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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

$63.3K

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 $32,560 $44,840 $63,270 $92,960 $132,680
Hourly Wage $15.65 $21.56 $30.42 $44.69 $63.79

How Much Do Loan Officers Make ? 2021

Percentile
10%
25%
50% (Median)
75%
90%
Annual Wage
$32,560
$44,840
$63,270
$92,960
$132,680
Hourly Wage
$15.65
$21.56
$30.42
$44.69
$63.79

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

What Are Typical Loan Officers Skills? 2021

  • Speaking - Talking to others.
  • Active Listening - Listening to others, not interrupting, and asking good questions.
  • 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 Jobs Near Me .

Job Title Company Location Date Posted Federal Contractor

Loan Officers Jobs Near Me .

Loan Officers 2021 Salary Guide By State

Common Careers