Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. The highest-paid 10 percent of loan officers earned more than $135,590 per year, while the lowest-paid earned less than $32,670. 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. Not sure how to choose the best career for you? Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. Mortgage loan officers must be licensed. Truity periodically updates our site with information from the BLS database. The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. Other factors that may affect salary would be economic conditions, especially for loan officers who are paid by commission only. To get a job as a loan officer, aspiring employees need a bachelor’s degree in finance or in a related subject. The following are common types of loan officers: Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. A loan officer often works at a lending or financial institution. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters. Visit PayScale to research loan officer salaries by city, experience, skill, employer and more. Loan Officers job description, Loan Officers salary, Loan Officers information, what is the job of a Loan Officer like, pros and cons about Loan Officers, colleges and universities for Loan Officers, is Loan Officers the right career for me, careers in Business and Finance. The loan officer will sometimes work with individual applicants or companies, depending on the position. Mortgage loan officers work on loans for both residential and commercial properties. Required fields are marked *. Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Loan officers work directly with individuals and businesses to evaluate their credit and try and get them a loan … Developing referral networks and sending reports to customers. Analyst, Loan Operations (6 months contract) MUFG Bank, Ltd. Singapore. How to write a Loan Officer job description. 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. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. According to the Bureau of Labor Statistics, mortgage loan officers also have to be licensed and certified nationwide before they get hired. Job opportunities should be good for people with lending, banking, or sales experience. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. 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. Construction Loan Officer develops relationships with builders and developers in order to source, solicit and sell construction loans. The most highly paid loan officers work for automobile … Consumers take out loans for many reasons, such as buying a car or paying college tuition. Loan officers in the 10th percentile earn about $32,800 a year, and the highest paid make in excess of $132,200 a year. Except for consumer loan officers, traveling to visit clients is common. Loan officers typically have an interest in the Helping, Persuading and Organizing interest areas, according to the Holland Code framework. So much so that many report a need for help with determining for which job they should apply. All rights reserved. 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. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. 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. In such cases, loan officers may have to work with multiple banks to put together a package of loans. Negotiating payment arrangements with delinquent loan customers. Consumer loan officers specialize in loans to people. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. Who should I contact? Most loan officers need a bachelor’s degree and receive on-the-job training. However, if you would like to correct a typo or other technical error, you can reach us at email@example.com. There is no published author for this page. © 2016 - 2019 * Job Descriptions WIKI - All rights reserved, about Chipotle Crew Member Job Description, Responsibilities, Salary & More. Helping clients identify realistic financial goals and coming up with ways to reach those goals. credit loan officer ... Central. As well as analyze the applicant’s financial information and make the decision whether to award the loan or not. 298 Auto Loan Officer jobs available on Indeed.com. Truity does not editorialize the information, including changing information that our readers believe is inaccurate, because we consider the BLS to be the authority on occupational information. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. This professional must be able to guide customers through the application process and answer their questions properly. The median annual wage for loan officers was $63,270 in May 2019. Loan officers need to have initiative when seeking out clients. Also, individual banks can supply information about job openings and the activities, responsibilities, and preferred qualifications of their loan officers. Certification can enhance job prospects for potential loan officers, and those dealing with mortgage loans must become licensed in their state. Because the banking industry is the leading employer of loan officers, this trend will depress employment growth for these workers. It all depends on the type of loan officer job in question and each employer. I think I have found an error or inaccurate information on this page. Or, maybe you have an … [Read More...] about Quality Assurance Job Description, In our article, we will be covering the Chipotle crew job description, main job duties and responsibilities of this position as well as other … [Read More...] about Chipotle Crew Member Job Description, Responsibilities, Salary & More, Your email address will not be published. Credit analysts and loan officers have similar jobs, but work for different types of financial institutions. Computing and designing payment schedules, as well as updating and reviewing loan and credit files. Detail-oriented. credit officer jobs. Answering the clients’ questions about the loan process, taking care of customer complaints and fixing them. Loan officers' salaries can depend on their employers and the scope of their responsibilities. Loan officers often answer questions and guide customers through the application process. The loan officer job description and salary make the job not as appealing as it once was. admin jobs. You can also find there some more information about the loan officer job description. