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Financial Loan Manager

Career Highlights

  • Specialize in commercial or mortgage
  • Specialize in college loans
  • Help people buy a new home

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Career Summary

Loan managers negotiate with banking lenders on obtaining the best possible loan program for potential homeowners. They analyze financial statistics such as income, job history, debt ratios, credit and compare this information to loan requirements for the most favorable loan program. Some businesses with loan managers can assist in cleaning up credit report problems and advise the client on how best to repair their credit.

Loan Money With BowLoan officers usually specialize in commercial or mortgage loans but other specialize in college loans also called student loans. They sometimes work with educational financial departments in an attempt to get the best possible loan for a student and or their family. In addition, some loan managers will conduct educational seminars to explain the student loan process and agreements as well as the student’s financial responsibility.

The majority of loan managers work with potential homeowners or those who wish to open a new mortgage. They interview potential clients at the beginning of the loan process and informs client as to what information is required for the loan application. A loan manager can offer scenarios and options available based on an individual’s financial standing.

After analyzing the unique aspects of each applicant the loan manager will select a loan program that would best fit the needs of the applicants and then lock the rate upon the applicants approval.

Some of the responsibilities of a loan manager are:

  • Submits loan packages to lender
  • Opens escrow
  • Orders appraisals
  • Send out the law mandated Truth-in-Lending (Reg Z) document for client signatures
  • Arranges notary public and/or title officer appointments for loan completion

Some loan managers are referred to as loan collection officers. They contact borrowers with delinquent loan accounts and try to help them find a method of repayment in order to avoid their defaulting on the loan which would cause bad credit. If a repayment plan cannot be developed, the loan collection officer starts collateral liquidation, in which the lender seizes the collateral used to secure the loan—a home or car, for example—and sells it to repay the loan.

According to the Bureau of Labor Statistics college graduates and experienced sales consultants will have the best job prospects. Due to economic expansion demand for loans will increase but will be partially offset by increased by the growing use of the Internet to apply for and obtain loans.

Salary

$52000*

Education

Requires a degree in:

  • Finance
  • Economics

Career Skills

  • Consumer and mortgage lending
  • Manage department including sales, service and operations
  • Coach, train and motivate the staff
  • Leadership skills
  • Customer / client relations

Additional Information

References

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*Salary ranges based on location, experience, and demand. This number represents a rough nation-wide average.