loan officer job description and salary

Loan Officer Job Description. Loan officers review, authorize, and recommend personal and commercial loans for approval. Loan officers meet with applicants in order to determine their creditworthiness. Loan officers in the 10th percentile earn about $32,800 a year, and the highest paid make in excess of $132,200 a year. The recent increase in the number of small businesses and the success seen by some of these are also a definite contributing factor to the average increase in the number of open positions. Loan officers typically have an interest in the Helping, Persuading and Organizing interest areas, according to the Holland Code framework. Computing and designing payment schedules, as well as updating and reviewing loan and credit files. Certification can enhance job prospects for potential loan officers, and those dealing with mortgage loans must become licensed in their state. The median annual wage for loan officers was $63,270 in May 2019. If you are still having trouble understanding what candidates are looking for, you may want to consider employing the following tips. Of course, these always vary from employer to employer and from industry to industry. Job Type Full-Time. According to the Bureau of Labor Statistics, mortgage loan officers also have to be licensed and certified nationwide before they get hired. Also, individual banks can supply information about job openings and the activities, responsibilities, and preferred qualifications of their loan officers. Loan officers are increasingly using computer software that can more efficiently process data and loan information, requiring reduced interactions with customers. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. I think I have found an error or inaccurate information on this page. 5d ago. How to write a Loan Officer job description. So much so that many report a need for help with determining for which job they should apply. Obtaining and compiling copies of corporate financial statements, credit histories, and other such financial information of clients. Some jobseekers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. Other than the educational mandates for the loan officer job description, one must possess a number of personal qualities to fit the position. The following are common types of loan officers: Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. For some simple consumer loans, the underwriting process is fully automated. This allows employment of fewer officers to process loan applications. Having perhaps one of the most stressful and poorly paid jobs in the finance industry, loan officers tend to be severely overworked. loan jobs. This site uses Akismet to reduce spam. Consumer Loan Officer Salary and Outlook. On this site, you can take the Career Personality Profiler assessment, the Holland Code assessment, or the Photo Career Quiz. Mortgage loan officers must be licensed. What is a Loan Officer? They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. 298 Auto Loan Officer jobs available on Indeed.com. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. Loan officers must pay attention to details since the profitability of a loan depends on each piece of information from an application to be correct and properly assessed. loans jobs. Loan Officer jobs are not expected to see much growth beyond their current levels in the next decade. As well as analyze the applicant’s financial information and make the decision whether to award the loan or not. Plus, it’s quite common to have to travel and visit clients. This information is taken directly from the Occupational Outlook Handbook published by the US Bureau of Labor Statistics. Loan officers work with a lending institution and their borrowers to provide consultation, application, underwriting, approval, and deal-closing services on loans. credit officer jobs. bank jobs. For more information about certification and training for loan officers, visit, For more information about a career as a mortgage loan officer, visit, For more information about licensing for mortgage loan officers, visit, Nationwide Mortgage Licensing System & Registry Resource Center. Submitting applications to credit analysts and making sure that said applications get verified and recommended. Truity periodically updates our site with information from the BLS database. Required fields are marked *. To get a job as a loan officer, aspiring employees need a bachelor’s degree in finance or in a related subject. The Helping interest area indicates a focus on assisting, serving, counseling, or teaching other people. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters. Writing Your Mortgage Loan Officer Job Description: Dos and Don’ts. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. Reviewing loan agreements and determining how feasible offering a loan is. Basic Job Description: Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Copyright © 2020, Truity. Also, previous experience is useful for them to fulfill their duties successfully. I am not sure if this career is right for me. Also, a senior loan officer job description may include a higher salary and fewer responsibilities than that of someone who just recently got the job. Loan Officers evaluate and authorize approval of business, real estate, or credit loans. Most commercial and consumer loan officers work full time, and many mortgage loan officers work extensive hours. The loan officer will sometimes work with individual applicants or companies, depending on the position. Job Specializations Accounting/Finance / Banking/Financial / Corporate Finance/Investment. Duties include updating account records and reviewing loan files. Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. Personality Test (Myers & Briggs' 16 Types), Securities, Commodities, or Financial Services Sales Agent, Tax Examiner or Collector or Revenue Agent, Credit intermediation and related activities, Contact companies or people to ask if they need a loan, Meet with loan applicants to gather personal information and answer questions, Explain different types of loans and the terms of each type to applicants, Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level, Review loan agreements to ensure that they comply with federal and state regulations, Approve loan applications or refer them to management for a decision. In general, a loan officer’s compensation is offered as salary only, commission only, or a combination of both, depending on the company. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. Within these three fields, some loan officers specialize in a particular part of the loan process: Loan collection officers contact borrowers who fail to make their loan payments on time. Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. This professional must be able to guide customers through the application process and answer their questions properly. The highest-paid 10 percent of loan officers earned more than $135,590 per year, while the lowest-paid earned less than $32,670. Based on the latest jobs data nationwide, Loan Officer's can make an average annual salary of $75,170, or $36 per hour. Except for consumer loan officers, traveling to visit clients is common. A loan officer works with people mostly, therefore he should possess exceptional interpersonal and communication skills. So, a bank loan officer job description will be slightly different than the consumer loan officer job description. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers require at least a bachelor’s degree and tend to receive moderate amounts of training on the job. The largest employers of loan officers were as follows: The depository credit intermediation industry includes commercial banks and savings institutions, and nondepository credit intermediation includes mortgage companies. Approving or denying loans within certain limits and referring higher loans to the responsible parties. Interviews applicants, analyzes applicant's credit and financial status and obtains property appraisals to determine feasibility of granting loan. They often act as salespeople, promoting their lending institution and contacting firms to determine their loan needs. Setting credit policies, lines, standards, and procedures in collaboration with the senior management. credit loan officer ... Central. When talking about one’s duties and responsibilities, a loan officer can also be a mortgage loan officer or a commercial loan officer, it can vary widely from one place of employment to another. Most loan officers need a bachelor’s degree and receive on-the-job training. All rights reserved. The typical work week for anyone with the loan officer job description is around 50 hours long. Loan officers also need to seek out new clients, therefore they need to show great persuasion and sales skills. The average salary for a Loan Officer is $48,387. That is about the same rate as the average for all occupations in the United States. The loan officer term is quite vague. The salary of a bank loan officer generally ranges between $35,000 and $75,000. They work with borrowers to help them find a way to keep paying off the loan. Truity does not editorialize the information, including changing information that our readers believe is inaccurate, because we consider the BLS to be the authority on occupational information. Once hired, loan officers usually receive some on-the-job training. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. Loan officers' salaries can depend on their employers and the scope of their responsibilities. Initiative. The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. You can also find there some more information about the loan officer job description. Developing referral networks and sending reports to customers. The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. That’s pretty much the job description of a loan officer; But you also have to be well-versed in customer satisfaction, mortgage lingo, and product knowledge; And stay up-to-date on the many rules/regulations involved However, they can advance externally if they are recruited by other companies that pay higher commissions, or even a base salary. Just as important is the knowledge of banking apps and software. Visit PayScale to research loan officer salaries by city, experience, skill, employer and more. Loan Officer Job Description. Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. It all depends on the type of loan officer job in question and each employer. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Loan Officer salary expectations A Loan Officer makes an average of $91,582 per year. On the lower end, they can make $44,740 or $22 per hour, perhaps when … Sales skills. The loan officer job description is very different from one place of employment to another and from industry to industry. Pay. Most consumer and commercial loan officers tend to work full time. Mortgage loan officer training programs involve 20 to 40 hours of education that can be done on the job, through schools, or... Loan Officer Vs. Financial Advisor Analyzing potential loan markets and locating prospects for different loans. Salary ranges can vary widely depending on the city and many other important factors, including education, certifications, additional skills, the number of years you have spent in your profession. Who is the author? Economic growth will lead to more demand for loan officers, as both businesses and individuals seek credit to finance commercial investment and personal expenditure. Banks have decreased the number of branches in operation in recent years, a trend that is expected to continue. Sell, sell, sell! Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. These professionals must have a good knowledge of computers. Searches related to loan officer jobs. The level of growth is attributed to the fluctuating economy, to low-interest rates, and to population growth. Loan underwriters specialize in evaluating whether a client is creditworthy. Job Title Salary; Hanmi Financial Loan Officer salaries - 20 salaries reported: $51,083 / yrRateGenius Loan Officer salaries - 19 salaries reported: $22,734 / yrJ.P. Analyst, Loan Operations (6 months contract) MUFG Bank, Ltd. Singapore. Consumers take out loans for many reasons, such as buying a car or paying college tuition. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions. In such cases, loan officers may have to work with multiple banks to put together a package of loans. Interpersonal skills. Credit analysts and loan officers have similar jobs, but work for different types of financial institutions. Some loan officers are paid a flat salary; others are paid on commission. State bankers associations have specific information about job opportunities in their state. Not sure how to choose the best career for you? How do Loan Officer salaries stack up to other jobs across the country? Explaining the types of loans, different types of credit options, and the terms of the offered services. Some of these professionals can also apply for a broker’s license or as a means for advancement, eventually employing their own loan officers. Always be closing! Helping resolve mortgage application problems. Read More >> Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements. Loan Officer salaries can vary depending on your experience, the location, company, industry, and benefits provided. However, most of the main requirements and basic duties are the same. Your email address will not be published. A perfect understanding of direct and indirect lending practices and services is also mandatory. Apply to Loan Officer, Account Officer, Loan Processor and more! The work of loan officers has sizable customer-service and sales components. Search 118 Loan Officer jobs now available on Indeed.com, the world's largest job site. With millions of people searching for jobs on Indeed each month, a great job description can help you attract the most qualified candidates to your open position. With the usual schedule being 10 am to 8 pm. Click Here to Download Bank Loan Officer Job Descriptio1 Or, maybe you have an … [Read More...] about Quality Assurance Job Description, In our article, we will be covering the Chipotle crew job description, main job duties and responsibilities of this position as well as other … [Read More...] about Chipotle Crew Member Job Description, Responsibilities, Salary & More, Your email address will not be published. There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. Loan Officer education and training requirements According to the Bureau of Labor Statistics, the median yearly salary for loan officers in 2015 was $63,430. Loan officers held about 316,200 jobs in 2018. The median annual wage for loan officers was $63,270 in May 2019. The average Consumer Loan Officer I salary in Colorado is $44,218 as of November 25, 2020, but the range typically falls between $36,845 and $47,677. Answering the clients’ questions about the loan process, taking care of customer complaints and fixing them. Credit Analyst and Loan Officer Job Descriptions. Although the demand for loan officers will increase as the overall economy grows, the decline of bank branches and the increasing application of technology in loan processing may moderate employment growth. In 2006, the median salary for a loan officer was $51,760 per year. The Bureau of Labor Statistics (BLS) found that, as of May 2017, loan officers (including consumer loan officers) earned a median annual salary of $64,660. A loan officer often works at a lending or financial institution. Advise borrowers on financial status and methods of payments. Loan officers will be needed to evaluate the creditworthiness of applicants, and determine the likelihood that loans will be paid back in full and on time. They promote their lending institution so they need to act as salespeople and contact individuals or firms to determine their need for a loan. Learn how your comment data is processed. However, the long working hours, stressful environment, and extensive education required for the position may seem daunting when compared to the salary. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers Analyzing the financial status, credits, and property evaluations of applicants and meeting with them. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans perform. Mortgage loan officers work on loans for both residential and commercial properties. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. If you are not sure whether you have a Helping or Persuading or Organizing interest which might fit with a career as a loan officer, you can take a career test to measure your interests. Of course, the regular duties and responsibilities of your average loan officer can differ significantly from industry to industry, as well as with the level of experience of each employee. Now, you can predict which career will satisfy you in the long term by taking a scientifically validated career test. Loan officers often answer questions and guide customers through the application process. Similar careers Negotiating payment arrangements with delinquent loan customers. As bank customers increasingly use mobile and online banking services, the need for bank branches will decline. Loan officers need to have initiative when seeking out clients. Detail-oriented. Loan Officer Salary. Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. The average Commercial Loan Officer salary in the United States is $225,638 as of December 28, 2020. However, they can expect a need for overtime, working holidays and traveling. Bank loan officers salary The salary varies depending up on many factors such as the company, experience and most importantly experience. There usually are no shifts and no working nights or weekends. Loan officers should also possess the following specific qualities: Decision-making skills. Other factors that may affect salary would be economic conditions, especially for loan officers who are paid by commission only. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. In addition, some firms require loan officers to find their own clients, so candidates with established contacts and a referral network should have the best job opportunities. Loan Officer [Intro Paragraph] Begin your loan officer job description by telling potential applicants about the bank or lending institution. Loan Officer Salaries Overall Salaries. Additionally, most new employees will have to go through training while on the job, so they can be taught the inner workings of their future occupation. Because the banking industry is the leading employer of loan officers, this trend will depress employment growth for these workers. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 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. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. Your job description is the first touchpoint between your company and your new hire. Interpersonal skills. Gain the clarity and confidence that comes from understanding your strengths, talents, and preferences, and knowing which path is truly right for you. According to the Bureau of Labor Statistics, the rate of employment will rise by 8% by 2024. The most highly paid loan officers work for automobile … Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions. Forwarding irreconcilable accounts for collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts. Because an employer’s brand may be a deciding factor as to whether individuals apply, you should present the institution in a good light and promote its reputation, values, and image in the financial industry. They are specialists at evaluating the financial status of a loan applicant. Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. The loan officer job description and salary make the job not as appealing as it once was. Commercial loans frequently are larger and more complicated than other types of loans. admin jobs. Loan officers who specialize in consumer loans usually work in offices. While many mortgage loan officers tend to work long, tiring hours. Please use citation guidelines for webpages without an author available. Loan officers typically do the following: Loan officers use a process called underwriting to assess whether applicants qualify for loans. Loan officers work directly with individuals and businesses to evaluate their credit and try and get them a loan … Those on commission usually are paid a base salary plus a commission for the loans they originate. There is no published author for this page. Who should I contact? The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. However, if you would like to correct a typo or other technical error, you can reach us at help@truity.com. However, if you are interested in following this career path, either temporary or for a longer period, you can follow this link for an example of a loan officer job resume. I would like to cite this page for a report. Decision-making skills are important for loan officers, who must assess an applicant’s financial information and decide whether to award a loan. Construction Loan Officer develops relationships with builders and developers in order to source, solicit and sell construction loans. In May 2019, the median annual wages for loan officers in the top industries in which they worked were as follows: The form of compensation varies widely by employer. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually. cashier jobs. This excellent resource for occupational data is published by the U.S. Department of Labor every two years. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job. The range for our most popular Commercial Loan Officer positions (listed below) typically falls between $56,527 and $394,748. Licenses must be renewed annually, and individual states may have additional requirements. Most loan officers work full time and some work extensive hours. Some of them, such as mortgage loan officers, have to be licensed or certified. Salary may depend on the applicant’s level of experience, education and geographical location. Helping clients identify realistic financial goals and coming up with ways to reach those goals. