What are the responsibilities and job description for the Loan Officer position at Waldo State Bank?
Job Summary:
The Loan Officer reports to the Head of Loan Department and is responsible for the evaluation, authorization, and recommendation for approval of real estate, commercial, and consumer loans. The Loan Officer will advise borrowers on loan options, financial status, review of loan documents and methods of payments. In addition, the Loan Officer will increase the Bank’s loan portfolio by developing business contacts, soliciting customers, and completing loan processing and closing. Monitoring and collection of past due accounts will also be required. Serve as a member of the bank’s internal loan committee.
Essential Job Responsibilities:
- Work closely with entire lending staff in assisting customers with their lending needs.
- Work with customers from application to closing
- Work with third party vendors (appraisers, title companies, realtors, attorneys) to timely and properly process loans.
- Be familiar with and stay abreast of new types of loans and other financial services and products in order to work with clients to identify their financial goals and to find ways of reaching those goals.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Obtain copies of loan applicants' credit histories, personal and business financial statements, tax returns and other financial information and preparation of credit analysis for review.
- Approve loans within specified limits, and work with loan committee and board of directors on reviewing loan applications outside those limits.
- Review and update credit information and loan files. Become familiar with all lending related policies and compliance requirements to adhere to those policies and procedures. Assist in reviewing and updating all credit related policies and procedures.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs
- Analyze potential loan markets and develop referral networks in order to locate prospects for loans.
- Negotiate payment arrangements with customers who have delinquent loans and real estate taxes.
- Prepare correspondence to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collection action.
- Arrange for maintenance and liquidation of delinquent properties and repossession of collateral when necessary.
- Provides quality, personalized service (greeting/closing, use customer name, display telephone etiquette, error resolution, written communications) to ensure customer satisfaction/retention.
- Participate and attend educational opportunities to obtain additional knowledge to gain a better understanding of bank products and the development of new products to better service customer needs.
Education:
Associates or bachelor’s degree in finance, or related business field is preferred. High School diploma or equivalent is required. Previous lending experience preferred.
Experience:
- Work effectively and non-defensively with a variety of personalities.
- Ability to work and learn independently.
- Good understanding of loan terminology, documents, and services.
- Average keyboard/computer skills and ability to operate other general office equipment.
- Strong communication, interpersonal, and organizational skills required to meet multiple requests. Ability to work for more than one person.
- Ability to maintain composure under stress while using diplomacy and tact.
- Must be able to prioritize daily work to meet deadlines.
- Weekend or evening hours may be required.
- Promotes quality, accuracy, timeliness, reliability, and thoroughness of work performed. Meets deadlines as needed.
- Develops and maintains positive working relationships with other employees.
- Punctual and reliable.
Competencies Needed:
- Analytical skills
- Decision-making and problem-solving
- Financial skills
- Communication
- Quality customer services
- Professionalism
- Attention to detail
- Team player
Job Type: Full-time
Pay: From $60,000.00 per year
Benefits:
- 401(k)
- 401(k) matching
- Dental insurance
- Employee assistance program
- Health insurance
- Health savings account
- Life insurance
- Paid time off
- Retirement plan
- Tuition reimbursement
- Vision insurance
Schedule:
- 8 hour shift
Work Location: In person
Salary : $60,000