Visit PayScale to research loan officer salaries by city, experience, skill, employer and more. They often act as salespeople, promoting their lending institution and contacting firms to determine their loan needs. Now, you can predict which career will satisfy you in the long term by taking a scientifically validated career test. Once hired, loan officers usually receive some on-the-job training. The average salary for a Loan Officer is $48,387. Job Title Salary; Hanmi Financial Loan Officer salaries - 20 salaries reported: $51,083 / yrRateGenius Loan Officer salaries - 19 salaries reported: $22,734 / yrJ.P. Developing referral networks and sending reports to customers. How do Loan Officer salaries stack up to other jobs across the country? Loan Officer jobs are not expected to see much growth beyond their current levels in the next decade. The Bureau of Labor Statistics (BLS) found that, as of May 2017, loan officers (including consumer loan officers) earned a median annual salary of $64,660. However, they can advance externally if they are recruited by other companies that pay higher commissions, or even a base salary. There usually are no shifts and no working nights or weekends. Plus, it’s quite common to have to travel and visit clients. Loan Officer Salary. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements. Consumer loan officers specialize in loans to people. loans jobs. The range for our most popular Commercial Loan Officer positions (listed below) typically falls between $56,527 and $394,748. 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. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. In May 2019, the median annual wages for loan officers in the top industries in which they worked were as follows: The form of compensation varies widely by employer. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. However, if you are interested in following this career path, either temporary or for a longer period, you can follow this link for an example of a loan officer job resume. Interpersonal skills. The loan officer will sometimes work with individual applicants or companies, depending on the position. The most highly paid loan officers work for automobile … Please use citation guidelines for webpages without an author available. Loan officers work with a lending institution and their borrowers to provide consultation, application, underwriting, approval, and deal-closing services on loans. Loan Officer salaries can vary depending on your experience, the location, company, industry, and benefits provided. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. loan jobs. Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans perform. In addition, some firms require loan officers to find their own clients, so candidates with established contacts and a referral network should have the best job opportunities. That’s pretty much the job description of a loan officer; But you also have to be well-versed in customer satisfaction, mortgage lingo, and product knowledge; And stay up-to-date on the many rules/regulations involved Certification can enhance job prospects for potential loan officers, and those dealing with mortgage loans must become licensed in their state. The loan officer job description is very different from one place of employment to another and from industry to industry. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions. When talking about one’s duties and responsibilities, a loan officer can also be a mortgage loan officer or a commercial loan officer, it can vary widely from one place of employment to another. If you are still having trouble understanding what candidates are looking for, you may want to consider employing the following tips. Your job description is the first touchpoint between your company and your new hire. The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. Job Specializations Accounting/Finance / Banking/Financial / Corporate Finance/Investment. Required fields are marked *. Loan Officer Job Description. Loan Officer Salaries Overall Salaries. Loan officers' salaries can depend on their employers and the scope of their responsibilities. However, the long working hours, stressful environment, and extensive education required for the position may seem daunting when compared to the salary. Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job. Click Here to Download Bank Loan Officer Job Descriptio1 The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Of course, the regular duties and responsibilities of your average loan officer can differ significantly from industry to industry, as well as with the level of experience of each employee. Reviewing loan agreements and determining how feasible offering a loan is. These professionals must have a good knowledge of computers. He should also present an inclination toward customer satisfaction. Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. A perfect understanding of direct and indirect lending practices and services is also mandatory. Computer skills. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually. According to the Bureau of Labor Statistics, the rate of employment will rise by 8% by 2024. Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed. Loan Officer salary expectations A Loan Officer makes an average of $91,582 per year. However, if you would like to correct a typo or other technical error, you can reach us at help@truity.com. This excellent resource for occupational data is published by the U.S. Department of Labor every two years. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters. Mortgage loan officers work on loans for both residential and commercial properties. Because an employer’s brand may be a deciding factor as to whether individuals apply, you should present the institution in a good light and promote its reputation, values, and image in the financial industry. Interviews applicants, analyzes applicant's credit and financial status and obtains property appraisals to determine feasibility of granting loan. Within these three fields, some loan officers specialize in a particular part of the loan process: Loan collection officers contact borrowers who fail to make their loan payments on time. With millions of people searching for jobs on Indeed each month, a great job description can help you attract the most qualified candidates to your open position. Answering the clients’ questions about the loan process, taking care of customer complaints and fixing them. Some jobseekers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. The recent increase in the number of small businesses and the success seen by some of these are also a definite contributing factor to the average increase in the number of open positions. Loan underwriters specialize in evaluating whether a client is creditworthy. Construction Loan Officer develops relationships with builders and developers in order to source, solicit and sell construction loans. The average Consumer Loan Officer I salary in Colorado is $44,218 as of November 25, 2020, but the range typically falls between $36,845 and $47,677. The average Commercial Loan Officer salary in the United States is $225,638 as of December 28, 2020. Some of them, such as mortgage loan officers, have to be licensed or certified. I am not sure if this career is right for me. Job Type Full-Time. Your email address will not be published. 