What Does it Take to Be a 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.
Life As a Loan Officer: What Do They Do?
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Stay abreast of new types of loans and other financial services and products to better meet customers’ needs.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
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What Skills Do You Need to Work as a Loan Officer?
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.
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 Examiner
- Bank Representative
- Consumer Loan Officer
- Loan Auditor
- Corporate Banking Officer
Are There Job Opportunities 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. 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 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 |
What Tools do Loan Officers Use?
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
- Experian Credinomics
- Moody’s KMV CreditEdge
- CGI-AMS BureauLink Enterprise
- Experian Strategy Management
- CGI-AMS CACS Enterprise
- CGI-AMS Strata
How to Become a Loan Officer
What education or degrees do I need to become a Loan Officer?
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.
You May Also Be Interested In…
Those interested in being a Loan Officer may also be interested in:
Career changers with experience as a Loan Officer sometimes find work in one of the following fields:
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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