Loan Officers: Salary, Job Description, How To Become One, and Quiz

Stan T.Career, OverviewLeave a Comment

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
$76270 per year

Average hourly wage
$37 per hour


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 statesHourlyAnnual
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

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 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
Read more about how to become a Loan Officer and the degree, training and education you need.

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

Job satisfaction
74%

Is this job meaningful
53%


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 Entrepreneurs

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.




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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