5d ago. Read More >> Computing and designing payment schedules, as well as updating and reviewing loan and credit files. Who is the author? cashier jobs. Loan Officer [Intro Paragraph] Begin your loan officer job description by telling potential applicants about the bank or lending institution. It all depends on the type of loan officer job in question and each employer. Loan officers held about 316,200 jobs in 2018. Loan officers must pay attention to details since the profitability of a loan depends on each piece of information from an application to be correct and properly assessed. Credit analysts and loan officers have similar jobs, but work for different types of financial institutions. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. credit loan officer ... Central. Petitioning courts to transfer deeds and titles of collateral to the bank. Forwarding irreconcilable accounts for collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts. However, most of the main requirements and basic duties are the same. Submitting applications to credit analysts and making sure that said applications get verified and recommended. Credit Analyst and Loan Officer Job Descriptions. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. For more information about certification and training for loan officers, visit, For more information about a career as a mortgage loan officer, visit, For more information about licensing for mortgage loan officers, visit, Nationwide Mortgage Licensing System & Registry Resource Center. Analyst, Loan Operations (6 months contract) MUFG Bank, Ltd. Singapore. Commercial loans frequently are larger and more complicated than other types of loans. Personality Test (Myers & Briggs' 16 Types), Securities, Commodities, or Financial Services Sales Agent, Tax Examiner or Collector or Revenue Agent, Credit intermediation and related activities, Contact companies or people to ask if they need a loan, Meet with loan applicants to gather personal information and answer questions, Explain different types of loans and the terms of each type to applicants, Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level, Review loan agreements to ensure that they comply with federal and state regulations, Approve loan applications or refer them to management for a decision. Deeds and titles of collateral to the bank you would like to correct a typo or other technical,! To population growth of direct and indirect lending practices and services of their responsibilities interviews applicants analyzes! Commission only factors that may affect salary would be economic conditions, especially for loan work. Other technical error, you can predict which career will satisfy you in United... For these workers paid on commission usually are paid by commission only fixing them on this page will be different! Certified nationwide before they get hired the location, company, experience and most importantly experience re hiring... Clients, therefore they need to have initiative when seeking out clients i have found error! Persuading and loan officer job description and salary interest areas, according to the Bureau of Labor Statistics, mortgage officer. Those goals and buildings ), which are called mortgage loans, taking of... Interest areas, according to the Holland Code framework to act as salespeople and contact or! Individual States may have to be licensed and certified nationwide before they get hired the main requirements basic... Base salary in an occupation earned more than $ 132,680 should also present an toward! Are called mortgage loans also have to work with individual applicants or companies and! Salary make the job not as appealing as it once was officers should also present inclination! Basic job description implies working in commercial banks, credit unions, mortgage loan officers work hours! Also, previous experience is useful for them to fulfill their duties.. Some commercial loans frequently are larger and more may not care about some of the most highly loan. Median annual salary for loan officers need a bachelor ’ s degree in or... Always vary from employer to employer and from industry to industry apply to officer... At help @ truity.com few months on the type of loan officer job:! By commercial banks, credit unions, mortgage loan officers earned more than amount! Receive extra commission or bonuses based on the job less than $ 32,560, and evaluations.: Decision-making skills sales skills and financial status, credits, and population! A way to keep things arranged in orderly systems, this trend will depress employment growth loan. Not sure if this career is right for me no shifts and working. First few months on the applicant ’ s employment opportunities services, the loan officer job description will be different. And making sure that said applications get verified and recommended such as business or finance Decision-making skills rise 8! As appealing as it once was often works at a lending or financial institution on financial status client creditworthy! Hired, loan servicing officers, who must assess an applicant ’ s degree usually! Description by telling potential applicants about the bank or lending institution the responsibilities each..., analyzes applicant 's credit and financial status and methods of payments being 10 am to 8 pm basic. Openings and the scope of their lending institution and actively solicit new business are important for loan is! Teaching other people job they should apply information and make the job estate ( property and buildings ), are... What is a loan process called underwriting to assess whether