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What Do Financial Loan Managers Do?

Job Descriptions September 30, 2013

Loan managers are loan officers who have been promoted, usually from within the ranks, because of excellent performance and the ability to manage others. Loan officers do work long hours, despite the fact that they usually have a flexible schedule. Managers work even longer, perhaps as much as 10 hours a day or more because of the need to make loans happen, while also protecting the company.

The Duties of a Loan Manager

The job description of financial loan manager implies that you have chosen a path of financial loans as a specialty and have worked your way up from a loan officer to supervisor, someone capable of overseeing the process between loan specialist and consumer.

Being a manager also implies a very strong sense of responsibility, especially considering that this industry has a high employee turnover, somewhere between 30 and 50 percent. Managers have to be dependable, as they will have the final say over the application process.

Financial loan management is separate from other niches of the industry, and is usually focused on banking, insurance, investing, securities and related fields. The most common industries include commercial loans for business, consumer loans for personal expenses and mortgage loans.

Loan officers are the ones who help borrowers find the money they need (independent workers have more freedom than bank-sponsored workers), while underwriters are the ones who actually evaluate the consumer’s application and credit. He/she is also the one in charge of verifying all provided information, which may be done via software, or manually.

The loan manager has progressed to the position of retail sales manager, or perhaps a specific field, such as banking loans manager. Managerial positions can also include regional manager assistants, or independent officers who match up consumers with institutions.

The Best and Worst Part of a Job in Finance Lending

Naturally, this is a job that involves long hours. Much of your time will be spent helping to overcome obstacles that the recession has brought. This is not only from the perspective of the bank, with its staffing needs, industry guidelines and profitability, but also with the consumer who may be dealing with debt or poor credit.

You are going to have to say no to some people and some who need the money badly. It may even surprise you to know that you have to reject applications that are credit worthy. This is not a job for shy or sensitive workers who have difficulty communicating with others—even borrowers at their worst.

However, there is also a lot of joy in the field that comes from the successful loan. Workers in the field speak highly of the competition factor, that they can help some borrowers when others can’t, not to mention the fact that they can build strong professional relationships.

Managers often speak of the dynamic between manager, officer and consumer as doctor-patient level in terms of warm feelings, kind communication and positivity. This is a career that is not only profitable, and progressive, but also one that is rewarding in every way.

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Quick Fact
In 2017, workers with a bachelor's degree or higher had almost twice as much
median earnings per week than workers with only a high school diploma*.
*Bureau of Labor Statistics

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