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2021 Loan Officers Salary Guide

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.

Loan Officers Salary

Salary

$64K

Growth

3%

Bright Outlook

Average

Green

No

Loan Officers Job 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, loan underwriters, and payday loan officers.

Also known as:

Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer, Financial Counselor, Loan Counselor, Loan Officer, Mortgage Loan Officer

How Much Do Loan Officers Make ? 2021

Percentile 10% 25% 50% (Median) 75% 90%
Annual Wage $33,650 $45,540 $63,960 $93,490 $133,850
Hourly Wage $16.18 $21.89 $30.75 $44.95 $64.35

How Much Do Loan Officers Make ? 2021

Percentile
10%
25%
50% (Median)
75%
90%
Annual Wage
$33,650
$45,540
$63,960
$93,490
$133,850
Hourly Wage
$16.18
$21.89
$30.75
$44.95
$64.35

Loan Officers 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.
  • Review and update credit and loan files.
  • 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.
  • Supervise loan personnel.
  • 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.
  • 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.

What Activities Do Loan Officers Do?

  • Interview clients to gather financial information.
  • Assess financial status of clients.
  • Authorize financial actions.
  • Interpret financial information for others.
  • Submit financial applications.
  • Verify accuracy of financial information.
  • Maintain data in information systems or databases.
  • Gather financial records.
  • Examine financial records.
  • Develop financial plans for clients.
  • Correspond with customers to answer questions or resolve complaints.
  • Supervise employees.
  • Update professional knowledge.
  • Market products, services, or events.
  • Analyze market conditions or trends.
  • Compute debt repayment schedules.
  • Prepare financial documents, reports, or budgets.
  • Establish organizational guidelines or policies.

Typical Loan Officers Knowledge?

  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

What Are Typical Loan Officers Abilities?

  • Oral Expression - Communicating by speaking.
  • Written Comprehension - Reading and understanding what is written.
  • Oral Comprehension - Listening and understanding what people say.
  • Near Vision - Seeing details up close.
  • Written Expression - Communicating by writing.
  • Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
  • Speech Recognition - Recognizing spoken words.
  • Problem Sensitivity - Noticing when problems happen.
  • Deductive Reasoning - Using rules to solve problems.
  • Speech Clarity - Speaking clearly.

What Are Typical Loan Officers Skills? 2021

  • Active Listening - Listening to others, not interrupting, and asking good questions.
  • Speaking - Talking to others.
  • Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
  • Reading Comprehension - Reading work-related information.
  • Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
  • Writing - Writing things for co-workers or customers.

What Are Typical Loan Officers Interests?

  • Conventional - Occupations related to Conventional interests frequently involve following set procedures and routines. They include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
  • Enterprising - Occupations with Enterprising interests frequently involve starting up and carrying out projects. Many involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Social - Occupations with Social interests frequently involve working with, communicating with, and teaching people. Most involve helping or providing service to others.

What Is The Projected Employment For Loan Officers ? 2021

Location 2019 Employment 2029 Employment Percent change Annual projected job openings
United States 316,900 327,000 3% 24,200

What Is The Projected Employment For Loan Officers ? 2021

Location
2019 Employment
2029 Employment
Percent change
Annual projected job openings
United States
316,900
327,000
3%
24,200

What Is The Required Loan Officers Education & Experience? 2021

  • Bachelor's degree
  • No work experience
  • 1 to 12 months on-the-job training

Loan Officers Schools ?

School Program Name Location Length / Graduates
Abilene Christian University Finance, General Abilene, TX 4 years: 22
4 years: 36
Adelphi University Finance, General Garden City, NY 4 years: 24
More than 4 years: 0
Adrian College Finance, General Adrian, MI 4 years: 6
Alabama A & M University Finance, General Normal, AL 4 years: 7
Alabama State University Finance, General Montgomery, AL 4 years: 7
Alaska Pacific University Finance, General Anchorage, AK Less than one year: 1
More than 4 years: 1
Albertus Magnus College Finance, General New Haven, CT 4 years: 6
Albion College Finance, General Albion, MI 4 years: 0
Alexandria Technical & Community College Credit Management Alexandria, MN 2 years: 0
Alfred University Finance, General Alfred, NY 4 years: 8

Loan Officers Schools ?

School
Program Name
Location
Length / Graduates
Finance, General
Abilene, TX
4 years: 22
4 years: 36
Finance, General
Garden City, NY
4 years: 24
More than 4 years: 0
Finance, General
Adrian, MI
4 years: 6
Finance, General
Normal, AL
4 years: 7
Finance, General
Montgomery, AL
4 years: 7
Finance, General
Anchorage, AK
Less than one year: 1
More than 4 years: 1
Finance, General
New Haven, CT
4 years: 6
Finance, General
Albion, MI
4 years: 0
Credit Management
Alexandria, MN
2 years: 0
Finance, General
Alfred, NY
4 years: 8

Loan Officers Jobs Near Me .

