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Loan Officer

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AVG. SALARY

$74,810

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EDUCATION

Bachelor's degree

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JOB OUTLOOK

Stable

What They Do

Loan Officers Career Video

Evaluates, authorizes, or recommends approval of commercial, real estate, or credit loans. Advises borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

This career is part of the Finance cluster Banking Services pathway.

A person in this career:

  • Analyzes applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Obtains and compiles copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Meets with applicants to obtain information for loan applications and to answer questions about the process.
  • Explains to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Reviews loan agreements to ensure that they are complete and accurate according to policy.
  • Approves loans within specified limits, and refers loan applications outside those limits to management for approval.
  • Handles customer complaints and takes appropriate action to resolve them.
  • Stays abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Reviews and updates credit and loan files.
  • Submits applications to credit analysts for verification and recommendation.

Working Conditions and Physical Demands

People who do this job report that:

  • You would sit most of the time. There's some walking and standing. You may have to lift and carry things like books, papers or tools weighing 10 lbs. or less.
  • Work in this occupation requires being inside most of the time
  • Work in this occupation involves sitting more than one-third of the time

Working in this career involves (physical activities):

  • Seeing clearly up close
  • Speaking clearly enough to be able to be understood by others
  • Identifying and understanding the speech of another person

Work Hours and Travel

  • Overtime work

Specialty and Similar Careers

Careers that are more detailed or close to this career:

  • Business Banking Officer
  • Commercial Banker
  • Commercial Loan Officer
  • Corporate Banking Officer
  • Mortgage Loan Officer
  • Mortgage Loan Originator
  • Portfolio Manager — Ultimately responsible for the performance and the day to day operation of a fund or asset management vehicle.
  • Relationship Manager