A loan manager oversees loan department activities, coordinates work, monitors loans for compliance with regulations, sets and enforces policy, and trains and disciplines employees. No special education is required, but experience and good customer service skills are essential.
A loan manager is a member of staff at a financial institution charged with overseeing activities in the loan department. There are no special educational requirements for this job, although people with college degrees tend to be more competitive candidates and people generally obtain this position with several years of experience in the financial industry. The turnover of banks and financial institutions creates regular openings in loan departments, including supervisor positions for people who are not ready to apply for loan manager positions.
Loan department personnel report to the loan manager. This team member coordinates work across the department to keep work flowing smoothly and avoid problems caused by congestion, including idle employees or long processing times on loan applications. Banking hours are usually regular, but if the institution has part-time employees, the loan manager decides when to schedule them for work.
An important part of this work involves monitoring loans to ensure that the financial institution complies with government regulations. This includes educating people about regulations, making people aware of updates to the law, and encouraging employees to pursue continuing education to be more effective loan officers. The loan officer maintains records demonstrating compliance with financial regulations and can float on the floor during business hours to ensure client interactions comply with the law.
In cooperation with other bank employees and headquarters, this staff member sets departmental policy and enforces it. New employees train under the loan manager, and she can also discipline employees who do not comply with the policy. Disciplinary actions can include written warnings, requirements to undergo further training, or dismissals for repeated or flagrant violations of bank policy. The loan department is generally highly autonomous and the loan manager has a high degree of control.
Working as a loan officer requires being able to work early and stay late to make sure everything goes smoothly, as well as spending long hours in front of a computer. Good customer service skills are essential, as is the ability to maintain a neat personal appearance, as banks generally hold their employees to high standards of appearance, especially in the case of supervisors. Many people reach this position working through the lending team, and for people working in chain banks, there are often opportunities to transfer to other agencies to pursue additional employment opportunities.
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