Loan Officers: Career Overview
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, loan underwriters, and payday loan officers.
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What Do Loan Officers Take On?
The day-to-day responsibilities of loan officers cover:
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Review and update credit and loan files.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
What Loan Officers Need to Know
Successful loan officers draw on a mix of skills and domain knowledge.
Top Skills
The competencies most important for this role, rated on an importance scale of 0 to 5:
Knowledge Areas
Related Job Titles
Common job titles for this role include:
- Agricultural Loan Officer
- Bank Officer
- Bank Representative
- Banking Services Officer
- Branch Banker
- Branch Lending Officer
- Business Banker
- Business Banking Officer
How Many Loan Officers Are There?
There are roughly 299,565 loan officers working in the United States today. This occupation is expected to grow by +0.6% over the projection horizon.
How Much Do Loan Officers Make?
| Statistic | Value |
|---|---|
| Annual median | $79,088 |
| Hourly median | $38.02 |
| 10th percentile | $56,899 |
| 25th percentile | $67,994 |
| 75th percentile | $90,182 |
| 90th percentile | $101,277 |
Wages vary widely based on experience, location, and industry.
How Much Do Loan Officers Make in Different U.S. States?
| State | Annual median salary |
|---|---|
| District of Columbia | $102,200 |
| New York | $98,940 |
| New Jersey | $95,090 |
| Massachusetts | $93,430 |
| Vermont | $86,490 |
| Minnesota | $84,480 |
| North Dakota | $82,990 |
| Kansas | $82,540 |
| Delaware | $80,760 |
| Iowa | $80,070 |
| Colorado | $79,800 |
| Virginia | $79,600 |
| California | $79,580 |
| Wisconsin | $79,230 |
| New Hampshire | $78,670 |
| South Dakota | $78,590 |
| Maine | $78,040 |
| Connecticut | $77,580 |
| Rhode Island | $77,460 |
| Washington | $77,040 |
| Wyoming | $76,460 |
| Illinois | $75,960 |
| North Carolina | $75,820 |
| Nebraska | $75,730 |
| Oregon | $74,720 |
| Maryland | $73,340 |
| Missouri | $72,730 |
| New Mexico | $72,690 |
| Michigan | $72,680 |
| Georgia | $72,250 |
| Indiana | $71,400 |
| Florida | $71,340 |
| Hawaii | $70,280 |
| Arkansas | $70,050 |
| Ohio | $69,220 |
| Kentucky | $68,600 |
| Montana | $65,960 |
| Oklahoma | $65,720 |
| Alaska | $65,160 |
| Idaho | $64,380 |
| Texas | $63,770 |
| Tennessee | $63,160 |
| South Carolina | $61,690 |
| Pennsylvania | $61,470 |
| Utah | $60,870 |
| Alabama | $60,750 |
| Mississippi | $59,950 |
| Nevada | $58,400 |
| Louisiana | $57,320 |
| Arizona | $53,760 |
| West Virginia | $49,550 |
| Puerto Rico | $35,400 |
Pay by U.S. Region
Compensation for loan officers differ across the country. The following regions pay the most:
| Region | Median annual wage | Share of U.S. jobs | Location quotient |
|---|---|---|---|
| New England | $84,089 | 3.9% | 0.89 |
| Middle Atlantic | $84,054 | 11.0% | 0.76 |
| Plains States | $79,275 | 9.3% | 1.39 |
| Far Western US | $76,875 | 14.4% | 0.87 |
| Great Lakes | $73,282 | 14.1% | 1.02 |
| Southeast | $69,594 | 27.9% | 1.15 |
| Rocky Mountains | $67,928 | 4.7% | 1.36 |
| Southwest | $61,407 | 14.0% | 1.24 |
Highest-Paying Metro Areas for Loan Officers
| Metro area | State | Median annual wage | Employment |
|---|---|---|---|
| Elmira, NY | NY | $106,430 | 40 |
| New York-Newark-Jersey City, NY-NJ | NY | $102,540 | 11,250 |
| Des Moines-West Des Moines, IA | IA | $97,000 | 1,050 |
| Salinas, CA | CA | $95,960 | 150 |
| New Haven, CT | CT | $95,910 | 270 |
| Iowa City, IA | IA | $95,180 | 130 |
| Boston-Cambridge-Newton, MA-NH | MA | $94,850 | 3,320 |
| Barnstable Town, MA | MA | $94,850 | 90 |
Which Industries Hire Loan Officers
The bulk of loan officers are found across these industries:
| Industry | Employment | Median annual wage |
|---|---|---|
| Finance and Insurance | 244,580 | $73,640 |
| Management of Companies and Enterprises | 12,350 | $75,750 |
| Retail Trade | 11,550 | $101,630 |
| Real Estate and Rental and Leasing | 5,070 | $95,460 |
| Professional, Scientific, and Technical Services | 5,040 | $66,970 |
| Educational Services | 2,490 | $57,100 |
| Administrative and Support and Waste Management and Remediation Services | 1,350 | n/a |
| Other Services (except Public Administration) | 690 | $68,450 |
Loan Officers work in the following industries:
Software Loan Officers Use
- Data base user interface and query software: Microsoft Access (hot technology)
- Spreadsheet software: Microsoft Excel (hot technology)
- Office suite software: Microsoft Office software (hot technology)
- Electronic mail software: Microsoft Outlook (hot technology)
- Presentation software: Microsoft PowerPoint (hot technology)
- Word processing software: Microsoft Word (hot technology)
- Enterprise resource planning ERP software: Oracle PeopleSoft (hot technology)
- Enterprise resource planning ERP software: SAP software (hot technology)
- Video conferencing software: Zoom (hot technology)
The Day-to-Day Environment
The work environment for loan officers is shaped by the following characteristics:
- Indoors, Environmentally Controlled
- Telephone Conversations
- Face-to-Face Discussions with Individuals and Within Teams
- Contact With Others
Getting Started in This Career
Typical loan officers positions require a bachelor’s degree as the typical entry-level education. This occupation sits in Considerable Preparation Needed (Job Zone 4), indicating the level of preparation typically expected.
Similar Occupations
Similar Occupations
- Financial Managers (Primary-Long)
- Accountants and Auditors (Supplemental)
- Credit Analysts (Primary-Short)
- Financial and Investment Analysts (Primary-Long)
- Personal Financial Advisors (Primary-Short)
- Insurance Underwriters (Supplemental)
- Financial Examiners (Supplemental)
- Credit Counselors (Primary-Short)
Top Programs to Study For This Career
Aspiring loan officers typically earn programs in:
Business, Management, Marketing, and Related Support Services
2 programs across 1 majors
About the Data
This profile draws on the following authoritative sources:
- U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OEWS) for employment and wage data by state and industry.
- BLS Employment Projections for total employment and growth forecasts.
- O*NET (Occupational Information Network) for skills, knowledge, tasks, work activities, work context, technology, and education-zone data.
SOC code: 13-2072.00 (Loan Officers).
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