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Loan Officer

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What Does it Take to Be a Loan Officer?

Occupation 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.

Life As a Loan Officer: What Do They Do?

  • Handle customer complaints and take appropriate action to resolve them.
  • Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Submit applications to credit analysts for verification and recommendation.
  • 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.

Things a Loan Officer Should Know How to Do

When polled, Loan Officers say the following skills are most frequently used in their jobs:

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.

  • Business Banking Officer
  • Small Business Banking Officer
  • Relationship Manager
  • Commercial Lender
  • Loan Reviewer

Job Opportunities for Loan Officers

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

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

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.

Loan Officer Salary

The typical yearly salary for Loan Officers is somewhere between $31,870 and $132,080.

Salary Ranges for Loan Officers

Loan Officers who work in New York, New Hampshire, or Nebraska, make the highest salaries.

How much do Loan Officers make 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?

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

Where do Loan Officers Work?

Loan Officer Sectors

The table below shows the approximate number of Loan Officers employed by various industries.

Loan Officer Industries

Other Jobs You May be Interested In

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

Those who work as a Loan Officer sometimes switch careers to one of these choices:

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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