Loan Officers
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.
- Overview
- Tasks
- Skills
Median Annual Wage: $62,620
Education: Bachelor's degree (32%); High school diploma or equivalent (20%); Some college, no degree (17%)
Projected Growth: Average (8% to 14%)
Related Job Titles: Loan Officer; Branch Manager; Commercial Banker; Commercial Loan Officer; Corporate Banking Officer; Portfolio Manager; Relationship Manager; Mortgage Loan Officer; Mortgage Loan Originator; Business Banking Officer
Source: O*NET OnLine information for Loan Officers.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- 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.
- Review and update credit and loan files.
- Submit applications to credit analysts for verification and recommendation.
- Compute payment schedules.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
Source: O*NET OnLine information for Loan Officers.
- Speaking - Talking to others to convey information effectively.
- Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
- Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- 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.
- Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
- Writing - Communicating effectively in writing as appropriate for the needs of the audience.
- Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Mathematics - Using mathematics to solve problems.
Source: O*NET OnLine information for Loan Officers.
