Loan Officer I
You may already know that credit unions have loan officers, but you may not know that the goal for credit union loan officers is to help members make the best loan decisions… not sell the most loans. As a credit union Loan Officer you help people reach their dreams and help prevent financial troubles through responsible lending. You’ll provide information on credit union products and services according to all credit union policies and procedures and Federal and State rules and regulations. You will interview and evaluate applicants for routine loans and process their loan applications. Loan Officers also interview, evaluate, and analyze loan applicants’ credit history to help the member, and the credit union, make the best decisions.
Major Duties and Responsibilities
- Gather background information on loan applicants by interviewing loan applicants and obtaining credit bureau reports. Assist members with the loan application process to ensure completeness of information.
- Pull credit reports for all accounts, verify debts, and estimate monthly payments for any outstanding debts not listed and add them to debts on application.
- Calculate debt-to-income ratios on loan applicants and how much of a loan applicant’s debt is secured or unsecured.
- Determine collateral needs and payment plans for members applying for loans.
- Approve or deny loan applications. When a loan is denied, explain reasons for denial in a professional, courteous manner. Work with member to provide recommendations or alternative options for other possible ways to secure a loan in future.
- Cross-sell lending and other credit union products.