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Loan Officers

Careers / Loan Officers

Job 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.

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Job Requirements


	Experience: Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.

	Education: Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree. Some may require a bachelor's degree.

	Training: Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers.

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Significant Points


	(Abstract from Career Articles)

	Loan Officers

Nearly 9 out of 10 loan officers work for commercial banks, savings institutions, credit unions, and related financial institutions. Educational requirements range from a high school diploma for many loan officers to a bachelor’s degree for commercial loan officers; previous banking, lending, or sales experience is highly valued. Good job opportunities are expected for mortgage and consumer loan officers and excellent opportunities are expected for commercial loan officers. Earnings often fluctuate with the number of loans generated, rising substantially when the economy is strong and interest rates are low.
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Top Ten Industries

U.S. National Figures.

Loan Officers
Depository Credit Intermediation	132,370
Nondepository Credit Intermediation	79,790
Activities Related to Credit Intermediation	36,020
Management of Companies and Enterprises	11,460
Federal Executive Branch (OES Designation)	4,250
Insurance Carriers	3,460
Automobile Dealers	3,160
Other Financial Investment Activities	2,090
Securities and Commodity Contracts Intermediation and Brokerage	2,030
Employment Services	1,750

Career Video

Title: "Loan Officers"

Duration: 01:10

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Salaries

U.S. National Averages.