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.
- Review and update credit and loan files.
- Submit applications to credit analysts for verification and recommendation.
- Handle customer complaints and take appropriate action to resolve them.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- 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.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Supervise loan personnel.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Compute payment schedules.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Review and update credit and loan files.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- 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.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Subject areas you may need to master.
- 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.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- History and Archeology - Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
- Transportation - Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
- 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.
- 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.
- 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.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- 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.
- 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.
- Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
- 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.
- 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.
- 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.
- 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.
- 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.
- Fine Arts - Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
- Biology - Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
- 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.
- 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.
- 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.
- Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- Design - Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
- 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.
- 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.
- 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.
Strengths you may need in this role.
- Learning Strategies - Using the best training or teaching strategies for learning new things.
- Negotiation - Bringing people together to solve differences.
- Time Management - Managing your time and the time of other people.
- Quality Control Analysis - Testing how well a product or service works.
- Mathematics - Using math to solve problems.
- Science - Using scientific rules and strategies to solve problems.
- Complex Problem Solving - Noticing a problem and figuring out the best way to solve it.
- Operations Monitoring - Watching gauges, dials, or display screens to make sure a machine is working.
- Management of Personnel Resources - Selecting and managing the best workers for a job.
- Monitoring - Keeping track of how well people and/or groups are doing in order to make improvements.
- Coordination - Changing what is done based on other people's actions.
- Technology Design - Making equipment and technology useful for customers.
- Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
- Social Perceptiveness - Understanding people's reactions.
- Systems Evaluation - Measuring how well a system is working and how to improve it.
- 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.
- Service Orientation - Looking for ways to help people.
- Management of Material Resources - Managing equipment and materials.
- Systems Analysis - Figuring out how a system should work and how changes in the future will affect it.
- Reading Comprehension - Reading work-related information.
- Troubleshooting - Figuring out what is causing equipment, machines, wiring, or computer programs to not work.
- Instructing - Teaching people how to do something.
- Installation - Installing equipment, machines, wiring, or computer programs.
- Repairing - Repairing machines or systems using the right tools.
- Management of Financial Resources - Making spending decisions and keeping track of what is spent.
- Active Listening - Listening to others, not interrupting, and asking good questions.
- Writing - Writing things for co-workers or customers.
- Active Learning - Figuring out how to use new ideas or things.
- Programming - Writing computer programs.
- Operations Analysis - Figuring out what a product or service needs to be able to do.
- Operation and Control - Using equipment or systems.
- Persuasion - Talking people into changing their minds or their behavior.
- Equipment Maintenance - Planning and doing the basic maintenance on equipment.
- Speaking - Talking to others.
- Speed of Limb Movement - Quickly moving your arms and legs.
- Hearing Sensitivity - Telling the difference between sounds.
- Glare Sensitivity - Seeing something even if there is a glare or very bright light.
- Speech Recognition - Recognizing spoken words.
- Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
- Deductive Reasoning - Using rules to solve problems.
- Written Comprehension - Reading and understanding what is written.
- Problem Sensitivity - Noticing when problems happen.
- Finger Dexterity - Putting together small parts with your fingers.
- Gross Body Equilibrium - Keeping your balance or staying upright.
- Visualization - Imagining how something will look after it is moved around or changed.
- Far Vision - Seeing details that are far away.
- Depth Perception - Deciding which thing is closer or farther away from you, or deciding how far away it is from you.
- Visual Color Discrimination - Noticing the difference between colors, including shades and brightness.
- Night Vision - Seeing at night or under low light.
- Explosive Strength - Jumping, sprinting, or throwing something.
- Near Vision - Seeing details up close.
- Sound Localization - Noticing the direction that a sound came from.
- Written Expression - Communicating by writing.
- Information Ordering - Ordering or arranging things.
- Time Sharing - Doing two or more things at the same time.
- Oral Comprehension - Listening and understanding what people say.
- Response Orientation - Quickly deciding if you should move your hand, foot, or other body part.
- Speed of Closure - Quickly knowing what you are looking at.
- Number Facility - Adding, subtracting, multiplying, or dividing.
- Static Strength - Lifting, pushing, pulling, or carrying.
- Multilimb Coordination - Using your arms and/or legs together while sitting, standing, or lying down.
- Dynamic Strength - Exercising for a long time without your muscles getting tired.
- Arm-Hand Steadiness - Keeping your arm or hand steady.
- Wrist-Finger Speed - Making fast, simple, repeated movements of your fingers, hands, and wrists.
- Flexibility of Closure - Seeing hidden patterns.
- Manual Dexterity - Holding or moving items with your hands.
- Gross Body Coordination - Moving your arms, legs, and mid-section together while your whole body is moving.
- Reaction Time - Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.
- Peripheral Vision - Seeing something to your side when your are looking ahead.
- Speech Clarity - Speaking clearly.
- Auditory Attention - Paying attention to one sound while there are other distracting sounds.
- Oral Expression - Communicating by speaking.
- Trunk Strength - Using your lower back and stomach.
- Selective Attention - Paying attention to something without being distracted.
- Spatial Orientation - Knowing where things are around you.
- 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.
- Originality - Creating new and original ideas.
- Mathematical Reasoning - Choosing the right type of math to solve a problem.
- Memorization - Remembering words, numbers, pictures, or steps.
- Fluency of Ideas - Coming up with lots of ideas.
- Category Flexibility - Grouping things in different ways.
- Perceptual Speed - Quickly comparing groups of letters, numbers, pictures, or other things.
- Rate Control - Changing when and how fast you move based on how something else is moving.
- Stamina - Exercising for a long time without getting out of breath.
- Dynamic Flexibility - Quickly and repeatedly bending, stretching, twisting, or reaching out 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")