Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

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.

Searching Searching ...

Matching School Ads
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
2 Program(s) Found
South University , Glen Allen
  • Program options include Accounting, Business Administration, Leadership, and more.
  • Curriculum focuses on developing leadership, critical thinking, problem-solving, and communication skills.
  • Programmatic accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) at select campuses.
  • Business programs are available at many of the 11 campus locations across the United States.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
2 Program(s) Found
ECPI University , Glen Allen
  • Named a Best for Vets school by the Military Times in 2014.
  • Has specialized in student-centered technology, business, criminal justice, health science, and culinary education for over 45 years.
  • Makes it possible for students to earn a bachelor’s degree in 2.5 years or an associate’s in 1.5 years by providing a year-round schedule.
  • Offers externships and clinical experience that help students prepare for life after they graduate.
  • Has 10 campuses across the mid-Atlantic, plus online degree programs.
Good for Working Adults
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses

Searching Searching ...

Matching School Ads
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
1 Program(s) Found
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!