Loan Officers

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$65,740 Median Wage (2022)
25,300 Projected job openings (2022-2032)
2.90% Projected growth (2022-2032)

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.

Experience Requirements Overview

  • Job Zone Four: Considerable Preparation Needed
  • A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
  • Most of these occupations require a four-year bachelor's degree, but some do not.
  • Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Education, Training and Experience

Required Level of Education: Bachelor's Degree

Related Work Experience: Over 4 years, up to and including 6 years

On-Site or In-Plant Training: N.A.

On-the-Job Training: Over 6 months, up to and including 1 year

Detailed Work Activities

  • Verify application data to determine program eligibility.
  • Authorize financial actions.
  • Compute debt repayment schedules.
  • Confer with others about financial matters.
  • Correspond with customers to answer questions or resolve complaints.

Work Values

Independence

Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.

Achievement

Working Conditions

Recognition

Relationships

Support

Tasks

  • 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.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Compute payment schedules.
  • Supervise loan personnel.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
  • Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
  • Authorize or sign mail collection letters.
  • Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
  • Confer with underwriters to resolve mortgage application problems.
  • Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
  • Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
  • Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
  • Inform individuals and groups about the financial assistance available to college or university students.
  • Maintain and review account records, updating and recategorizing them according to status changes.
  • Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations.
  • Review accounts to determine write-offs for collection agencies.
  • Review billing for accuracy.

Work Styles

Social Orientation

Job requires preferring to work with others rather than alone, and being personally connected with others on the job.

Achievement/Effort

Persistence

Initiative

Leadership

Cooperation

Concern for Others

Self-Control

Stress Tolerance

Adaptability/Flexibility

Dependability

Attention to Detail

Integrity

Independence

Innovation

Analytical Thinking

Data Source: This page includes information from the O*NET 28.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. This page includes Employment Projections program, Occupational Employment and Wage Statistics program, U.S. Bureau of Labor Statistics.