What Does it Take to Be a Loan Officer?
Loan Officer Job 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, and loan underwriters.
Daily Life Of a Loan Officer
- Compute payment schedules.
- Supervise loan personnel.
- Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Submit applications to credit analysts for verification and recommendation.
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Loan Officer Required Skills
Loan Officers state the following job skills are important in their day-to-day work.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking: Talking to others to convey information effectively.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Service Orientation: Actively looking for ways to help people.
Related Job Titles for this Occupation:
- Bank Representative
- Mortgage Banker
- Commercial Loan Officer
- Loan Originator
- Commercial Mortgage Broker
Job Outlook for Loan Officers
There were about 318,600 jobs for Loan Officer in 2016 (in the United States). New jobs are being produced at a rate of 11.4% which is above the national average. The Bureau of Labor Statistics predicts 36,300 new jobs for Loan Officer by 2026. There will be an estimated 30,400 positions for Loan Officer per year.
The states with the most job growth for Loan Officer are Utah, Arizona, and Iowa. Watch out if you plan on working in Alaska, West Virginia, or Maryland. These states have the worst job growth for this type of profession.
Do Loan Officers Make A Lot Of Money?
The average yearly salary of a Loan Officer ranges between $31,870 and $132,080.
Loan Officers who work in New York, New Hampshire, or Nebraska, make the highest salaries.
Below is a list of the median annual salaries for Loan Officers in different U.S. states.
| State | Annual Mean Salary |
|---|---|
| Alabama | $67,860 |
| Alaska | $71,120 |
| Arizona | $62,430 |
| Arkansas | $73,990 |
| California | $78,940 |
| Colorado | $71,010 |
| Connecticut | $91,730 |
| Delaware | $70,100 |
| District of Columbia | $95,000 |
| Florida | $78,000 |
| Georgia | $75,060 |
| Hawaii | $72,790 |
| Idaho | $60,810 |
| Illinois | $81,620 |
| Indiana | $67,450 |
| Iowa | $67,580 |
| Kansas | $84,320 |
| Kentucky | $67,450 |
| Louisiana | $56,190 |
| Maine | $76,340 |
| Maryland | $84,240 |
| Massachusetts | $94,540 |
| Minnesota | $79,420 |
| Mississippi | $65,360 |
| Missouri | $76,550 |
| Montana | $63,910 |
| Nebraska | $81,740 |
| Nevada | $80,290 |
| New Hampshire | $90,500 |
| New Jersey | $85,540 |
| New Mexico | $63,320 |
| New York | $103,450 |
| North Carolina | $72,210 |
| North Dakota | $74,330 |
| Ohio | $72,030 |
| Oklahoma | $67,810 |
| Oregon | $76,680 |
| Pennsylvania | $68,280 |
| Rhode Island | $69,500 |
| South Carolina | $69,240 |
| South Dakota | $63,230 |
| Tennessee | $63,810 |
| Texas | $83,910 |
| Utah | $57,640 |
| Vermont | $66,350 |
| Virginia | $80,440 |
| Washington | $74,830 |
| West Virginia | $55,370 |
| Wisconsin | $73,390 |
| Wyoming | $69,530 |
Tools & Technologies Used by Loan Officers
Below is a list of the types of tools and technologies that Loan Officers may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Data entry software
- Microsoft Dynamics
- IBM Notes
- LexisNexis
- Tax software
- Customer information control system CICS
- Common business oriented language COBOL
- Delphi Discovery
- CGI-AMS BureauLink Enterprise
- Experian Credinomics
- Moody’s KMV CreditEdge
- Harland Financial Solutions DecisionPro
- Fair Isaac Falcon ID
- Fannie Mae Desktop Underwriter
How do I Become a Loan Officer?
Are there Loan Officers education requirements?
How Long Does it Take to Become a Loan Officer?
Who Employs Loan Officers?
Loan Officers work in the following industries:
Related Careers
Those thinking about becoming a Loan Officer might also be interested in the following careers:
Are you already one of the many Loan Officer in the United States? If you’re thinking about changing careers, these fields are worth exploring:
References:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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