Loan Officers

General Information

Description

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.

Workplace at a Glance

What you can expect to experience while on the job

  • Responsibility
  • Exposure to job hazards
  • Physical activity
  • Decision making
  • Repetitiveness
  • Level of competition
  • Time pressure

Industry areas

  • Credit Intermediation and Related Activities (5221 And 5223 only)
  • Nondepository Credit Intermediation
  • Management of Companies and Enterprises

Job Outlook

Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. 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. Economic growth will lead to more demand for loan officers, as both businesses and individuals seek credit to finance commercial investment and personal expenditure. 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. As bank customers increasingly use mobile and online banking services, the need for bank branches will decline. Banks have decreased the number of branches in operation in recent years, a trend that is expected to continue. Because the banking industry is the leading employer of loan officers, this trend will depress employment growth for these workers.     The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. Loan officers are increasingly using computer software that can more efficiently process data and loan information, requiring reduced interactions with customers. This allows employment of fewer officers to process loan applications.    

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Salary

Average Salary

Salary

$63,040

State-by-state Salary

Gray states indicate no data available

$100,970
$27,780
No Information for this section

Education

Most Common Education Levels

People in this career achieve this level of education.

  • Bachelor's degree 31%
  • High school 19%
  • Some college 16%
  • Associate's degree 13%
  • Post-secondary certificate 10%
  • Less than high school 6%
  • Post baccalaureate 2%
  • Master's degree 0%
  • Doctoral degree 0%
  • Post-doctoral training 0%
  • Post-master's certificate 0%
  • First professional degree 0%

Related College Majors

Select major to see colleges that offer it

Knowledge

  • Customer and Personal Service
  • Sales and Marketing
  • Mathematics
  • English Language
  • Clerical

Skills at a Glance

Skills helpful in this career

  • Verbal skills
  • Critical thinking & problem solving
  • Equipment operation & maintenance
  • Math & science skills
  • Technology design & control
  • Leadership
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