Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.
Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Most commercial and consumer loan officers work full time, and many mortgage loan officers work extensive hours. Except for consumer loan officers, traveling to visit clients is common.
Most loan officers need a bachelor's degree and receive on-the-job training. Mortgage loan officers must be licensed.
The median annual wage for loan officers was $63,430 in May 2015.
Employment of loan officers is projected to grow 8 percent from 2014 to 2024, about as fast as the average for all occupations. The need for loan officers fluctuates with the economy, generally increasing in times of economic growth, low interest rates, and population growth—all of which create demand for loans.
Explore resources for employment and wages by state and area for loan officers.
Compare the job duties, education, job growth, and pay of loan officers with similar occupations.
Learn more about loan officers by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.