Loan Officer

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.

• Supervise loan personnel.
• Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information.
• Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
• Meet with applicants to obtain information for loan applications and to answer questions about the process.
• Submit applications to credit analysts for verification and recommendation.

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.

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.

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.

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