Job Title Company Location Date Posted Federal Contractor
Accounting Manager- Reputable Bank in SF Robert Half International San Francisco, California 08/02/2021 Yes
Administrative Assistant DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES ANGLETON, Texas 08/02/2021 No
Administrative Assistant DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES CRYSTAL CITY, Texas 08/02/2021 No
Administrative Assistant DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES ROUND ROCK, Texas 08/02/2021 No
Administrative Assistant DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES DENTON, Texas 08/02/2021 No
Administrative Assistant - Bilingual DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES EDINBURG, Texas 08/02/2021 No
Administrative Associate II - Enrollment Reporting and Special Projects Coordinator SAM HOUSTON STATE UNIVERSITY HUNTSVILLE, Texas 08/02/2021 No
APP Cardiology Program Coordinator - NP or PA Centura Health Colorado Springs, Colorado 08/02/2021 Yes
Asset/Liability Analyst WSFS Bank Philadelphia, Pennsylvania 08/02/2021 No
Assistant Branch Manager - Montgomery County, PA WSFS Bank King of Prussia, Pennsylvania 08/02/2021 No

Loan Officers Jobs Near Me .

Location

Ridgefield, USA Philadelphia, PA Anaheim, CA Oakland, CA New York, NY Chicago, IL Westminster, CO Virtual, USA Seattle, WA San Francisco, CA Louisville, KY White Earth, MN San Jose, CA San Antonio, TX Salt Lake City, UT Plano, TX Phoenix, AZ Omaha, NE Ogden, UT Newark, DE Nashville, TN Minneapolis, MN Memphis, TN Marietta, OH Los Angeles, CA Las Vegas, NV Kyle, SD Irvine, CA Houston, TX Fort Wayne, IN Columbia, SC Carlsbad, TX Baltimore, MD Austin, TX Aurora, CO Yonkers, NY Wayzata, MN Washington, DC Virginia Beach, VA Tumwater, WA The Woodlands, TX Tempe, AZ Tampa, FL Tacoma, WA Summit, NJ Staten Island, NY Spokane, WA Southfield, MI Somerville, NJ Smyrna, GA San Diego, CA Saint Paul, MN Saginaw, MI Roxbury Township, NJ Round Rock, TX Round Lake Beach, IL Reynoldsburg, OH Red Bank, NJ Providence, UT Princeton, NJ Placentia, CA Pawtucket, RI Pasadena, TX Panama City, FL Pacific Palisades, CA Ocala, FL Northfield, NJ North Miami, FL Norfolk, VA Monticello, NY Mishawaka, IN Miami, FL Marlton, NJ Manchester, CT Madison, WI Lombard, IL Livonia, MI Littleton, CO Lineville, AL Lincoln, NE Lexington, KY Levelland, TX Las Cruces, NM Lakeway, TX La Quinta, CA Kissimmee, FL King Of Prussia, PA Jersey City, NJ Jacksonville, FL Irving, TX Independence, OH Huntsville, TX Herndon, VA Havertown, PA Greenwood Village, CO Greenwell Springs, LA Grand Junction, CO Germantown, TN Garden City, NY Fremont, CA Fort Worth, TX Fort Collins, CO Fitzgerald, GA Farmville, VA Edinburg, TX Eagan, MN Denton, TX Daytona Beach, FL Dallas, TX Culpeper, VA Crystal City, TX Columbus, OH Columbia, MD Colorado Springs, CO Collegeville, PA City Of Industry, CA Cheektowaga, NY Butler, NJ Burlington, NJ Buffalo, NY Broomfield, CO Brooklyn, NY Brigham City, UT Bloomington, MN Bloomington, IN Berwyn, PA Bemidji, MN Baton Rouge, LA Batavia, OH Baileys Crossroads, VA Avenel, NJ Atlantis, FL Atlanta, GA Annapolis, MD Angleton, TX Amarillo, TX Aberdeen, SD
More
Job Title
Company
Location
Date Posted
Federal Contractor
Robert Half International
San Francisco, California
08/02/2021
Yes
DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES
ANGLETON, Texas
08/02/2021
No
DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES
CRYSTAL CITY, Texas
08/02/2021
No
DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES
ROUND ROCK, Texas
08/02/2021
No
DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES
DENTON, Texas
08/02/2021
No
DEPARTMENT OF FAMILY AND PROTECTIVE SERVICES
EDINBURG, Texas
08/02/2021
No
SAM HOUSTON STATE UNIVERSITY
HUNTSVILLE, Texas
08/02/2021
No
Centura Health
Colorado Springs, Colorado
08/02/2021
Yes
WSFS Bank
Philadelphia, Pennsylvania
08/02/2021
No
WSFS Bank
King of Prussia, Pennsylvania
08/02/2021
No

Loan Officers 2021 Salary Guide By State

Common Careers