A lending manager is a member of a financial institution’s staff who is responsible for overseeing the lending department’s activities. There are no specific educational requirements for this position, though people with college degrees are more competitive, and people with several years of experience in the financial industry are more likely to get it. Regular openings in the lending departments are created by bank and financial institution turnover, including supervisor-track positions for people who aren’t ready to apply for lending manager positions.
The lending manager is in charge of the lending department’s personnel. This employee coordinates work in the department to ensure that workflow is consistent and that problems caused by congestion are avoided, such as idle employees or long loan application processing times. Banking hours are usually consistent, but if the facility employs part-time employees, the lending manager determines when they are scheduled to work.
Monitoring lending personnel to ensure the financial institution complies with government regulations is an important part of this job. This includes informing employees about regulations, keeping them informed about changes in the law, and encouraging employees to pursue continuing education in order to become more effective loan officers. The lending officer keeps track of compliance with financial regulations and may float around the floor during business hours to ensure that customer interactions are legal.
This employee sets and enforces department policy in collaboration with other bank employees and the head office. The lending manager supervises new hires and has the authority to discipline those who do not follow company policy. In the case of repeated or egregious violations of bank policy, disciplinary actions may include written warnings, additional training requirements, or termination. The lending department is often very self-contained, and the lending manager has a lot of power.
Working as a lending manager necessitates the ability to arrive early and stay late to ensure that everything runs smoothly, as well as spending long hours in front of a computer. Good customer service skills are required, as is the ability to maintain a tidy personal appearance, as banks hold their employees to high standards of appearance, particularly supervisors. Many people rise through the ranks of the lending staff, and in the case of chain banks, there are usually opportunities to transfer to other branches to pursue additional employment opportunities.