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Loan Officer

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What is a Loan Officer?

Occupation 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.

Loan Officer Responsibilities

  • Handle customer complaints and take appropriate action to resolve them.
  • Provide special services such as investment banking for clients with more specialized needs.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.

Qualities of 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.

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

  • Branch Banker
  • Loan Service Officer
  • Mortgage Specialist
  • Consumer Lending Specialist
  • Personal Loan Specialist

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. Due to new job openings and attrition, there will be an average of 30,400 job openings in this field each year.

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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.

Average Loan Officers Salary

Loan Officers make between $31,870 and $132,080 a year.

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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?

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
  • CGI-AMS BureauLink Enterprise
  • Experian Credinomics
  • Moody’s KMV CreditEdge
  • Harland Financial Solutions DecisionPro
  • Fair Isaac Falcon ID
  • Fannie Mae Desktop Underwriter

How to Become a Loan Officer

Learn what Loan Officer education requirements there are.

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How Long Does it Take to Become a Loan Officer?

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Loan Officers Sector

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Loan Officers work in the following industries:

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Those who work as a Loan Officer sometimes switch careers to one of these choices:

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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