The loan managers are normally found working in the financial organizations like banks, insurance companies, brokerage firms, credit departments, bank branches, etc. They are responsible for directing, developing, coordinating and managing a variety of loan accounts. They ensure that the lending requirements are met and provide maximum profitability to the establishment they are working for by taking minimum risks. They also make efforts to develop new professional relationship from referrals and make outside calls as well. They increase the business of the organization by cross selling the financial products and services of the organization. While doing this, they make sure that they adhere to the procedures, policies and practices that are involved in the lending process as well as focus on the requirements of the client as well.
Key Responsibilities
The loan managers are responsible for establishing healthy relationship with the prospective customers and provide them with the much needed assistance by examining, evaluating and processing their loan applications. They are responsible for determining and maintaining control over all the loan processes. They are responsible for approving, rejecting and coordinating the process of approval and rejection of loans. They also review the reports of collection so that they are able to get an idea about the outstanding balances. They analyze the information to assess the financial situation of the organization and accordingly plan, direct and coordinate activities that will help in the growth of the organization. You will get a better idea when you study the following points that will describe in detail the duties that need to be performed by these individuals:
These loan managers are responsible for developing and maintaining the smooth flow of work through all stages that include document preparation, file documentation, closing, collateral management, etc. They are also involved in a lot of other duties like verification functions, supervision of post audit check work, funding and processing of payments, escrow processing, managing the disbursement of applications, balancing the accounts, resolution of customer issues in a timely and accurate manner, etc. They evaluate and recommend strategic opportunities, so as to improve the overall functionality of the organization and its services. They recommend loan grade changes wherever necessary and maintain the overall accuracy of the loan grading system as well. They also make sure that the loans that are maturing are underwritten and renewed wherever appropriate. They delve into the details concerning the payment arrangements of the past due clients. They maintain up to date knowledge on collecting the current financial information from the existing borrowers and maintain healthy relationship with them as well. Thus, they contribute to the organization's growth strategies and goals to ensure that they earn additional revenue by lending the products and services of the financial firm they are working for. To generalize, they perform all the leadership, supervisory duties and guide the internal staff members to give high quality services to their customers.
Required Skills and Abilities
To be a successful loan manager, you should have excellent verbal and written communication skills, ability to work under tight time constraints, high level of attention to details, and should have an inherent desire to excel and do things in the right manner. You should be skilled in computers and should specifically be proficient in Mircrosoft Word and Excel. You should be an active team member with good leadership, supervisory, excellent organization and management skills. Strong analytical skills and strong problem solving capabilities along with strong commitment to deliver best customer services are some of the assets that will set you apart from the rest of the candidates.
Educational Qualification
If you are planning to become a loan manager, you will require at least a bachelor's degree in finance, accounting, business management, etc. Those who have a master's qualification or with some prior work experience in a similar position will definitely have an edge over the rest of the applicants.
Work Environment
The professionals in this field generally work full time and in a normal office environment. They need to flexible to work for long hours and may sometimes need to work on the weekends and holidays as well.
Salary Details
The average salary generally varies in between $99,000 to $2,68,000. It is also dependent on the type of field that he/she is working in. For example, the average remuneration package offered for a consumer loan manager is generally close to $178,000.
Career Prospects
There are wide opportunities for growth and development on the professional as well as the personal front for the loan managers. Those who have handled successfully their responsibilities in the past can be assured of a rewarding career ahead.
Therefore, to be ensured of fast promotions and lucrative salary package, the loan manager responsibilities should be shouldered in a professional manner.