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!