Loan Officers in Arkansas
Want to work as a Loan Officers in Arkansas? Here’s what the data says. 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.
What do Loan Officers Make in Arkansas?
For loan officers working in Arkansas, the median annual wage is $70,050 per year (or about $33.68/hour).Earnings range from $38,290 at the 10th percentile to $132,760 at the 90th percentile.
| Wage Statistic | Annual | Hourly |
|---|---|---|
| 10th percentile | $38,290 | $18.41 |
| 25th percentile | $49,600 | $23.85 |
| Median (50th) | $70,050 | $33.68 |
| 75th percentile | $105,140 | $50.55 |
| 90th percentile | $132,760 | $63.83 |
Location quotient — how concentrated this career is in Arkansas nationwide is 1.16, meaning that loan officers are more concentrated here than the national average.
National Wage Comparison
Nationally, loan officers earn a median of $79,088 per year ($38.02/hour), below the Arkansas median.
Employment Outlook
National employment for 299,565 loan officers in the U.S.. In Arkansas alone, around 2,810 people work in this role. That trails the typical state, which employs around 3,990 loan officers.
Top Arkansas Metros for Loan Officers
These are the Arkansas metros with the most loan officers in Arkansas.
| Metro Area | Number Employed | Annual Median Salary |
|---|---|---|
| Little Rock-North Little Rock-Conway, AR | 730 | $61,370 |
| Fayetteville-Springdale-Rogers, AR | 550 | $77,840 |
| Fort Smith, AR-OK | 200 | $76,500 |
| Jonesboro, AR | 100 | $74,740 |
| Hot Springs, AR | 90 | $78,460 |
Top States for Loan Officers Employment
These states have the highest employment of loan officers work.
| State | Number Employed |
|---|---|
| California | 27,420 |
| Texas | 24,070 |
| Florida | 19,750 |
| North Carolina | 11,890 |
| New York | 11,850 |
| Arizona | 11,420 |
| Michigan | 10,910 |
| Ohio | 10,340 |
| Illinois | 10,330 |
| Georgia | 9,480 |
| Virginia | 9,170 |
| Pennsylvania | 8,820 |
| Tennessee | 7,610 |
| Missouri | 7,000 |
| Minnesota | 6,950 |
| Washington | 6,480 |
| New Jersey | 5,690 |
| Alabama | 5,680 |
| Utah | 5,590 |
| Wisconsin | 5,020 |
Highest-Paying States for Loan Officers
The highest-paying states for loan officers.
| 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 |
Skills
The most important loan officers skills, rated on an importance scale of 0 to 5:
Knowledge Areas
Important knowledge areas for this occupation, rated on an importance scale of 0 to 5:
Abilities
Top abilities for loan officers, rated on an importance scale of 0 to 5:
Daily Tasks
Loan Officers typically:
- 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.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Handle customer complaints and take appropriate action to resolve them.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
Work Activities
- Getting Information
- Evaluating Information to Determine Compliance with Standards
- Establishing and Maintaining Interpersonal Relationships
- Processing Information
- Analyzing Data or Information
- Working with Computers
- Communicating with People Outside the Organization
- Making Decisions and Solving Problems
- Communicating with Supervisors, Peers, or Subordinates
- Organizing, Planning, and Prioritizing Work
- Updating and Using Relevant Knowledge
- Documenting/Recording Information
Tools & Technology
Technologies frequently used: Hot technologies: Microsoft Access, Microsoft Excel In-demand technologies: Microsoft Excel
What Major Will Prepare You For This Career?
Related college programs include:
- Finance & Financial Management
Featured schools near , edit
Related Careers
Careers similar to loan officers include:
- Financial Managers
- Accountants and Auditors
- Credit Analysts
- Financial and Investment Analysts
- Personal Financial Advisors
- Insurance Underwriters
Also Known As
Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Banker, Branch Lending Officer, Business Banker, Business Banking Officer, Commercial Banker, Commercial Lender, Commercial Loan Collection Officer, Commercial Loan Officer, Commercial Mortgage Broker, Commercial Relationship Manager, Consumer Lending Specialist.
References
- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics — https://www.bls.gov/oes/
- O*NET Online — https://www.onetonline.org/
- BLS Employment Projections — https://www.bls.gov/emp/
- O*NET-SOC code: 13-2072.00
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