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.
Salary, Job Description, How To Become One, and More
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.
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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|
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.
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.
Pros and Cons
Here are some of the pros and cons of being a Loan Officer.
|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.|
|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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