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All About Loan Officers

Example of a Loan Officer Job 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.

Life as a Loan Officer: What Do They Do?

  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Confer with underwriters to aid in resolving mortgage application problems.
  • Review and update credit and loan files.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.

Loan Officer Skills

Below is a list of the skills most Loan Officers say are important on the job.

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.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Other Loan Officer Job Titles

  • Mortgage Broker
  • Mortgage Specialist
  • Loan Coordinator
  • Loan Servicing Specialist
  • Bank Officer

Job Demand for Loan Officers

In 2016, there was an estimated number of 318,600 jobs in the United States for Loan Officers.

New jobs are being produced at a rate of 11.4% which is lower than average. The Bureau of Labor Statistics predicts 36,300 new jobs for Loan Officers by 2026. Due to new job openings and attrition, there will be an average of 30,400 job openings in this field each year.

Forecasted Number of Jobs for Loan Officers in U.S.

The states with the most job growth for Loan Officers are Texas, California, and Arizona.

Watch out if you plan on working in Alaska, West Virginia, or Vermont. These states have the worst job growth for this type of profession.

Loan Officer Average Salary

The average yearly salary of a Loan Officer ranges between $31,870 and $132,080. A Loan Officer median salary is $63,040.

Salary Ranges for Loan Officers

How much do Loan Officers make in different U.S. states?

Annual Mean Salary by State
State Annual Mean Salary

New York

$103,450

District of Columbia

$95,000

Massachusetts

$94,540

Connecticut

$91,730

New Hampshire

$90,500

New Jersey

$85,540

Kansas

$84,320

Maryland

$84,240

Texas

$83,910

Nebraska

$81,740

Illinois

$81,620

Virginia

$80,440

Nevada

$80,290

Minnesota

$79,420

California

$78,940

Florida

$78,000

Oregon

$76,680

Missouri

$76,550

Maine

$76,340

Georgia

$75,060

Washington

$74,830

North Dakota

$74,330

Arkansas

$73,990

Wisconsin

$73,390

Hawaii

$72,790

North Carolina

$72,210

Ohio

$72,030

Alaska

$71,120

Colorado

$71,010

Delaware

$70,100

Wyoming

$69,530

Rhode Island

$69,500

South Carolina

$69,240

Pennsylvania

$68,280

Alabama

$67,860

Oklahoma

$67,810

Iowa

$67,580

Kentucky

$67,450

Indiana

$67,450

Vermont

$66,350

Mississippi

$65,360

Montana

$63,910

Tennessee

$63,810

New Mexico

$63,320

South Dakota

$63,230

Arizona

$62,430

Idaho

$60,810

Utah

$57,640

Louisiana

$56,190

West Virginia

$55,370

What Tools do Loan Officers Use?

Although they’re not necessarily needed for all jobs, the following technologies are used by many Loan Officers:

  • Common business oriented language COBOL
  • Microsoft Office
  • Tax software
  • Microsoft Outlook
  • Microsoft PowerPoint
  • Data entry software
  • Microsoft Excel
  • Microsoft Word
  • IBM Notes
  • Customer information control system CICS

How do I Become a Loan Officer?

What education is needed to be a Loan Officer?

Loan Officer Degree Level

How many years of work experience do I need?

Loan Officer Work Experience

Who Employs Loan Officers?

Loan Officer Sectors

Those interested in being a Loan Officer may also be interested in:

  • Financial Managers, Branch or Department

Are you already one of the many Loan Officers in the United States? If you’re thinking about changing careers, these fields are worth exploring:

  • Loan Counselors
  • Private Detectives and Investigators

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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