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What does a Lending Manager do?

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  • Written By: Mary McMahon
  • Edited By: Kristen Osborne
  • Last Modified Date: 14 November 2016
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A lending manager is a member of the staff at a financial institution charged with supervising activities in the lending department. There are no special educational requirements for this job, although people with college degrees tend to be more competitive applicants, and people usually obtain this position with several years of experience in the financial industry. Turnover at banks and financial institutions creates regular openings in the lending departments, including supervisor-track positions for people who are not ready to apply for lending manager positions.

Personnel in the lending department report to the lending manager. This member of the staff coordinates work in the department to keep workflow even and avoid problems caused by congestion, including idle employees or long processing times on loan applications. Banking hours tend to be regular, but if the facility has part-time staffers, the lending manager decides when to schedule them for work.

An important part of this job involves monitoring lending personnel to make sure the financial institution complies with government regulations. This includes educating people about regulations, making people aware of updates to the law, and encouraging staff members to pursue continuing education to be more effective loan officers. The lending officer maintains records demonstrating compliance with financial regulations and may float on the floor during business hours to make sure interactions with customers comply with the law.

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In cooperation with other bank personnel and the head office, this staff member sets policy for the department and enforces it. New employees train under the lending manager, and she can also discipline employees who fail to comply with policy. Disciplinary actions can include written warnings, requirements to undergo more training, or firings in the case of repeat or egregious violations of bank policy. The lending department is often highly autonomous, and the lending manager has a high degree of control.

Working as a lending manager requires being able to come to work early and stay late to ensure things go smoothly, in addition to spending long hours in front of a computer. Good customer service skills are essential, as is the ability to maintain a neat personal appearance, as banks generally hold their staffers to high appearance standards, especially in the case of supervisors. Many people achieve this position by working their way up through the lending staff, and in the case of people working for chain banks, there are usually opportunities to transfer to other branches to pursue additional employment opportunities.

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