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.
Related Job Titles
- 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.
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.
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|
|District of Columbia||$95,000|
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
- 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?
How many years of work experience do I need?
Where do Loan Officers Work?
The table below shows the approximate number of Loan Officers employed by various 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:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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