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.
What you can expect to experience while on the job
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.Read More
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