• Read handwritten notes from co-workers and short comments on forms such as mortgage, loan and credit applications. (1)
• Read bulletins and periodicals issued by financial institutions to learn about new products and to stay abreast of variations in loan policies, procedures and interest rates. (2)
• Read letters and memos. For example, they read e-mail from supervisors and co-workers on topics such as meeting arrangements and loan applications. They read letters from employers of mortgage, loan and credit applicants to verify employment status, years of service, incomes and bonuses. (2)
• Review terms and conditions on mortgage, loan and credit application forms. They are required to understand these terms and conditions so that they can knowledgably answer questions from clients. (2)
• Read newspapers, business magazines and trade publications to stay abreast of business world events and finance industry trends. For example, a mortgage specialist may read a report issued by the Canadian Mortgage and Housing Corporation to stay abreast of real estate market trends. (3)
• Read their organizations' policy and procedures manuals and on-line guides. For example, a personal loan and credit specialist may read an on-line guide to review the income verification procedures for self-employed applicants. A mortgage specialist may read a policy and procedures manual to review qualification procedures for residential mortgage financing. (3)

• Scan labels on office products, equipment, mail and files for a variety of data. For example, they scan labels on file folders to locate clients' names. (1)
• Enter information into a variety of tables. For example, they enter information into tables to track their progress towards work objectives. They enter sales goals, products sold, revenues generated and numbers of prospects called, met, referred, pre-approved and approved into spreadsheets. (2)
• Locate data in a variety of lists and tables. For example, they may scan lists of loans to locate those that are in arrears and require collection calls. They may also scan financial statements obtained from loan applicants to locate descriptions of assets and liabilities. (2)
• Complete line of credit reviews, loan and credit applications, account exchanges and assignments, loan pre-approvals, risk ratings, action requests, loan agreements and other forms. They may have to combine data from several sources to complete such forms. For example, a loan officer may enter an applicant's name, address, employment history and financial situation, and the property's description, address and size on a mortgage loan application form. (3)
• Locate data in a variety of forms. For example, they may search different sections of credit bureau report forms to locate accounts which are open, closed, in good standing and past due and the numbers of inquiries in the last twelve months. They may also scan pay stubs completed by employers to locate the incomes of loan applicants. (3)
• Retrieve data from a number of graphs appearing in newspapers, business magazines and trade publications. For example, mortgage specialists may study graphs in the financial sections of newspapers to identify trends in interest rates for both variable and fixed rate mortgages. (4)

• Write comments on forms and reminders in daybooks. For example, they may write short explanations on loan and credit applications, account exchanges and assignments, loan pre-approvals and action request forms. They may also write notes on database forms to keep records of conversations with clients, phone messages and actions required. (1)
• Write e-mail to co-workers. For example, they may write brief messages to co-workers to outline the conditions of approval for loan and credit applications, request changes to clients' accounts, provide missing information and respond to questions. (2)
• Write letters to clients. For example, they may write letters to clients to confirm that their loans and lines of credit have been approved and clarify the terms and interest rates. They may write letters to thank clients for referrals. They may also write letters to tell clients that their loans have become delinquent and to let them know how to avoid collection procedures. (2)
• Write risk management summaries in which they justify their recommendations and decisions to approve and reject loan and credit applications. For example, a loan officer may write a short summary of special circumstances which justify a recommendation to approve a loan for a client whose credit history and debt service ratio do not meet minimum standards. (3)
• May write proposals for large loans to home buyers and commercial borrowers. They must use clear and concise language which can be easily understood. They must also adhere to their organizations' proposal formats. (3)
• May write 'frequently asked questions' for clients. They must address clients' key questions in an effective manner. For example, mortgage specialists may prepare 'frequently asked questions' to inform pre-approved clients of income and down payment verification procedures, credit bureau checks, conditions to be satisfied and actions to be taken to obtain unconditional approvals. (3)

• Calculate maximum amounts they can offer to clients for home equity loans, given current home values and clients' existing mortgages and loans. (2)
• Calculate funds to be transferred into clients' accounts when loans are issued. They may also have to calculate amounts to be sent to other financial institutions to pay off multiple loans which have been consolidated. (2)
• Create personal appointment schedules to ensure that sales and prospecting targets are met. They may have to adjust schedules because of unexpected events. (2)
• Monitor data from clients' accounts to verify if inappropriate activities are taking place. For example, they may monitor account summaries to determine whether accounts are being used for money laundering. (2)
• Help businesses and individuals draw up budgets. For example, a loan officer may help a client draw up a budget to regain control of large amounts of debt. (3)
• Calculate clients' loan payments taking into consideration total loan amounts, amortization periods, terms, interest rates and payment frequencies. They also receive loan payments from clients and verify that the amounts are correct. (3)
• Calculate capital amounts, interest charges, payments and outstanding amounts for mortgages and loans. For example, they may calculate amounts and repayment times clients may save under various loan types, terms and conditions. Mortgage specialists may calculate the total amounts of interest clients can save by discharging current mortgages and getting new mortgages at lower interest rates. They may also calculate the reduction in loan periods clients can achieve by changing repayment plans from monthly to biweekly. They may also have to take penalty costs into account in their calculations. (4)

