What does a loan officer do?

The vacancy of a "loan specialist" can often be found on the pages of newspapers with advertisements about finding and providing work. As a rule, the requirements for the applicant are minimal: communication skills, goodwill, pleasant appearance, secondary special or higher education. At the same time, employees are offered good conditions: decent wages, flexible working hours, social workers. package. No wonder that such vacancies attract many.

Credit specialist, duties:

A person who has come to the bank for a loan immediately gets to this specialist. This employee first of all should inform on available crediting programs and choose the suitable, proceeding from opportunities and needs of the client. When an acceptable program is chosen, he must draw up and accept an application for the issuance of the required amount on credit, check the availability of necessary documents, check the photo from the passport. Then the loan officer should calculate the schedule and the amount of monthly payments and provide it to the client, assess the person in terms of possible non-return of money and transfer the prepared documents to the bank's security service. Employees of the security service, on the basis of the assessment of the loan officer and the information provided by the borrower, decide whether to grant or not to grant the loan. When the application is approved, the loan officer draws up all the documents necessary for obtaining the loan: a loan agreement, an application for early repayment of a loan or write-off of various payments from a plastic salary card. The final stage is the signing of the treaty.

It would seem that the credit specialist's work with a particular client should be completed on this. In most cases, it is, however, there are exceptions. The fact is that he is charged with monitoring the payment of the loan, and in the event of a delay in payments, the employee must convince him to pay off the existing debt. This means that he will have to call, beg, persuade, threaten with fines and penalties. Often, such conversations are held in elevated tones, sometimes - with the use of profanity, so the lending specialist must have strong nerves and stress resistance.

Another disadvantage in the work of a loan officer is the activity plan (the number of monthly loans that he must complete, or the total amount of loans). As a rule, wages and rewards are very dependent on the implementation of the plan. Well, if an employee is sitting in a large, through-store with a large assortment, in this case the plan is often executed. But it happens the other way round - in one small shop there are two or three loan officers from different banks. And often the conditions of competitors are much better and more profitable for the buyer. In this case, the employee will have to apply remarkable oratorical skills and business acumen to persuade a potential buyer to issue a loan from him. In addition, in the race for the client there is a possibility of making a mistake and giving out a loan to a potentially insolvent person.

In addition to the plan for the number and total amount of loans issued , banks often impose restrictions on certain credit programs that formally exist and are even widely advertised, but the registration of which is not so beneficial to the bank. Accordingly, the credit counselor will have to reorient the client from the desired program to the one that is preferred to the bank. Sometimes banks put forward plans for insurance of deposits, the failure of which can also significantly affect the wallet of the loan officer. So this work though paid, but it is far from simple.