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.
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.
$75170 per year
$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 states||Hourly||Annual|
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).
Recommended degree level
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.
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.
|Judgment and Decision Making|
In addition to that, 1 common characteristic among successful Loan Officers is they are good at Integrity. Here are the top 5 common characteristics.
|Attention to Detail|
= Hot in-demand that most employers are looking for
Pros and Cons
Here are some reasons why you should and shouldn’t choose A Loan Officer as your career.
|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.|
|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
Is this job meaningful
More than 40 hours per week
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.
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They sell life, property, casualty, health, automotive, or other types of insurance. May refer clients to independent brokers, work as an independent broker, or be employed by an insurance company.
They prepare customs documentation and ensure that shipments meet all applicable laws to facilitate the import and export of goods. Determine and track duties and taxes payable and process payments on behalf of client. Sign documents under a power of attorney. Represent clients in meetings with customs officials and apply for duty refunds and tariff reclassifications. Coordinate transportation and storage of imported goods.
They prepare tax returns for individuals or small businesses.
They interview loan applicants to elicit information; investigate applicants’ backgrounds and verify references; prepare loan request papers; and forward findings, reports, and documents to appraisal department. Review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
They perform duties related to the purchase, sale or holding of securities. Duties include writing orders for stock purchases or sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, tracking stock price fluctuations, computing equity, distributing dividends, and keeping records of daily transactions and holdings.
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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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