• Compare interest rates and repayment plans among financial institutions to determine competitiveness. (2)
• May analyse data on housing starts for various types of homes such as condominium, townhouse and single-family dwellings to identify real estate market trends and adapt their sales strategies accordingly. (2)
• Collect, analyse and interpret financial data to assess individual, branch, regional and national sales performance. For example, they may calculate units of products sold, sales generated and numbers of prospects called, met, referred, pre-approved and approved. They may calculate loan approval rates, decline rates and average loan and line of credit amounts. They may also interpret these rates and amounts to identify deviations from targets. (3)
• Collect, analyse and interpret financial data on loan applicants in order to issue recommendations for approval or rejection. For example, they collect employment, income, asset and liability data from applicants. They collect credit bureau data on accounts which are open, closed, in good standing and past due. They calculate debt service and other ratios. They compare these ratios to ranges established by financial institutions. These calculations and analyses help them draw conclusions on applicants' abilities to repay their loans and lines of credit. (3)

• Estimate times needed to perform duties using past experience as a guide. For example, a loan officer may estimate the time required for an appointment with a client by assessing how much support the latter will need to understand loan options and make a decision. (1)

• Network with colleagues to build sales for loan and credit services. For example, mortgage specialists may interact with real estate agents, lawyers, accountants, builders and home inspectors to exchange information and obtain referrals. (2)
• Chat with existing and prospective clients to solicit business. They speak to clients to assess their needs and goals, discuss loan and credit options and offer financial services. They use persuasive arguments to convince clients that they would benefit from loans, credit lines, credit extensions or debt consolidation plans. (3)
• Interact with supervisors to define sales objectives and monitor progress towards them, discuss challenges, obtain guidance and exchange updates on the status of pending and delinquent loans. They may also persuade their supervisors to approve or reject specific loan and credit applications. (3)
• Speak to clients whose loans have become delinquent to discuss refinancing and to negotiate appropriate arrangements for loan repayment. Loan officers have to be particularly tactful and diplomatic with these clients as they may be embarrassed, angry and unreceptive. (3)
• Attend meetings and participate in phone conferences with co-workers. At these meetings, they share information about financial products and clients' accounts. They review branch, regional and national performances and celebrate successes. They discuss loan and credit policies and procedures. They may also present their recommendations to improve sales, lending processes and customer service. (3)
• Interact with loan and credit applicants. They interview them to collect asset and liability data needed for loan applications. They answer questions and alleviate concerns. They advise applicants that their loans and lines of credit have been approved and rejected. They may also counsel applicants who did not qualify due to derogatory credit and recommend actions which would increase their chances of approval in the future. (3)

• Are unable to answer customers' questions about financial products because they don't have current information. In such instances, they may consult their co-workers, look up instructions on Intranet sites and call support hotlines. (1)
• Find that important information is missing from application forms. If the incomplete applications came from co-workers, they contact them by phone and e-mail to request the missing information. If the incomplete applications came through call centres and through the Internet, they contact clients directly for the information. (1)
• Are sometimes unable to locate clients with whom they have not spoken in a long time and clients who have delinquent accounts. In such cases, loan officers may contact references on clients' files, navigate through the Canada 411 website and use map finder search engines to track their clients and reach individual collection targets. (2)
• Discover that data obtained from clients do not match those shown on credit bureau reports. They ask further clarification questions to their clients to determine whether they are telling the truth. Loan officers also investigate other explanations for discrepancies such as identity thefts. If they discover that incorrect data have been obtained from credit bureaus, they ask the latter to correct clients' records. (3)

• Choose times to make prospecting calls to solicit business. They examine their schedules and choose the times that will allow them to complete revenue generating tasks without compromising services to existing clients. (1)
• Decide not to overdraft accounts. They waive charges and return cheques to other financial institutions with the notation 'non sufficient funds'. They may have to confront angry clients as a result of these decisions. (2)
• Approve and reject loan and credit applications. They consider the limits set by their institutions, the characters of the applicants and the probabilities that loans will be repaid. If they advance loans to the wrong people, accounts fall into delinquency, their organizations lose money and they forfeit their good reputations as loan officers. (3)
• Decide to exercise their discretionary power to offer lower rates to certain clients. They assess clients' current loans, investments and mortgages, the rates offered by other institutions and the risks of giving business away to competitors. (3)

