Loan Officers
SOC: 13-2072.00

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.


National Salary Information:

Hourly Statistics:

Annual Statistics:

Source: Bureau of Labor Statistics 2015 wage data.


Employment Projections:

Employment (2014):
303,200 employed

Projected (2024):
327,700 employed

Projected growth (2014-2024)


Source: Bureau of Labor Statistics 2015 2014-2024 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.


Alternate Titles:

  • Agricultural Loan Officer
  • Bank Officer
  • Bank Representative
  • Banking Services Officer
  • Branch Account Executive
  • Branch Account Manager
  • Branch Banker
  • Branch Lending Officer
  • Branch Manager
  • Business Banker
  • Business Banking Officer
  • Commercial Banker
  • Commercial Lender
  • Commercial Loan Collection Officer
  • Commercial Loan Officer
  • Commercial Mortgage Broker
  • Consumer Loan Officer
  • Corporate Banking Officer
  • Farm Loan Representative
  • Home Lending Officer
  • Lender
  • Loan Administrator
  • Loan Adviser
  • Loan Analyst
  • Loan Approver
  • Loan Auditor
  • Loan Consultant
  • Loan Coordinator
  • Loan Counselor
  • Loan Examiner
  • Loan Interviewer
  • Loan Officer
  • Loan Originator
  • Loan Reviewer
  • Loan Service Officer
  • Loan Specialist
  • Loan Supervisor
  • Loan Workout Officer
  • Mortgage Banker
  • Mortgage Broker
  • Mortgage Consultant
  • Mortgage Loan Officer
  • Mortgage Loan Originator
  • Mortgage or Loan Underwriter
  • Mortgage Originator
  • Mortgage Specialist
  • Mortgage Underwriter
  • Personal Banking Officer
  • Personal Loan Specialist
  • Portfolio Manager
  • Real Estate Loan Officer
  • Real Estate Officer
  • Relationship Manager
  • Small Business Banking Officer


  • Job Zone Three: Medium Preparation Needed

    Experience:

    Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.

    Education:

    Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.

    Job Training:

    Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.


    Required Skills:

  • Reading Comprehension
  • Active Listening
  • Writing
  • Speaking
  • Mathematics
  • Critical Thinking
  • Active Learning
  • Learning Strategies
  • Monitoring
  • Social Perceptiveness
  • Coordination
  • Persuasion
  • Negotiation
  • Instructing
  • Service Orientation
  • Complex Problem Solving
  • Operations Analysis
  • Technology Design
  • Programming
  • Operation Monitoring
  • Judgment and Decision Making
  • Systems Analysis
  • Systems Evaluation
  • Time Management
  • Management of Financial Resources
  • Management of Material Resources
  • Management of Personnel Resources

  • Knowledge Used:

  • Administration and Management
  • Clerical
  • Economics and Accounting
  • Sales and Marketing
  • Customer and Personal Service
  • Personnel and Human Resources
  • Production and Processing
  • Computers and Electronics
  • Design
  • Building and Construction
  • Mathematics
  • Psychology
  • Sociology and Anthropology
  • Geography
  • Therapy and Counseling
  • Education and Training
  • English Language
  • Foreign Language
  • History and Archeology
  • Public Safety and Security
  • Law and Government
  • Telecommunications
  • Communications and Media


  • Tasks:

  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • 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.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Review and update credit and loan files.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Compute payment schedules.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Submit applications to credit analysts for verification and recommendation.
  • Handle customer complaints and take appropriate action to resolve them.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Confer with underwriters to aid in resolving mortgage application problems.
  • Negotiate payment arrangements with customers who have delinquent loans.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Supervise loan personnel.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
  • Provide special services such as investment banking for clients with more specialized needs.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Arrange for maintenance and liquidation of delinquent properties.
  • Interview, hire, and train new employees.
  • Petition courts to transfer titles and deeds of collateral to banks.

  • Tools & Technology:

  • Desktop computers
  • Notebook computers
  • Personal computers
  • Personal digital assistants PDA
  • Scanners
  • Tablet computers
  • Amortization loan software
  • Bankers Systems Rembrandt Lending System
  • Bottom Line LoanMaster Loan Servicing
  • California Infinite LPS
  • Calyx Point
  • CGI-AMS BureauLink Enterprise
  • CGI-AMS CACS Enterprise
  • CGI-AMS Strata
  • Click1003 Online Mortgage Application
  • Credit and risk analysis software
  • Credit fraud detection software
  • Credit underwriting software
  • Delphi Discovery
  • Dun and Bradstreet Global DecisionMaker
  • Dynamic Loanledger
  • eCredit Enterprise
  • Ellie Mae Contour
  • Ellie Mae Genesis
  • eOriginal eCore Business Suite
  • Equifax Advanced Decisioning
  • Equifax Application Engine
  • Equifax InterConnect
  • Experian Credinomics
  • Experian Detect
  • Experian FraudShield
  • Experian Quest
  • Experian Retention Triggers
  • Experian Strategy Management
  • Experian Transact SM
  • Fair Isaac Application Risk Model Software
  • Fair Isaac Capstone Decision Manager
  • Fair Isaac Falcon ID
  • Fannie Mae Desktop Underwriter
  • FAS Loan Service Plus
  • Financial Industry Computer Systems Loan Accountant
  • Financial Industry Computer Systems Loan Originator
  • Financial Industry Computer Systems Loan Producer
  • FinEng Solutions software
  • Freddie Mac Loan Prospector
  • Harland Financial Solutions DecisionPro
  • Harland Interlinq MortgageWare
  • IA Systems StreamLend
  • Indus Lending Solutions
  • Integra Destiny Loan Origination
  • LA PRO Loan Administrator Pro
  • LawFirm Software 1003 Uniform Residential Loan Application Software
  • LawFirm Software Loan Origination Software
  • Loan application processing software
  • Microsoft Excel
  • Microsoft Office software
  • Microsoft PowerPoint
  • Microsoft Word
  • Moody's KMV CreditEdge
  • Moody's KMV Decisions
  • Moody's KMV Financial Analyst
  • Moody's KMV Risk Advisor
  • Moody's KMV Risk Analyst
  • Opportunity management system OMS software
  • Plimus Loan Artist
  • QuikDraw Loan Management System
  • RealBenefits Amortization Loan
  • Technicost LOS
  • The Mortgage Office Loan Origination
  • The Mortgage Office Loan Servicing
  • TrueClose Loan Origination software
  • VueCentric MortgageDashboard
  • Web browser software
  • White Clarke North America Credit Adjudication and Lending Management
  • Wolters Kluwer Financial Services ComplianceOne


  • business and financial operations


    industry stats

    SOC: 13-0000

    Total Employed: 7,032,560

    Average Annual Salary: $73,800