What Do Loan Officer Do?
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.
Life As a Loan Officer: What Do They Do?
- Negotiate payment arrangements with customers who have delinquent loans.
- Confer with underwriters to aid in resolving mortgage application problems.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Provide special services such as investment banking for clients with more specialized needs.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
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What Every Loan Officer Should Know
These are the skills Loan Officers say are the most useful in their careers:
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.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
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.
Other Loan Officer Job Titles
- Loan Interviewer
- Home Lending Advisor
- Branch Account Manager
- Branch Banker
- Mortgage Specialist
Loan Officer Job Outlook
In the United States, there were 318,600 jobs for Loan Officer in 2016. 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. The BLS estimates 30,400 yearly job openings in this field.
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 Average Salary
Loan Officers make between $31,870 and $132,080 a year.
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
- Experian Credinomics
- Moody’s KMV CreditEdge
- CGI-AMS BureauLink Enterprise
- Experian Strategy Management
- CGI-AMS CACS Enterprise
- CGI-AMS Strata
Becoming a Loan Officer
Education needed to be a Loan Officer:
What work experience do I need to become a Loan Officer?
Where do Loan Officers Work?
The table below shows some of the most common industries where those employed in this career field work.
Other Jobs You May be Interested In
Those interested in being a Loan Officer may also be interested in:
Are you already one of the many Loan Officer in the United States? If you’re thinking about changing careers, these fields are worth exploring:
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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