What is a Loan Officer?
Loan Officer Example 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
- Submit applications to credit analysts for verification and recommendation.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Supervise loan personnel.
- Arrange for maintenance and liquidation of delinquent properties.
- Handle customer complaints and take appropriate action to resolve them.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
What Skills Do You Need to Work as a Loan Officer?
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
- Personal Loan Specialist
- Consumer Loan Officer
- Loan Counselor
- Mortgage Banker
- Bank Representative
Job Outlook 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.
Do Loan Officers Make A Lot Of Money?
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|
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
- 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?
Are there Loan Officers education requirements?
How Long Does it Take to Become a Loan Officer?
Loan Officers Sector
The table below shows some of the most common industries where those employed in this career field work.
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:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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