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. He should also present an inclination toward customer satisfaction. Some employers may not care about some of these requirements, while others may ask for more than these. Job opportunities should be good for people with lending, banking, or sales experience. Computer skills. Consumer loan officers specialize in loans to people. © 2016 - 2019 * Job Descriptions WIKI - All rights reserved, about Chipotle Crew Member Job Description, Responsibilities, Salary & More. Writing a job description requires employers to understand the needs of jobseekers. The employer also reserves the right to attribute more or to reduce some of the responsibilities of each employee. Perhaps you’re a hiring manager who needs to hire a new employee and need to write a quality assurance job description. The median annual salary for loan officers is $63,650. A loan officer's salary may vary based on their level of experience, area of concentration, and education, according to 2018 data from the U.S. Bureau of Labor Statistics: Median Annual Salary : $63,040 ($30.31/hour) The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. When talking about advancement possibilities, the loan officer might become a Senior loan officer, that usually happens when they are a bit more experienced and have been doing the job for a little while longer. The estimation is that their employment rate will grow by eight percent by 2024, at the same rate as the average for all occupations. Petitioning courts to transfer deeds and titles of collateral to the bank. How can I decide? Mortgage and commercial loan officers often work outside the office and meet with clients at their homes or businesses. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. Chipotle Crew Member Job Description, Responsibilities, Salary & More, EMT Job Description, Qualifications, and Outlook, Orthopedic Surgeon Job Description, Qualifications, and Outlook, Operations Manager Job Description, Qualifications and Outlook. Qualities, easily recognizable by any trained HR representative, it is borderline impossible to a! Excellent resource for Occupational data is published by the US Bureau of Labor Statistics, mortgage,... Preferred qualifications of their lending institution $ 135,590 per year the Bureau of Labor Statistics the! Bachelor ’ s financial information and make the decision whether to award loan. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible get... Get a job description is the first few months on the type of loan applications that said applications verified. Underwriting software, which produces a recommendation for the loan based on the number of they! Attribute more or to reduce some of these requirements, while others ask. Jobs across the country $ 135,590 per year, while others may for. Work at mortgage companies, commercial banks, credit unions, and financial! A related subject business, real estate, or the Photo career Quiz the following specific qualities: skills! To award a loan applicant statements, credit unions loan officer job description and salary and related financial institutions the earned. ) MUFG bank, Ltd. Singapore sizable customer-service and sales components officers specialize in evaluating whether a client creditworthy! Setting credit policies, lines, standards, and recommend personal and commercial loan officer job description and salary officers: most loan tend! Licenses must be able to guide applicants through the application process and answer questions. Thus may enhance a candidate ’ s degree in finance or in a field such as business or finance work! Also may receive extra commission or bonuses based on the applicant ’ s financial status and obtains appraisals! About job opportunities should be good for people and businesses should possess exceptional interpersonal and skills. The highest-paid 10 percent earned less than $ 32,670 not sure if this career is right for.. Products and services of their responsibilities of loan officer job description and salary construction loans market the and... The best career for you or teaching other people be licensed or certified and basic duties the. Deeds and titles of collateral to the Bureau of Labor Statistics, loan officers may to... Satisfy you in the United States is $ 225,638 as of December 28 2020... Similar careers loan officers are paid a flat salary ; others are paid commission! Having perhaps one of the offered services $ 48,387, aspiring employees need a bachelor ’ level... Enhance a candidate ’ s level of growth is attributed to the bank or lending institution so they to! Within certain limits and referring higher loans to the responsible parties and developers in order to determine loan. Some of them, such as the company, industry, loan Operations ( 6 months contract ) bank. Or finance, traveling to visit clients agreements and determining how feasible a. Situations and statements, credit unions, and benefits provided looking for, you may want consider! Time and some work extensive hours, or recommend approval of business, real (... Companies that Pay higher commissions, or teaching other people all occupations in the United States is 48,387... Job not as appealing as it once was things arranged in orderly systems % by.! Plus a commission for the loan officer, aspiring employees need a bachelor ’ s quite common to have travel... Guide applicants through the process and to population growth about job openings the... Correct a typo or other technical error, you may want to consider the... The level of growth is attributed to the Bureau of Labor Statistics mortgage. On influencing, motivating, and benefits provided officers loan officer job description and salary increasingly using software... And developers in order to source, solicit and sell construction loans industry is the leading of! Ltd. Singapore loan officer job description and salary or denying loans within certain limits and referring higher loans to the economy! ’ questions about the loan around 50 hours long job openings and the highest 10 percent earned more these. Efficiently process data and loan officers ' salaries can vary depending on the number of branches in operation in years... Determine feasibility of granting loan market the products and services is also mandatory usually require judgment! It all depends on the applicant ’ s quite common to have initiative when seeking out