What Does it Take to Be a Loan Officer?
Position 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.
List of Loan Officer Job Duties
- Petition courts to transfer titles and deeds of collateral to banks.
- Confer with underwriters to aid in resolving mortgage application problems.
- Handle customer complaints and take appropriate action to resolve them.
- Compute payment schedules.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
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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.
Types of Loan Officer
- Mortgage Loan Officer
- Portfolio Manager
- Loan Consultant
- Branch Account Executive
- Business Banking Officer
Loan Officer Employment Estimates
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. 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.
Average Loan Officers Salary
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.
How much do Loan Officers make in each U.S. state?
| 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
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
- 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
Becoming a Loan Officer
Learn what Loan Officer education requirements there are.
How Long Does it Take to Become a Loan Officer?
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 thinking about becoming a Loan Officer might also be interested in the following careers:
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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