112-Credit and loans officers

Job Title: 

Credit and loans officers

Job Description: 

Analyze and evaluate financial information on applications for credit and loans and determine approval or disapproval of the client for the credit or loan or recommend to management approval or disapproval.

Summary: 

Credit and loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. They assess the viability and credit risk of the prospective business and consumer loan proposal, and review controls, and also process and establish the applications and accounts. They also advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

Tasks: 

Job activities and tasks include:

  • interviewing applicants for personal, mortgage, student and business loans
  • researching and evaluating loan applicant?s financial status, references, credit and ability to repay the loan
  • submitting credit and loan applications to management with recommendations for approval or rejection
  • approving or rejecting loan applications within authorized limits ensuring that credit standards of the institution are respected
  • keeping records of payments, and preparing routine letters requesting payment for overdue accounts and forwarding these for legal action
  • completing credit and loan documentation
Knowledge: 

Sales ability, good interpersonal and communication skills

  • Strong desire to succeed also are important qualities for loan officers
  • Mathematics - Knowledge of arithmetic, algebra, statistics, and their applications
  • Problem Solving - Responding to customer and internal organizational complaints and reviewing related information to develop and evaluate options and implement solutions
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one
  • Monitoring - Monitoring/Assessing performance of oneself, other individuals, or organizations to make improvements or take corrective action
  • Quality Control Review - Conducting tests and reviews of products and service delivery to evaluate quality or performance
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience
  • Oral Comprehension - The ability to provide quality customers services encompassing listening and understanding information and ideas presented through spoken words and sentences
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making
  • Time Management - Managing one?s own time and the time of others
  • Instructing - Teaching others how to do something
  • Learning Strategies - Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things
  • English (technical finance related) Language - Knowledge of the structure and content of the finance related technical English terminologies
  • Information Communications Technology - Knowledge and use of relevant financial and/or accounting applications and programs
  • Team work or individual - job may require him/her to work alone or in conjunction with accounting, administrative and financial professionals
    • Work Context: 

    Typically, work regular office hours. They may have to work longer hours at busy times. Banking, lending, or sales experience is highly valued by employers.

    Education: 

    Diploma in finance, economics or a related field, higher qualification or equivalent.

    Required Work Experience: 

    2 - 3 years and above.

    Probable Employers: 

    National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Al Masraf (erstwhile ARBIFT), Union National Bank, Commercial Bank of Dubai, Dubai Islamic Bank PJSC, Emirates!NBD Bank, Emirates Islamic Bank, Mashreq Bank PSC, Sharjah Islamic Bank, Bank of Sharjah!

    Occupational Size: 
    More than 5,000 and less than 30,000
    Expected Earnings: 

    Industry average

    Projected Growth: 
    Good
    Alternate Titles: 

    Examples of job titles:
    Loans officer - Mortgage officer
    Examples of some related occupations:
    Financial institution branch manager - Branch manager - Mortgage loan officer - Relationship manager - Commercial loan officer - Mortgage loan originator - Business banking officer - Commercial banker - Corporate banking officer - Portfolio manager - Insurance officer

    UAE Industry Groups: 
    Business, administration, tourism, retail and leisure service
    International Careers(ISCO): 
    Similar O*NET Careers (USA) : 
    Source Of Info: 
    Occupations and Careers Handbook for UAE Nationals(Copyright NQA ). Referenced from New York University, Abu Dhabhi