Career Overview
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.
Also Known As
- Commercial Loan Officer
- Financial Aid Counselor
- Loan Counselor
- Loan Officer
Alternate Job Titles
- Agricultural Loan Officer
- Bank Officer
- Bank Representative
- Banking Services Officer
- Branch Banker
- Branch Lending Officer
- Business Banker
- Business Banking Officer
- Commercial Banker
- Commercial Lender
- Commercial Loan Collection Officer
- Commercial Loan Officer
- Commercial Mortgage Broker
- Commercial Relationship Manager
- Consumer Lending Specialist
What You'll Do
In this role, your typical responsibilities include:
- 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.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Review and update credit and loan files.
Knowledge You'll Use
You'll need solid knowledge in these areas:
- Customer and Personal Service
- Economics and Accounting
- English Language
- Mathematics
Essential Skills
Success in this career requires strong skills in:
- Active Listening
- Speaking
- Reading Comprehension
- Judgment and Decision Making
- Critical Thinking
Key Abilities
This career requires key abilities in:
- Oral Comprehension
- Oral Expression
- Written Comprehension
- Written Expression
- Near Vision
- Inductive Reasoning
- Speech Recognition
- Speech Clarity
- Deductive Reasoning
- Problem Sensitivity
Work Style
People who excel in this career typically demonstrate:
- Integrity
- Dependability
- Attention to Detail
- Cautiousness
- Social Orientation
What Matters in This Career
This career tends to satisfy these work values:
- Relationships
- Independence
- Support
- Achievement
- Recognition
Education & Preparation
Typical Education: Bachelor's Degree
Related Work Experience Needed: Over 4 years, up to and including 6 years
On-the-Job Training: Over 6 months, up to and including 1 year
Education Details: Most of these occupations require a four-year bachelor's degree, but some do not.
Experience Required: 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.
Technology You'll Use
Popular Technologies & Software
- Microsoft Access
- Microsoft Excel
- Microsoft Office software
- Microsoft Outlook
- Microsoft PowerPoint
- Microsoft Word
- Oracle PeopleSoft
- SAP software
- Zoom
Tools & Equipment
- 10-key calculators
- Autodialers
- Desktop computers
- Notebook computers
- Personal computers
- Personal digital assistants PDA
- Scanners
- Tablet computers
Work Environment
- Telephone Conversations
- Indoors, Environmentally Controlled
- Face-to-Face Discussions with Individuals and Within Teams
- Contact With Others
Salary & Job Market
| Salary Percentile | Annual Wage |
|---|---|
| Entry-Level (10th percentile) | $38,490 |
| Median | $74,180 |
| Top Earners (90th percentile) | $145,780 |
Workers Employed Nationally: 290,530
Related Careers
If you're interested in this career, you might also consider:
Loan Interviewers and Clerks
Education: High School Diploma - or the equivalent (for example, GED)
Median Salary: $48,950
Credit Counselors
Education: Bachelor's Degree
Median Salary: $50,480
Credit Analysts
Education: Bachelor's Degree
Median Salary: $80,970
Credit Authorizers, Checkers, and Clerks
Education: Not specified
Median Salary: $49,130
Personal Financial Advisors
Education: Bachelor's Degree
Median Salary: $102,140
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Occupational data sourced from the O*NET OnLine database, developed by the U.S. Department of Labor, Employment and Training Administration. Wage data from the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS), 2024.