for an interview, and analyze and approve the work of officers that negotiate a deal. Managers and officers alike may assist with underwriting, and work with professional underwriters to develop loan needs and the client’s ability to pay back the loan.

This may involve learning new software, in addition to learning existing formulas that have been proven to work. Lastly, keep in mind that there are specializations within this industry, including commercial, consumer, mortgage, and collections.

This may be the next step for you if you are serious about wanting a career change, and willing to do whatever it takes to succeed. Just so you know, you don’t have to push yourself beyond what is reasonable. Go back to school for a four-year degree and watch the tide turn in your favor!

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Sponsored

Showing schools in your area

1 Program(s) Found
  • Hallmark University has a modern approach to business education. Our students are "hired" on day one to a mock company and live out their education as if on the job.
  • Students also gain valuable work experience having gone through real case studies from Fortune 100 companies.
  • By utilizing compressed, objective-driven courses, you can complete your education in nearly half the time of a similar program at a traditional college or university.
  • Each of our courses are designed to include scenario-based activities. You get to practice what you learn so you're ready for the challenges you will face when you graduate.
  • Our graduates enter the workforce with experience employers desire in addition to a credible degree.
  • Don't settle for learning in large lecture halls. Get the attention needed to succeed.
  • Online Courses
5 Program(s) Found
  • Averett University is a top-ranked, fully-accredited institution that offers students over 30 undergraduate majors, minors and special programs, and 5 master's programs.
  • Accelerated programs designed for convenience: choose from weekly evening courses at one of Averett's Virginia locations or study online and on your own time.
  • Averett University was named one of Virginia’s top colleges for return on investment, and their average scholarship package lowers the cost of attendance further by almost 40%.
  • Averett offers students learning experiences that mirror real-life situations. This means you can put today's lesson to the test during tomorrow’s workday.
  • Averett University's 12:1 student-professor ratio makes your education a collaborative endeavor based on close relationships between students and faculty.
  • Online Courses

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