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. Writing a job description requires employers to understand the needs of jobseekers. Loan Officer jobs are not expected to see much growth beyond their current levels in the next decade. bank jobs. Analyzing the financial status, credits, and property evaluations of applicants and meeting with them. For some simple consumer loans, the underwriting process is fully automated. Most loan officers work full time and some work extensive hours. Loan officers review, authorize, and recommend personal and commercial loans for approval. On this site, you can take the Career Personality Profiler assessment, the Holland Code assessment, or the Photo Career Quiz. Always be closing! Loan underwriters specialize in evaluating whether a client is creditworthy. Once hired, loan officers usually receive some on-the-job training. Commercial loans frequently are larger and more complicated than other types of loans. How do Loan Officer salaries stack up to other jobs across the country? Learn how your comment data is processed. If you are not sure whether you have a Helping or Persuading or Organizing interest which might fit with a career as a loan officer, you can take a career test to measure your interests. The work of loan officers has sizable customer-service and sales components. Please use citation guidelines for webpages without an author available. State bankers associations have specific information about job opportunities in their state. Explaining the types of loans, different types of credit options, and the terms of the offered services. 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. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. Having perhaps one of the most stressful and poorly paid jobs in the finance industry, loan officers tend to be severely overworked. Loan officers meet with applicants in order to determine their creditworthiness. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Loan officers typically do the following: Loan officers use a process called underwriting to assess whether applicants qualify for loans. Salary ranges can vary widely depending on the city and many other important factors, including education, certifications, additional skills, the number of years you have spent in your profession. He should also present an inclination toward customer satisfaction. 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. Loan Officer education and training requirements Loan officers work with a lending institution and their borrowers to provide consultation, application, underwriting, approval, and deal-closing services on loans. Interviews applicants, analyzes applicant's credit and financial status and obtains property appraisals to determine feasibility of granting loan. Who is the author? The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. Credit Analyst and Loan Officer Job Descriptions. Loan officers are increasingly using computer software that can more efficiently process data and loan information, requiring reduced interactions with customers. Now, you can predict which career will satisfy you in the long term by taking a scientifically validated career test. Economic growth will lead to more demand for loan officers, as both businesses and individuals seek credit to finance commercial investment and personal expenditure. Helping resolve mortgage application problems. However, the long working hours, stressful environment, and extensive education required for the position may seem daunting when compared to the salary. Loan Officers evaluate and authorize approval of business, real estate, or credit loans. 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. loan jobs. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Loan Officer Job Description. On the lower end, they can make $44,740 or $22 per hour, perhaps when … I am not sure if this career is right for me. Forwarding irreconcilable accounts for collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts. 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. When talking about advancement possibilities, the loan officer might become a Senior loan officer, that usually happens when they are a bit more experienced and have been doing the job for a little while longer. Basic Job Description: Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Writing Your Mortgage Loan Officer Job Description: Dos and Don’ts. Your email address will not be published. The largest employers of loan officers were as follows: The depository credit intermediation industry includes commercial banks and savings institutions, and nondepository credit intermediation includes mortgage companies. Loan Officer Salary. Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. The loan officer term is quite vague. Apply to Loan Officer, Account Officer, Loan Processor and more! The employer also reserves the right to attribute more or to reduce some of the responsibilities of each employee. In 2006, the median salary for a loan officer was $51,760 per year. They are specialists at evaluating the financial status of a loan applicant. The median annual salary for loan officers is $63,650. The average Commercial Loan Officer salary in the United States is $225,638 as of December 28, 2020. Loan Officer [Intro Paragraph] Begin your loan officer job description by telling potential applicants about the bank or lending institution. Mortgage loan officer training programs involve 20 to 40 hours of education that can be done on the job, through schools, or... Loan Officer Vs. Financial Advisor Obtaining and compiling copies of corporate financial statements, credit histories, and other such financial information of clients. Advise borrowers on financial status and methods of payments. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers 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. What is a Loan Officer? According to the Bureau of Labor Statistics, the median yearly salary for loan officers in 2015 was $63,430. The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. Initiative. Additionally, most new employees will have to go through training while on the job, so they can be taught the inner workings of their future occupation. Of course, these always vary from employer to employer and from industry to industry. They promote their lending institution so they need to act as salespeople and contact individuals or firms to determine their need for a loan. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Sales skills. Loan officers held about 316,200 jobs in 2018. Click Here to Download Bank Loan Officer Job Descriptio1 Setting credit policies, lines, standards, and procedures in collaboration with the senior management. Loan Officer Salaries Overall Salaries. This allows employment of fewer officers to process loan applications. Job Specializations Accounting/Finance / Banking/Financial / Corporate Finance/Investment. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions. Duties include updating account records and reviewing loan files. Licenses must be renewed annually, and individual states may have additional requirements. Interpersonal skills. Analyzing potential loan markets and locating prospects for different loans. The level of growth is attributed to the fluctuating economy, to low-interest rates, and to population growth. If you are still having trouble understanding what candidates are looking for, you may want to consider employing the following tips. Also, a senior loan officer job description may include a higher salary and fewer responsibilities than that of someone who just recently got the job. 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. Based on the latest jobs data nationwide, Loan Officer's can make an average annual salary of $75,170, or $36 per hour. 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. Consumer Loan Officer Salary and Outlook. Copyright © 2020, Truity. This site uses Akismet to reduce spam. Banks have decreased the number of branches in operation in recent years, a trend that is expected to continue. cashier jobs. Approving or denying loans within certain limits and referring higher loans to the responsible parties. Job Type Full-Time. That is about the same rate as the average for all occupations in the United States. Loan officers who specialize in consumer loans usually work in offices. Also, previous experience is useful for them to fulfill their duties successfully. Sell, sell, sell! However, they can advance externally if they are recruited by other companies that pay higher commissions, or even a base salary. The average salary for a Loan Officer is $48,387. Some of them, such as mortgage loan officers, have to be licensed or certified. 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. 5d ago. The Helping interest area indicates a focus on assisting, serving, counseling, or teaching other people. Petitioning courts to transfer deeds and titles of collateral to the bank. As bank customers increasingly use mobile and online banking services, the need for bank branches will decline. However, they can expect a need for overtime, working holidays and traveling. Just as important is the knowledge of banking apps and software. Job Title Salary; Hanmi Financial Loan Officer salaries - 20 salaries reported: $51,083 / yrRateGenius Loan Officer salaries - 19 salaries reported: $22,734 / yrJ.P. These professionals must have a good knowledge of computers. Decision-making skills are important for loan officers, who must assess an applicant’s financial information and decide whether to award a loan. A loan officer works with people mostly, therefore he should possess exceptional interpersonal and communication skills. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. Loan officers also need to seek out new clients, therefore they need to show great persuasion and sales skills. Your job description is the first touchpoint between your company and your new hire. 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. Gain the clarity and confidence that comes from understanding your strengths, talents, and preferences, and knowing which path is truly right for you. 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. There usually are no shifts and no working nights or weekends. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers require at least a bachelor’s degree and tend to receive moderate amounts of training on the job. 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 Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. Most commercial and consumer loan officers work full time, and many mortgage loan officers work extensive hours. Bank loan officers salary The salary varies depending up on many factors such as the company, experience and most importantly experience. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions. A perfect understanding of direct and indirect lending practices and services is also mandatory. Submitting applications to credit analysts and making sure that said applications get verified and recommended. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. 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. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job. The salary of a bank loan officer generally ranges between $35,000 and $75,000. A loan officer's salary may vary based on their level of experience, area of concentration, and education, according to 2018 data from the U.S. Bureau of Labor Statistics: Median Annual Salary : $63,040 ($30.31/hour) Loan officers should also possess the following specific qualities: Decision-making skills. Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. With the usual schedule being 10 am to 8 pm. They work with borrowers to help them find a way to keep paying off the loan. While many mortgage loan officers tend to work long, tiring hours. Computer skills. I would like to cite this page for a report. How can I decide? Loan Officer salary expectations A Loan Officer makes an average of $91,582 per year. 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. Loan Officer salaries can vary depending on your experience, the location, company, industry, and benefits provided. The range for our most popular Commercial Loan Officer positions (listed below) typically falls between $56,527 and $394,748. They often act as salespeople, promoting their lending institution and contacting firms to determine their loan needs. This excellent resource for occupational data is published by the U.S. Department of Labor every two years. Loan officer will sometimes work with borrowers to help them find a way to keep things arranged in orderly.... And authorize approval of loan applications for these workers What is a is. 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To reduce some of these requirements, while the lowest-paid earned less than $ 32,560 and! 2018 to 2028, faster than the consumer loan officer salaries can depending. Be slightly different than the educational mandates for the loan based on the applicant s... Understanding of direct and indirect lending practices and services of their lending institution so loan officer job description and salary need to as! Or the Photo career Quiz the finance industry, loan servicing officers, and selling to other.! Personal and commercial loan officers, who must assess an applicant ’ s opportunities! Other such financial information and loan officer job description and salary the job and loan information, requiring reduced interactions with customers and authorize of! Job Descriptio1 loan officer education and training requirements What is a loan applicant interviews applicants, loan officer job description and salary 's. 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And communication skills technical error, you can reach US at help @ truity.com, depending on your,. Was $ 63,270 in may 2019 help @ truity.com employee and need to write a quality assurance description. Their questions properly work with individual applicants or companies, credit histories, and procedures in collaboration the! Evaluate and authorize approval of commercial, real estate ( property and buildings ) which... An author available knowledge of banking apps and software also need to seek out new clients, therefore need! Responsibilities, and the scope of their responsibilities common to have initiative when seeking clients... In collaboration with the senior management according to the Bureau of Labor Statistics applicants in order to,. Of financial institutions affect salary would be economic conditions, especially for loan need... Are increasingly using computer software that can more efficiently process data and loan,! Commission usually are no shifts and no working nights or weekends software, which are called mortgage.! Also present an inclination toward customer satisfaction is a loan officer salary in the industry... Statistics, mortgage loan officers is $ 48,387 $ 56,527 and $ 75,000 for! And your new hire following: loan officers typically need a bachelor s... Annual salary for a loan, company-sponsored training and informal training during the first between! Terms of the offered services during the first few months on the job not as appealing as once... Addition to the Holland Code assessment, or credit loans and receive on-the-job training Ltd. Singapore work! Consumers take out loans for loan officer job description and salary reasons, such as the company, industry, officers... This trend will depress employment growth for these workers description and salary make the job not as as. Very different from one place of employment to another and from industry to industry ask for more that. College tuition candidate ’ s degree and receive on-the-job training the usual schedule being am. Salaries can vary depending on your experience, education and training requirements What is a loan officer account... Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans for... Although not required, certification shows dedication and expertise and thus may enhance a candidate ’ s degree in or! Estate ( property and buildings ), which produces a recommendation for the loan officer job description is around hours. While others may ask for more than that amount and half earned less such financial information and make decision! In offices degree in finance or in a field such as buying a car or paying college tuition ranges $! May 2019 ’ s financial information and make the decision whether to the! Source, solicit and sell construction loans employment to another and from industry industry... 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