BANKING SERVICES

Banking services includes occupations concerned with cash management, short-term investments, mortgages and other loans, credit cards, and bill payment. Work tasks could include accepting deposits, lending funds, and extending credit either though traditional banking institutions or via insurance companies, brokerage houses, or the Internet.

CAREER DETAILS

Description:
Analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with credit information for use in decision making.

Tasks:

  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
  • Generate financial ratios, using computer programs, to evaluate customers’ financial status.
  • Prepare reports that include the degree of risk involved in extending credit or lending money.
  • Analyze financial data, such as income growth, quality of management, and market share to determine expected profitability of loans.

*Additional tasks may be needed for this career.

Average Salary:
$43,960 – $130,930

Description:
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.

Tasks:

  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Submit applications to credit analysts for verification and recommendation.

*Additional tasks may be needed for this career.

Average Salary:
$33,190 – $136,500

Description:
Interview loan applicants to elicit information; investigate applicants’ backgrounds and verify references; prepare loan request papers; and forward findings, reports, and documents to appraisal department. Review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.

Tasks:

  • Verify and examine information and accuracy of loan application and closing documents.
  • Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
  • Record applications for loan and credit, loan information, and disbursements of funds, using computers.
  • Submit loan applications with recommendation for underwriting approval.
  • Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.

*Additional tasks may be needed for this career.

Average Salary:
$25,740 – $57,830

VIRGINIA WIZARD

Learn more about the careers above and others in this sector by visiting the Virginia Education Wizard.

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