What You Need to Know About 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.
Loan Officer Responsibilities
- Supervise loan personnel.
- Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
- Confer with underwriters to aid in resolving mortgage application problems.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Stay abreast of new types of loans and other financial services and products to better meet customers’ needs.
Qualities of a Loan Officer
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:
- Loan Approver
- Mortgage Originator
- Business Banker
- Loan Specialist
Job Demand 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. Due to new job openings and attrition, there will be an average of 30,400 job openings in this field each 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 salary for Loan Officers ranges between about $31,870 and $132,080 a year.
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|
|District of Columbia||$95,000|
What Tools do Loan Officers Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Loan Officers:
- 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 or degrees do I need to become a Loan Officer?
What work experience do I need to become a Loan Officer?
Who Employs Loan Officers?
Loan Officers work in the following industries:
You May Also Be Interested In…
Those thinking about becoming a Loan Officer might also be interested in the following careers:
Career changers with experience as a Loan Officer sometimes find work in one of the following fields:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
Featured Accounting / Finance Schools
|Request Info||Southern New Hampshire University You have goals. Southern New Hampshire University can help you get there. Whether you need a bachelor's degree to get into a career or want a master's degree to move up in your current career, SNHU has an online program for you. Find your degree from over 200 online programs. Learn More >|