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, 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
Wages
Annual wages for Loan Officers in United States
Job Outlook
Below Average
New job opportunities are less likely in the future
United States
2034 Projected Employment
306,500
2% Change From 2024
Explore Loan Officers video
Tasks you might complete in a day.
- Handle customer complaints and take appropriate action to resolve them.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- 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.
- Review and update credit and loan files.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Compute payment schedules.
- Review and update credit and loan files.
- Supervise loan personnel.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- 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.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Review loan agreements to ensure that they are complete and accurate according to policy.
Subject areas you may need to master.
- Medicine and Dentistry - Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
- Public Safety and Security - Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.
- History and Archeology - Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
- Chemistry - Knowledge of the chemical composition, structure, and properties of substances and of the chemical processes and transformations that they undergo. This includes uses of chemicals and their interactions, danger signs, production techniques, and disposal methods.
- Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
- Engineering and Technology - Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Geography - Knowledge of principles and methods for describing the features of land, sea, and air masses, including their physical characteristics, locations, interrelationships, and distribution of plant, animal, and human life.
- Transportation - Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
- Foreign Language - Knowledge of the structure and content of a foreign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Telecommunications - Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.
- Communications and Media - Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.
- Fine Arts - Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
- Building and Construction - Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
- Personnel and Human Resources - Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
- Psychology - Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
- Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
- Philosophy and Theology - Knowledge of different philosophical systems and religions. This includes their basic principles, values, ethics, ways of thinking, customs, practices, and their impact on human culture.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, and rules of composition and grammar.
- 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.
- Mechanical - Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
- Biology - Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
- 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.
- Food Production - Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.
- Administrative - Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
- Design - Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
- Physics - Knowledge and prediction of physical principles, laws, their interrelationships, and applications to understanding fluid, material, and atmospheric dynamics, and mechanical, electrical, atomic and sub-atomic structures and processes.
- Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- Sociology and Anthropology - Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.
- Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
- Therapy and Counseling - Knowledge of principles, methods, and procedures for diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and for career counseling and guidance.
- Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Strengths you may need in this role.
- Negotiation - Bringing people together to solve differences.
- Time Management - Managing your time and the time of other people.
- Mathematics - Using math to solve problems.
- Science - Using scientific rules and strategies to solve problems.
- Learning Strategies - Using the best training or teaching strategies for learning new things.
- Operations Monitoring - Watching gauges, dials, or display screens to make sure a machine is working.
- Complex Problem Solving - Noticing a problem and figuring out the best way to solve it.
- Monitoring - Keeping track of how well people and/or groups are doing in order to make improvements.
- Technology Design - Making equipment and technology useful for customers.
- Management of Personnel Resources - Selecting and managing the best workers for a job.
- Coordination - Changing what is done based on other people's actions.
- Quality Control Analysis - Testing how well a product or service works.
- Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
- Systems Analysis - Figuring out how a system should work and how changes in the future will affect it.
- Service Orientation - Looking for ways to help people.
- Management of Material Resources - Managing equipment and materials.
- Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
- Equipment Selection - Deciding what kind of tools and equipment are needed to do a job.
- Reading Comprehension - Reading work-related information.
- Systems Evaluation - Measuring how well a system is working and how to improve it.
- Social Perceptiveness - Understanding people's reactions.
- Active Learning - Figuring out how to use new ideas or things.
- Operation and Control - Using equipment or systems.
- Active Listening - Listening to others, not interrupting, and asking good questions.
- Speaking - Talking to others.
- Programming - Writing computer programs.
- Instructing - Teaching people how to do something.
- Equipment Maintenance - Planning and doing the basic maintenance on equipment.
- Management of Financial Resources - Making spending decisions and keeping track of what is spent.
- Operations Analysis - Figuring out what a product or service needs to be able to do.
- Troubleshooting - Figuring out what is causing equipment, machines, wiring, or computer programs to not work.
- Persuasion - Talking people into changing their minds or their behavior.
- Installation - Installing equipment, machines, wiring, or computer programs.
- Repairing - Repairing machines or systems using the right tools.
- Writing - Writing things for co-workers or customers.
- Written Comprehension - Reading and understanding what is written.
- Deductive Reasoning - Using rules to solve problems.
- Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
- Visualization - Imagining how something will look after it is moved around or changed.
- Near Vision - Seeing details up close.
- Finger Dexterity - Putting together small parts with your fingers.
- Far Vision - Seeing details that are far away.
- Speed of Limb Movement - Quickly moving your arms and legs.
- Visual Color Discrimination - Noticing the difference between colors, including shades and brightness.
- Night Vision - Seeing at night or under low light.
- Problem Sensitivity - Noticing when problems happen.
- Gross Body Equilibrium - Keeping your balance or staying upright.
- Depth Perception - Deciding which thing is closer or farther away from you, or deciding how far away it is from you.
- Hearing Sensitivity - Telling the difference between sounds.
- Speech Recognition - Recognizing spoken words.
- Explosive Strength - Jumping, sprinting, or throwing something.
- Glare Sensitivity - Seeing something even if there is a glare or very bright light.
- Sound Localization - Noticing the direction that a sound came from.
- Speed of Closure - Quickly knowing what you are looking at.
- Number Facility - Adding, subtracting, multiplying, or dividing.
- Oral Comprehension - Listening and understanding what people say.
- Time Sharing - Doing two or more things at the same time.
- Manual Dexterity - Holding or moving items with your hands.
- Reaction Time - Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.
- Flexibility of Closure - Seeing hidden patterns.
- Arm-Hand Steadiness - Keeping your arm or hand steady.
- Dynamic Strength - Exercising for a long time without your muscles getting tired.
- Wrist-Finger Speed - Making fast, simple, repeated movements of your fingers, hands, and wrists.
- Response Orientation - Quickly deciding if you should move your hand, foot, or other body part.
- Gross Body Coordination - Moving your arms, legs, and mid-section together while your whole body is moving.
- Written Expression - Communicating by writing.
- Information Ordering - Ordering or arranging things.
- Multilimb Coordination - Using your arms and/or legs together while sitting, standing, or lying down.
- Static Strength - Lifting, pushing, pulling, or carrying.
- Peripheral Vision - Seeing something to your side when your are looking ahead.
- Speech Clarity - Speaking clearly.
- Fluency of Ideas - Coming up with lots of ideas.
- Mathematical Reasoning - Choosing the right type of math to solve a problem.
- Originality - Creating new and original ideas.
- Oral Expression - Communicating by speaking.
- Category Flexibility - Grouping things in different ways.
- Perceptual Speed - Quickly comparing groups of letters, numbers, pictures, or other things.
- Spatial Orientation - Knowing where things are around you.
- Selective Attention - Paying attention to something without being distracted.
- Trunk Strength - Using your lower back and stomach.
- Stamina - Exercising for a long time without getting out of breath.
- Auditory Attention - Paying attention to one sound while there are other distracting sounds.
- Dynamic Flexibility - Quickly and repeatedly bending, stretching, twisting, or reaching out with your body, arms, and/or legs.
- Memorization - Remembering words, numbers, pictures, or steps.
- Rate Control - Changing when and how fast you move based on how something else is moving.
- Control Precision - Quickly changing the controls of a machine, car, truck or boat.
- Extent Flexibility - Bending, stretching, twisting, or reaching with your body, arms, and/or legs.
Average Education Attained
Highest level of education earned by people in this career.
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Content sourced from United States Department of Labor Employment and Training Administration ("DOLETA") and the Minnesota Department of Employment & Economic Development ("DEED")