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Loan Officers
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.
Table of Contents
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.
Salary
Loan Officers with little to no experience tend to make between $31870 and $44500 while the more experienced ones can earn over $92240 per year.
| Top 5 paying states | Hourly | Annual |
|---|---|---|
| NY | $50 | $103,450 |
| DC | $46 | $95,000 |
| MA | $45 | $94,540 |
| CT | $44 | $91,730 |
| NH | $44 | $90,500 |
One of the easiest ways to increase your salary as a Loan Officer is to move to a higher paying state like NY. Right now, the highest paying states for Loan Officers are NY, DC, MA, CT and NH.
However, a higher pay at NY doesn’t guarantee that you will make more because the living expenses at NY might be twice as high than where you are currently at now.
Three 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.
Requirements
We asked other Loan Officers what degree they had when they got the job and most of them said they had a Bachelor’s Degree followed by a 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 |
Pros and Cons
Here are some of the pros and cons of being a Loan Officer.
| PROS |
|---|
| Suitable for people who likes to follow routines |
| Suitable for people who values relationships between co-workers and customers and wants to work in a friendly non-competitive environment |
| This career is perfect for people who love to work indoors. |
| It is not too difficult to get into this career. Previous work-related 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) |
What is the job like
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
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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Learn more about Loan Officers
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Related 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, careers in Business and Finance
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