What is a Loan Officer?
Career 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?
- Interview, hire, and train new employees.
- Provide special services such as investment banking for clients with more specialized 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.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Petition courts to transfer titles and deeds of collateral to banks.
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What Skills Do You Need to Work as a Loan Officer?
When polled, Loan Officers say the following skills are most frequently used in their jobs:
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
- Lender
- Real Estate Loan Officer
- Branch Manager
- Mortgage Underwriter
- Business Banker
Loan Officer Job Outlook
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. Due to new job openings and attrition, there will be an average of 30,400 job openings in this field each 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 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 |
What Tools 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
- LexisNexis
- 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?
Individuals working as a Loan Officer have obtained the following education levels:
What work experience do I need to become a Loan Officer?
Where Loan Officers Work
The table below shows the approximate number of Loan Officers employed by various industries.
Similar Careers
Those thinking about becoming a Loan Officer might also be interested in the following careers:
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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