How Does a Loan Officer Spend a Workday?

Follow-up and Processing

A loan officer's day is rarely boring. With new clients and new challenges coming each day, this can be a very exciting career. The loan officer will usually start his day by checking each of his files to see what needs to be done to it for it to be moved on. Some files may need employment verifications ordered, while others may be waiting for paperwork from clients. Later in the process, an appraisal might need to be ordered (in the case of a mortgage loan). The loan officer will start by making phone calls to follow up on the needed paperwork, then call to schedule the needed certifications. He may make some phone calls to set up appointments to take applications or pick up paperwork in the morning.

Closings and Issuing Funds

Most real-estate closings (or closings on other types of loans) are done in the afternoon. In the case of a real-estate loan, the loan officer may bring the mortgage package to the closing, or it may be sent by the bank. Either way, the loan officer should attend the closing. If any problems with the closing package pop up at the last minute, the loan officer is the best person to handle them. This is also the best time for him to ask for referrals from his clients. In the case of a bank or car loan, the loan officer will need to have the clients come into the bank or dealership to sign the final papers and pick up their check or car. Loan officers close most loans in the afternoon because of their clients' work schedules and their own hours of operation.

Taking Applications

Real-estate loan officers will take applications in the late afternoon or evenings to accommodate others' schedules. Many car dealers do this as well, since their hours of operation usually extend into the evening. However, loan officers at most banks will take applications earlier in the day. Late afternoons are also used to follow up on the morning's phone calls. Many loan officers use the evenings to work on their marketing to new clients, as they do much of this work on their computers at home. This is a good time for the loan officer to catch clients at home whom she can't reach during the day. She usually ends her day by spending a few minutes writing a list of things to look into in the morning.