A loan manager has a lot of responsibility on his or her shoulders.
He or she usually leads a team of loan officers to ensure that loan applications are properly managed.
Typically, a loan manager’s work involves administering all loan activities for consumer, as well as business loans.
In some organizations, it is alright just to possess a high school diploma or a GED if you want to work as a loan manager.
But if you have a degree in accounts, business, or finance, you may be considered a great person to hire. Working as a loan manager is complicated because one has to oversee the work of other people, as well as handle one’s own.
Experience in whichever capacity that you are applying for is essential, for instance, personal loan, or mortgage.
Working as a loan manager means that you have to possess an analytic mind. Checking and interpreting loan documents and reports will be all in a day’s work for you.
Here is what you will be doing on any typical workday as a loan manager:
Loan Manager Job Description (Duties and Responsibilities)
• Create and implement policies and procedures to administer loan products.
• Interview, hire and train loan officers in order to make them ready for loaning processes.
• Check loan contracts in order to ensure that they are complete and accurate.
• Oversee or help with the passing and rejection of loan requests.
• Monitor meeting between loan officers and clients.
• Create lists of required documents to be attached with loan applications.
• Determine loan rate programs, and show loan officers and clients how to calculate them.
• Provide information such as collateral needs or documentation required to process loans.
• Coordinate the process through which complete loan application packages are presented to credit departments.
• Follow up on cases to determine their statuses, and communicate statuses to clients.
• Instruct loan officers to follow up with delinquent clients in order to ensure that payments are timely made.
• Create and approve letters and notices to clients, regarding loan rate changes.
• Remind clients about pending payments through email, letters, and telephone.
• Interact with credit departments to secure additional information required by lenders.
• Oversee system boarding and verification procedures for all loans.
• Supervise all areas of loan operations, such as posting payoffs and payments.
• Ensure that all loan officers are provided with updated information on loan policies and procedures.
• Create and maintain lending and follow-up reports for all cases.