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Loan Officer

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AVG. SALARY

$62,250

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EDUCATION

Bachelor's degree

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JOB OUTLOOK

Decreasing

What They Do

Loan Officers Career Video

About This Career

Evaluates, authorizes, or recommends approval of commercial, real estate, or credit loans. Advises borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.

This career is part of the Business Management and Administration cluster Business Finance and Accounting pathway.

A person in this career:

  • Meets with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyzes applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Approves loans within specified limits, and refers loan applications outside those limits to management for approval.
  • Explains to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Submits applications to credit analysts for verification and recommendation.
  • Reviews loan agreements to ensure that they are complete and accurate according to policy.
  • Reviews and updates credit and loan files.
  • Obtains and compiles copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Works with clients to identify their financial goals and to find ways of reaching those goals.
  • Handles customer complaints and takes appropriate action to resolve them.

Working Conditions and Physical Demands

People who do this job report that:

  • You would sit most of the time. There's some walking and standing. You may have to lift and carry things like books, papers or tools weighing 10 lbs. or less.
  • Work in this occupation requires being inside most of the time
  • Work in this occupation involves sitting more than one-third of the time

Working in this career involves (physical activities):

  • Seeing clearly up close
  • Speaking clearly enough to be able to be understood by others
  • Identifying and understanding the speech of another person

Work Hours and Travel

  • Overtime work

Specialty and Similar Careers

Careers that are more detailed or close to this career:

  • Commercial Banker
  • Commercial Loan Officer
  • Corporate Banking Officer
  • Mortgage Loan Officer
  • Financial Aid Counselor
  • Financial Counselor
  • Loan Counselor
  • Financial Aid Advisor
  • Financial Aid Officer