Job Description for Loan Officer
Reporting to the Sacco manager, the loan officer is in charge of the loaning processes of the company.
The loan officer is accountable for the growth of lending portfolio and maintaining efficiency of the process.
Competencies
Reporting to the Sacco manager, the loan officer is in charge of the loaning processes of the company.
The loan officer is accountable for the growth of lending portfolio and maintaining efficiency of the process.
Competencies
- Good communication skills
- An Analytical mind
- Attention to detail
- Must have good interpersonal skills
Duties and responsibilities
- Receive loan applications from all offices and approve them within specified limits,and refer loan applications outside those limits to management for approval.
- Meet with applicants to obtain information for loan applications and to answer questions about the process
- Analyze applicants financial status, credit history, and property evaluations where need be to determine feasibility of granting loans.
- Explain to customers the different types of loans and credit options that are available ,as well as the terms of those services
- Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.
- Review loan agreements to ensure that they are complete and accurate according to the policy
- Compute payment schedules
- Stay abreast of new types of loans and other financial services and products in order to better meet customer’s needs
- Submit applications to the SACCO Manager for verification and recommendation
- Preparing timely reports on the loan portfolio for the credit committee and the management board meetings
- Handle customer complaints and take appropriate action to resolve them
- Work with clients to identify their financial goals and to find ways of reaching those goals
- Negotiate payment arrangements with customers who have delinquent loans
- Set credit policies ,credit lines, procedures and standards in conjunction with Sacco manager
- Analyze potential loan markets and develop referral networks in order to locate prospects for loans
- Prepare reports to send to customers whose accounts are delinquent
- Follow up loan collection from the clients with assistance from branch officers
- Arrange for maintenance and liquidation of delinquent properties
- Petition courts to transfer titles and deeds
- Perform related work as assigned
Qualifications
- A minimum of college diploma in a related field and 1 yr of experience in a Sacco
- A working knowledge of computer packages is necessary