Loan Officers: Salary, Job Description, How To Be One and More

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Loan Officers jobs information
pros and cons of being a Loan Officer

Loan Officers

Other names for this job might include Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Account Executive, Branch Account Manager, Branch Banker, Branch Lending Officer, Branch Manager, Business Banker


  • $75170
    Salary
  • 74%
    Job satisfaction
  • Medium
    Becoming one
  • Medium
    Job growth
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A



Loan Officers: Know It All In 1 Minute


In this career summary, you will find out what the job of A Loan Officer is about and what it is like.

After reading this, you will have a good idea on what the job is about and decide if this is the right career for you.



Job description

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, and loan underwriters.

  • 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.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.

Read more about what does A Loan Officer really do at work and what is it like being and working as one.


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Salary

Average salary
$75170 per year

Hourly wage
$36.14 an hour


Loan Officers with little to no experience tend to make between $32870 and $44740 while the more experienced ones make over $91810 per year.

Top 5 paying statesHourlyAnnual
MA$45.66$94970
NY$45.55$94740
DC$44.61$92780
NH$43.21$89870
RI$42.22$87810

1 of the easiest ways to increase your salary as A Loan Officer is to move to a higher paying state like MA. Right now, the highest paying states for Loan Officers are MA, NY, DC, NH and RI.

However a higher pay at MA doesn’t guarantee that you will make more because the living expenses at MA might be 2x higher than where you are currently at now.

3 other factors that can increase your salary as A Loan Officer is the degree you hold, the industry you work in and lastly the company you work for (bigger companies like the Fortune 500 companies tend to pay more).

Find out how much do successful Loan Officers make and if their salary is high when compared to all the other careers.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Loan Officers what degree they had when they got the job and most of them said they had a Bachelors degree followed by High School Diploma.

Other than that we also asked them what did they major in and here are the most popular majors that came up.

Finance, General
Credit Management

Another popular question from our readers is what makes A Loan Officer successful or would they be good in this career.

Well, we found that most successful Loan Officers have these 5 skillsets.

Active Listening
Speaking
Reading Comprehension
Judgment and Decision Making
Critical Thinking

In addition to that, 1 common characteristic among successful Loan Officers is they are good at Integrity. Here are the top 5 common characteristics.

Integrity
Stress Tolerance
Attention to Detail
Achievement/Effort
Dependability
= Hot in-demand that most employers are looking for

Read more about what it really takes to become A Loan Officer and the degree, training and education you need


Pros and Cons

Here are some reasons why you should and shouldn’t choose A Loan Officer as your career.

PROS
Suitable for people who likes to follow routines
Suitable for people who values relationships between coworkers and customers and wants to work in a friendly noncompetitive environment
This career is perfect for people who love to work indoors.
It is not too difficult to get into this career. Previous workrelated skill, knowledge, or experience is required for this career.
CONS
Not suitable for people who likes to work with designs
Long working hours (More than 40 hours per week)


There will be pros and cons for all jobs. The point is how much do the pros outweigh the cons to you.

A pro to you might be a con to Bob. A pro to Bob might be a con to you. We suggest reading about this career framework that can help you to find out what type of careers are right for you.



What is the job like

Job satisfaction
74%

Is this job meaningful
53%


Working hours
More than 40 hours per week

Working schedule
Regular (Set schedule and routine)


On a normal working week Loan Officers work More than 40 hours per week.

74% of Loan Officers said they were satisfied with their job and 53% said they feel like their job is making other people’s lives better.



Is this right for me

Best personality for this career
The Organizers and The Persuaders


You can read more about these career personality types here.

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas.

They also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.



How we can help

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Career type

Business and Finance
Banking and Related Services, Financial and Investment Planning

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Related to Loan Officers Career Information

Loan Officers job description, Loan Officers salary, Loan Officers information, what is the job of a Loan Officer like, pros and cons about Loan Officers, colleges and universities for Loan Officers, is Loan Officers the right career for me, Medium careers to get into, careers in Business and Finance

Additional resources

http://www.bls.gov/OOH/business-and-financial/loan-officers.htm
http://www.aba.com/
https://www.mba.org/
http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx

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Loan Officers
Written by: Stanley Tan
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, and loan underwriters.
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