Loan Officers

Also Called: Commercial Loan Officer, Financial Aid Counselor, Loan Counselor, Loan Officer

What Loan Officers do

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, loan underwriters, and payday loan officers.

  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Industry Areas:

Finance and Business Transportation

Training Program Areas:

Accounting Services • OCT-Only Finance & Business • OCT-Only Transportation • Office Administration • Transportation Office Support

Expand For Additional Details

Work Context

  • Electronic Mail
  • Indoors, Environmentally Controlled
  • Telephone
  • Face-to-Face Discussions
  • Contact With Others

Tools

  • Personal digital assistant PDAs or organizers
  • Desktop calculator
  • Scanners
  • Notebook computers
  • Desktop computers

Technology

Data base user interface and query software
Data entry software
Microsoft Access
Video conferencing software
Zoom
Financial analysis software
Delphi Discovery
White Clarke North America Credit Adjudication and Lending Management

The Education & Training You Need

Skills

  • Active Listening
  • Speaking
  • Judgment and Decision Making
  • Reading Comprehension
  • Critical Thinking

Knowledge

Business
customer service
accounting and economics
Arts and Humanities
English language
Math and Science
arithmetic, algebra, geometry, calculus, or statistics
Safety and Government
law and government

Education

  • 69% Bachelor's degree
  • 13% Some college, no degree
  • 11% Associate's degree

Experience

A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

What are your training options on the pathway to this occupation?

Are You a Good Fit?

Occupation Traits

  • Conventional (Organizer)
  • Enterprising (Persuader)
  • Social (Helper)

Work Styles

  • Integrity
  • Dependability
  • Cooperation
  • Attention to Detail
  • Adaptability/Flexibility
  • Initiative

Values

  • Relationships
  • Independence
  • Support

Abilities

  • Verbal
  • Math
  • Ideas and Logic

This is what Loan Officers across the country typically make.

$17.80 / hour
$37,020 /year

Entry Level

$33.65 / hour
$69,990 /year

Median Level

$67.05 / hour
$139,470 /year

Experienced Level

Income information reflects a regional average.
Income information reflects a national average.

This career’s National Job Outlook is

Average

Please be sure to verify the outlook of this occupation with your instructor.

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