What is a Loan Officer?
Example of 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?
- Supervise loan personnel.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Arrange for maintenance and liquidation of delinquent properties.
- Submit applications to credit analysts for verification and recommendation.
- Review and update credit and loan files.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
Things a Loan Officer Should Know How to Do
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.
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 Jobs
- Loan Consultant
- Agricultural Loan Officer
- Real Estate Loan Officer
- Loan Auditor
- Mortgage Banker
Is There 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. 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 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|
|District of Columbia||$95,000|
What Tools & Technology do Loan Officers Use?
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 to Become a Loan Officer
What education or degrees do I need to become a Loan Officer?
How many years of work experience do I need?
Where Loan Officers Are Employed
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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