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Loan Officers

Careers / Loan Officers

Job Description


	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, and loan underwriters.

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Job Requirements


	Experience: Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.

	Education: Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.

	Training: Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.

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Significant Points


	(Abstract from Career Articles)

	Loan Officers

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.
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Top Ten Industries

U.S. National Figures.

Loan Officers
Credit Intermediation and Related Activities (5221 And 5223 only)	163,960
Nondepository Credit Intermediation	89,180
Management of Companies and Enterprises	16,230
Automobile Dealers	12,350
Federal Executive Branch (OES Designation)	3,810
Securities, Commodity Contracts, and Other Financial Investments and Related Activities	3,530
Real Estate	3,200
Insurance Carriers	2,990
Legal Services	1,900
Data Processing, Hosting, and Related Services	820

Career Video

Title: "Loan Officers"

Duration: 01:10

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Salaries

U.S. National Averages.