• Evaluate the completeness and accuracy of data collected from clients prior to processing their loan and credit applications. They review completed application forms and supporting documentation to ensure they contain all needed information. They review credit bureau report data to ascertain that they match data collected from applicants and identify discrepancies. (2)
• Judge the acceptability of their own job performances and those of their branches, regional divisions and organizations. They identify sales objectives in conjunction with supervisors. They track types of products sold, sales volumes and numbers of prospects called, met, referred, pre-approved and approved. They share these performance evaluation activities with co-workers at the branch, regional and national levels. (2)
• Evaluate the suitability of loan and credit products for specific clients. For example, they may evaluate the suitability of several mortgage products for specific clients. They question clients to assess their financial needs and mortgage knowledge. They verify whether clients are concerned about future increases in interest rates and how long they are expecting to keep their homes before selling them. Loan officers interpret clients' answers to narrow down product options to mortgage types and terms that best suit clients' profiles. (3)
• Assess the credit worthiness of loan and credit applicants. They collect asset and liability data from applicants and judge their characters during interviews. They conduct credit and reference checks. They verify each applicant's current employment status, job stability and income. They draw conclusions about applicants' abilities to repay loans and lines of credit. They write risk management summaries justifying their conclusions, recommendations and decisions to approve and reject applications. They have the sole responsibility for evaluating loan and credit applications for the amounts they are authorized to lend. (3)

Own Job Planning and Organizing

Loan officers plan and organize job tasks to meet the needs of a maximum number of clients and optimize the sales of loan and credit products. Their ability to schedule their own activities and manage priorities is critical to their jobs. They need to reorganize job task sequences frequently in order to service clients who call for information and walk in to request loans and other financial products. (3)

Planning and Organizing for Others

Loan officers play a central role in organizing, planning, scheduling and monitoring day-to-day lending operations at their institutions. (3)

• Remember the names and faces of their many clients in order to build rapport.
• Remember security codes to access computers and networks.

• Find out the location and availability of specific materials requested, often using electronic databases. (1)
• Find historical credit information on clients by interviewing them and searching credit bureau websites. (2)
• Find information about new loan and credit procedures by consulting co-workers and support centers and searching corporate periodicals and Intranet sites. (3)

• Use databases. For example, they may enter, update and retrieve loan applications, value assessments of assets, financial transactions and other data from their organizations' transaction management databases. They may also search, display and print data on delinquent accounts. (2)
• Use communication software. For example, they may create and maintain distribution lists, receive correspondence and send e-mail and attachments to clients, co-workers and colleagues. (2)
• Use the Internet. For example, they may access corporate Intranet sites to review their organizations' policies and procedures and to download loan and credit application forms. They may access credit bureau websites to perform credit checks on clients. They may also perform keyword searches to get information about the financial products, terms and conditions offered by other financial institutions. (2)
• Use word processing. For example, they may write, edit and format text for letters, risk management summaries, loan proposals and 'frequently asked questions' using programs such as Word. They may supplement text with imported logos, letterheads, photographs and spreadsheet tables. (3)
• Use graphics software. For example, they may create slide shows using presentation software such as PowerPoint. In order to develop effective presentations for real estate buyers and commercial clients, they may import graphs, scanned images, word processing files and spreadsheet tables. (3)
• Use spreadsheets. For example, they use programs such as Excel to create spreadsheet tables which track sales of financial products and display budget, interest rate and loan repayment calculations. (3)

Loan officers perform most of their tasks independently. However, they coordinate job tasks with supervisors and other mortgage, loan and credit specialists to ensure the timely assessment and processing of loan and credit applications and to optimize customer service. (3)

Continuous learning is an integral part of the job for loan officers. They are expected to stay abreast of business events, industry trends and changes to institutional policies, procedures, products, interest rates and software. On a day-to-day basis, they acquire new learning by discussing loans with other specialists, browsing the Internet and reading newspapers, business magazines, trade publications and their organizations' manuals, memos and periodicals. They also complete on-line courses and attend conferences and seminars offered by financial institutions, professional associations and universities on topics such as financial products, computer software, collections, privacy, money laundering, debit card fraud, communication and business development. In some provinces, they are governed by professional associations. They may be required to develop their own learning plans and engage in continuous learning to maintain professional certification. (3)