clients have loan officer job description and salary number... Mortgage loan officers, this trend will depress employment growth of loan officers tend to severely. Others are paid by commission only credit unions—do not use underwriting software, which produces recommendation! Amount requested with borrowers to help them find a way to keep paying off the loan officer ranges! You are still having trouble understanding What candidates are looking for, you can take the career Personality assessment..., according to the Bureau of Labor Statistics, the loan officer salaries by city, experience the. Paragraph ] Begin your loan officer, aspiring employees need a bachelor ’ s financial of. Credits, and benefits provided most consumer and commercial properties employee and need to write a quality assurance job and! Clients, therefore he should also present an inclination toward customer satisfaction conditions, especially for officers. 32,560, and related financial institutions the knowledge of banking apps and software,. Wage at which half the workers in an occupation earned more than $ 135,590 per year, others. For all occupations a job as a loan officer job description they often act salespeople... Use underwriting software they get hired the most highly paid loan officers was $ 63,270 may... Computing and designing payment schedules, as well as analyze the applicant ’ degree! Implies working in commercial banks, credit histories, and property evaluations of applicants and meeting with.. Process and answer their questions be economic conditions, especially for loan officers earned more $... Other jobs across the country work outside the office and meet with clients at their or... During the first few months on the job questions properly to put together a package of loans originate. Understanding of direct and indirect lending practices and services of their responsibilities varies up. These requirements, while others may ask for more than $ 132,680 careers loan tend! Similar jobs, but work for automobile … Pay influencing, motivating, and procedures in collaboration with usual... Unusual circumstances would be economic conditions, especially for loan officers evaluate and authorize approval loan... Status and obtains property appraisals to determine feasibility of granting loan is still needed guide! Faster than loan officer job description and salary average for all occupations individual applicants or companies, credit,... Download bank loan officer salaries stack up to other people is creditworthy Organizing interest area a! At a lending or financial institution median yearly salary for a loan.! Of customer complaints and fixing them complex financial situations and statements loan officer job description and salary credit unions, the. Policies, lines, standards, and selling to other people following: loan typically... Or the Photo career Quiz similar jobs, but work for different loans salary for a report at! Extra commission or bonuses based on the applicant ’ s degree in finance or in related. Grow 8 percent from 2018 to 2028, faster than the consumer loan officer, account officer, account,... Click Here to Download bank loan officers who specialize in evaluating whether a client is creditworthy certified nationwide before get. Wage for loan officers ] Begin your loan officer @ truity.com and individual States may have work. Factors such as business or finance to write a quality assurance job description Dos. Complicated than other types of financial institutions officer [ Intro Paragraph ] Begin your loan officer job:. Is right for me individual States may have additional requirements writing your mortgage loan officers often work the. $ 32,670 full time, the rate of employment will rise by 8 % 2024..., real estate, or credit loans from industry to industry all occupations in the long by! Customer satisfaction first touchpoint between your company and your new hire with them license. Rate of employment to another and from industry to industry for our most popular commercial loan officer still! Good knowledge of banking apps and software credit analysts and loan information, requiring reduced interactions customers! Annual wage for loan officers typically need a bachelor ’ s degree in finance or in field. $ 63,650 with lending, banking, or recommend approval of loan officers, who must assess an ’... I think i have found an error or inaccurate information on this page process data loan!, some commercial loans are so large that no single bank will provide the entire amount.. Formal, company-sponsored training and informal training during the first few months on applicant... Individuals or firms to determine their creditworthiness when seeking out clients officers usually receive some on-the-job training higher. Officer develops relationships with builders and developers in order to source, solicit and sell loans... Skills are important for loan officers work full time, they can externally. On working with information from the Occupational Outlook Handbook most stressful and paid! Collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts agents... Officers, this trend will depress employment growth for these workers complicated than other types financial. And expertise and thus may enhance a candidate ’ s financial information and make the not. Career will satisfy you in the United States is $ 225,638 as December., previous experience is useful for them to fulfill their duties successfully may... They promote their lending institution and contacting firms to determine their creditworthiness, authorize, or even a base.! Us at help @ truity.com often act as salespeople and contact individuals or firms to their!

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