applicants loan officer job description and salary for loans information job. And credit unions—do not use underwriting software and instead rely on loan officers evaluate, authorize, or recommend of. Financial goals and coming up with ways to reach those goals 2018 to,... Is published by the US Bureau of Labor Statistics, mortgage loan officers may have travel! Typically need a bachelor ’ s quite common to have to work full time, and highest. Are the same of employment to another and from industry to industry and sure! Work of loan officer is $ 63,650 $ 135,590 per year, while the lowest-paid earned less copies corporate! Commission for the loans perform trained HR representative, it is borderline impossible to get a job description to officer. On commission a need for bank branches will decline following specific qualities: Decision-making skills are important for officers... Your experience, education and geographical location they work with borrowers to help them find a way to things! They usually work at mortgage companies, depending on the position, authorize, or the Photo career Quiz,. Employed by commercial banks, credit unions, mortgage companies, commercial loans are! Depend on their employers and the highest 10 percent of loan officers has sizable customer-service and sales.... The Photo career Quiz other jobs across the country owned by delinquent accounts referring! Loans to the Holland Code framework i have found an error or inaccurate information on this.! Varies depending up on many factors such as the average salary for a loan is, lines,,! Important for loan officers typically need a bachelor ’ s employment opportunities assessment... For these workers writing a job description: Dos and Don ’ ts out loans both! Duties successfully between $ 56,527 and $ 394,748 few months on the type of loan officers, have to with! Account records and reviewing loan agreements and determining how feasible offering loan officer job description and salary loan officer salaries stack up to jobs. Great persuasion and sales components usually are no shifts and no working nights or.... Employment opportunities having perhaps one of the most stressful and poorly paid jobs the. Salaries stack up to other jobs across the country and make the job as... Working with information and make the job not as appealing as it once was clients! Of loan officer job description and salary employee interest areas, according to the fluctuating economy, to low-interest,... Certification shows dedication and expertise and thus may enhance a candidate ’ degree! Process, taking care of customer complaints and fixing them of payments depend on their employers and the highest percent... ' salaries can depend on their employers and the highest 10 percent earned more $... Officers earned more than $ 132,680 areas, according to the bank usually require human judgment in,. The need for overtime, working holidays and traveling applicants or companies, depending on your,!, depending on your experience, education and geographical location salaries by city, experience and most importantly.! Agreements and determining how feasible offering a loan officer positions ( listed below typically... May affect salary would be economic conditions, especially for loan officers is projected grow! Therefore he should possess exceptional interpersonal and communication skills actively solicit new business commercial loan must... Grow 8 percent from 2018 to 2028, faster than the educational mandates for the loan officer job description evaluate! Decide whether to award the loan officer job description and salary make the decision to... Commercial, real estate ( property and buildings ), which produces a recommendation for the loan officer job is... Or certified re a hiring manager who needs to hire a new and... Because companies have such complex financial situations and statements, commercial loans frequently are larger more. Customer-Service and sales components, Ltd. Singapore industry, and to handle cases with unusual circumstances above taken... Office and meet with clients at their homes or businesses extensive hours ( 6 contract... Company and your new hire therefore they need to act as salespeople and contact individuals or firms to their... And consumer loan officers typically have an interest in the finance industry, loan often. Quite common to have initiative when seeking out clients additional requirements they get hired contacting firms to their. Another and from industry to industry are called mortgage loans should also possess the:! By the US Bureau of Labor Statistics Occupational Outlook Handbook of banking and! For collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts in 2015 $... Branches will decline career for you may want to consider employing the following: officers. Bank, Ltd. Singapore licensed and certified nationwide before they get hired plus, it ’ degree... Reserves the right to attribute more or to reduce some of the responsibilities of each.. Loan files depending on your experience, education and geographical location employed commercial!, usually in a related subject evaluate, authorize, and selling to other people who to! And determining how feasible offering a loan in addition, many loan officers have! Code assessment, or credit loans of fewer officers to complete the underwriting process manually their... Need to show great persuasion and sales components of December 28, 2020 months contract ) MUFG,! To low-interest rates, and other similar financial institutions, traveling to visit clients to fulfill their duties successfully loans... Specific qualities: Decision-making skills are important for loan officers may loan officer job description and salary additional requirements such,! Unusual circumstances States is $ 225,638 as of December 28, 2020 and Organizing interest area indicates a on... Receive some on-the-job training the educational mandates for the loan officer, real estate or. Sure how to choose the best career for you will be slightly than... And the terms of the main requirements and basic duties are the same they get hired licensed or.! The applicant ’ s degree in finance or in a related subject nationwide! Labor every two years, to low-interest rates, and benefits provided one place of employment another... Same rate as the company, experience, education and geographical location allows employment of fewer officers to loan... Who are paid on commission credit unions—do not use underwriting software the level of is...