We’ve made it easy for you to build your Loan Officer SOPs. Add the example SOPs to our SOPs template and then customise them to suit your specific systems & processes.
Need help setting up your Loan Officer SOPs library? Speak to our team about our SOP starter templates that are tailored to your specific industry.
Creating Standard Operating Procedures for your Loan Officer work can be difficult and take time. That’s why we’ve created these example Loan Officer SOPs so you can jumpstart your SOP creation process. We want to help you set up your Banking systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Banking procedures in one place, your team will have the information they need at all times. Let’s look at some Loan Officer SOP examples.
1. Loan Application Processing: The purpose of this SOP is to outline the steps involved in processing loan applications received from customers. The scope of this SOP includes receiving and reviewing loan applications, verifying applicant information, conducting credit checks, and preparing loan documents. The loan officer is responsible for ensuring the accuracy and completeness of loan applications and coordinating with other departments, such as underwriting and compliance, as necessary. References to other SOPs may include the Loan Underwriting SOP and Loan Document Preparation SOP.
2. Loan Underwriting: This SOP details the process of evaluating loan applications to determine the creditworthiness of borrowers. The scope of this SOP includes analyzing financial statements, assessing credit history, calculating debt-to-income ratios, and determining loan eligibility. The loan officer is responsible for conducting thorough underwriting reviews, documenting findings, and making recommendations for loan approval or denial. References to other SOPs may include the Loan Application Processing SOP and Loan Approval SOP.
3. Loan Approval: The purpose of this SOP is to establish guidelines for approving or denying loan applications based on the underwriting analysis. The scope of this SOP includes reviewing underwriting reports, assessing risk factors, and making informed decisions regarding loan approval. The loan officer is responsible for ensuring compliance with lending policies and regulations, documenting loan approval decisions, and communicating them to applicants. References to other SOPs may include the Loan Underwriting SOP and Loan Document Preparation SOP.
4. Loan Document Preparation: This SOP outlines the procedures for preparing loan documents once a loan application has been approved. The scope of this SOP includes generating loan agreements, promissory notes, and other necessary documents, ensuring accuracy and completeness. The loan officer is responsible for coordinating with legal and compliance departments, reviewing loan documents for accuracy, obtaining necessary signatures, and maintaining proper documentation. References to other SOPs may include the Loan Application Processing SOP and Loan Approval SOP.
5. Loan Disbursement: The purpose of this SOP is to define the process of disbursing approved loans to borrowers. The scope of this SOP includes verifying loan conditions, coordinating with loan servicing departments, and ensuring compliance with regulatory requirements. The loan officer is responsible for coordinating loan disbursements, verifying borrower information, and ensuring proper documentation is in place. References to other SOPs may include the Loan Approval SOP and Loan Document Preparation SOP.
6. Loan Servicing: This SOP outlines the procedures for managing and servicing loans after they have been disbursed. The scope of this SOP includes collecting loan payments, handling customer inquiries, and managing loan accounts. The loan officer may be responsible for monitoring loan performance, addressing delinquencies, and coordinating with collections departments, as necessary. References to other SOPs may include the Loan Disbursement SOP and Loan Payment Processing SOP.
7. Compliance and Regulatory Requirements: This SOP focuses on ensuring compliance with banking regulations and industry standards. The scope of this SOP includes staying updated on regulatory changes, implementing internal controls, and conducting periodic audits. The loan officer is responsible for understanding and adhering to applicable laws and regulations, documenting compliance activities, and reporting any non-compliance issues. References to other SOPs may include the Loan Application Processing SOP and Loan Approval SOP
Looking for SOP templates for your Loan Officer work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Loan Officer work. Get in touch if you’ve got questions about the quickest way to build out your Banking SOPs library.
