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.
- 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.
- Handle customer complaints and take appropriate action to resolve them.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Review and update credit and loan files.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Review and update credit and loan files.
- Supervise loan personnel.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Compute payment schedules.
- 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.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- 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.
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.
- 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.
- History and Archeology - Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
- 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.
- 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.
- Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
- Transportation - Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
- 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.
- 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.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- 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.
- 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.
- Fine Arts - Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
- 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.
- 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.
- Mechanical - Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
- 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.
- Biology - Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
- 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.
- 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.
- 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.
- 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.
- Sociology and Anthropology - Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.
- 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.
- Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- 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.
- 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.
- 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.
- 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.
- Time Management - Managing your time and the time of other people.
- Negotiation - Bringing people together to solve differences.
- Coordination - Changing what is done based on other people's actions.
- Quality Control Analysis - Testing how well a product or service works.
- 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.
- Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
- Equipment Selection - Deciding what kind of tools and equipment are needed to do a job.
- Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
- Service Orientation - Looking for ways to help people.
- Social Perceptiveness - Understanding people's reactions.
- Systems Analysis - Figuring out how a system should work and how changes in the future will affect it.
- Reading Comprehension - Reading work-related information.
- Systems Evaluation - Measuring how well a system is working and how to improve it.
- Management of Material Resources - Managing equipment and materials.
- Equipment Maintenance - Planning and doing the basic maintenance on equipment.
- 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.
- Instructing - Teaching people how to do something.
- Management of Financial Resources - Making spending decisions and keeping track of what is spent.
- Persuasion - Talking people into changing their minds or their behavior.
- Installation - Installing equipment, machines, wiring, or computer programs.
- Programming - Writing computer programs.
- Operation and Control - Using equipment or systems.
- Repairing - Repairing machines or systems using the right tools.
- Speaking - Talking to others.
- 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.
- Depth Perception - Deciding which thing is closer or farther away from you, or deciding how far away it is from you.
- Written Comprehension - Reading and understanding what is written.
- Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
- Problem Sensitivity - Noticing when problems happen.
- Deductive Reasoning - Using rules to solve problems.
- Near Vision - Seeing details up close.
- Hearing Sensitivity - Telling the difference between sounds.
- Speech Recognition - Recognizing spoken words.
- Far Vision - Seeing details that are far away.
- Visualization - Imagining how something will look after it is moved around or changed.
- Explosive Strength - Jumping, sprinting, or throwing something.
- Gross Body Equilibrium - Keeping your balance or staying upright.
- Finger Dexterity - Putting together small parts with your fingers.
- 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.
- Glare Sensitivity - Seeing something even if there is a glare or very bright light.
- Sound Localization - Noticing the direction that a sound came from.
- Number Facility - Adding, subtracting, multiplying, or dividing.
- Speed of Closure - Quickly knowing what you are looking at.
- Written Expression - Communicating by writing.
- 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.
- Dynamic Strength - Exercising for a long time without your muscles getting tired.
- Information Ordering - Ordering or arranging things.
- Static Strength - Lifting, pushing, pulling, or carrying.
- Gross Body Coordination - Moving your arms, legs, and mid-section together while your whole body is moving.
- Multilimb Coordination - Using your arms and/or legs together while sitting, standing, or lying down.
- Peripheral Vision - Seeing something to your side when your are looking ahead.
- Flexibility of Closure - Seeing hidden patterns.
- Manual Dexterity - Holding or moving items with your hands.
- Wrist-Finger Speed - Making fast, simple, repeated movements of your fingers, hands, and wrists.
- Arm-Hand Steadiness - Keeping your arm or hand steady.
- Reaction Time - Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.
- Speech Clarity - Speaking clearly.
- Memorization - Remembering words, numbers, pictures, or steps.
- Fluency of Ideas - Coming up with lots of ideas.
- Mathematical Reasoning - Choosing the right type of math to solve a problem.
- Category Flexibility - Grouping things in different ways.
- Selective Attention - Paying attention to something without being distracted.
- Oral Expression - Communicating by speaking.
- Spatial Orientation - Knowing where things are around you.
- Control Precision - Quickly changing the controls of a machine, car, truck or boat.
- Perceptual Speed - Quickly comparing groups of letters, numbers, pictures, or other things.
- Dynamic Flexibility - Quickly and repeatedly bending, stretching, twisting, or reaching out with your body, arms, and/or legs.
- Extent Flexibility - Bending, stretching, twisting, or reaching with your body, arms, and/or legs.
- Originality - Creating new and original ideas.
- Rate Control - Changing when and how fast you move based on how something else is moving.
- 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.
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")