Loan Officers

Overview
Job Zone Four: Considerable Preparation Needed
Experience

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.

Education

Most of these occupations require a four-year bachelor's degree, but some do not.

Job Training

Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Examples

Many of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.

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.

Salary Salary

Salary at 10th Percentile: $33K
Salary at 25th Percentile: $45K
Median Salary: $63K
Salary at 75th Percentile: $93K
Salary at 90th Percentile: $133K

Demand
Career Demand by State Career Demand by State Legend
Core Tasks

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.

Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.

Review and update credit and loan files.

Review loan agreements to ensure that they are complete and accurate according to policy.

Handle customer complaints and take appropriate action to resolve them.

Work with clients to identify their financial goals and to find ways of reaching those goals.

Supervise loan personnel.

Stay abreast of new types of loans and other financial services and products to better meet customers' needs.

Market bank products to individuals and firms, promoting bank services that may meet customers' needs.

Analyze potential loan markets and develop referral networks to locate prospects for loans.

Compute payment schedules.

Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.

Set credit policies, credit lines, procedures and standards in conjunction with senior managers.

Technology Skills
Technology
Example
Hot Technology
Accounting software
Financial Industry Computer Systems Loan Accountant
Compliance software
Wolters Kluwer Financial Services ComplianceOne
Content workflow software
Equifax Application Engine
Customer relationship management CRM software
Microsoft Dynamics
Data base user interface and query software
Microsoft Access
Development environment software
Common business oriented language COBOL
Document management software
eOriginal eCore Business Suite
Electronic mail software
IBM Notes
Enterprise resource planning ERP software
SAP
Financial analysis software
Opportunity management system OMS
Information retrieval or search software
LexisNexis
Internet browser software
Web browser software
Office suite software
Microsoft Office
Presentation software
Microsoft PowerPoint
Spreadsheet software
Microsoft Excel
Transaction server software
Customer information control system CICS
Video conferencing software
Zoom
Word processing software
Microsoft Word
Tools Used
Tool
Example
Computer Equipment and Accessories
Personal computers
Data Voice or Multimedia Network Equipment or Platforms and Accessories
Autodialers
Office machines and their supplies and accessories
10-key calculators
Top 10 Knowledge Required
Customer and Personal Service
94%
Importance

Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Economics and Accounting
78%
Importance

Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

English Language
76%
Importance

Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

Mathematics
74%
Importance

Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

Sales and Marketing
70%
Importance

Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

Law and Government
66%
Importance

Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

Administration and Management
63%
Importance

Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.

Education and Training
58%
Importance

Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

Clerical
56%
Importance

Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.

Computers and Electronics
56%
Importance

Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

Top 10 Skills
Active Listening
80%
Importance

Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Speaking
80%
Importance

Talking to others to convey information effectively.

Judgment and Decision Making
78%
Importance

Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Reading Comprehension
78%
Importance

Understanding written sentences and paragraphs in work related documents.

Critical Thinking
75%
Importance

Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Writing
68%
Importance

Communicating effectively in writing as appropriate for the needs of the audience.

Complex Problem Solving
65%
Importance

Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.

Mathematics
65%
Importance

Using mathematics to solve problems.

Social Perceptiveness
65%
Importance

Being aware of others' reactions and understanding why they react as they do.

Active Learning
63%
Importance

Understanding the implications of new information for both current and future problem-solving and decision-making.

Top 10 Abilities
Oral Comprehension
80%
Importance

The ability to listen to and understand information and ideas presented through spoken words and sentences.

Oral Expression
80%
Importance

The ability to communicate information and ideas in speaking so others will understand.

Written Comprehension
80%
Importance

The ability to read and understand information and ideas presented in writing.

Near Vision
78%
Importance

The ability to see details at close range (within a few feet of the observer).

Written Expression
78%
Importance

The ability to communicate information and ideas in writing so others will understand.

Deductive Reasoning
75%
Importance

The ability to apply general rules to specific problems to produce answers that make sense.

Inductive Reasoning
75%
Importance

The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).

Problem Sensitivity
75%
Importance

The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.

Speech Clarity
75%
Importance

The ability to speak clearly so others can understand you.

Speech Recognition
75%
Importance

The ability to identify and understand the speech of another person.

Top 10 Work Activities
Evaluating Information to Determine Compliance with Standards
90%
Importance

Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.

Getting Information
90%
Importance

Observing, receiving, and otherwise obtaining information from all relevant sources.

Establishing and Maintaining Interpersonal Relationships
87%
Importance

Developing constructive and cooperative working relationships with others, and maintaining them over time.

Analyzing Data or Information
86%
Importance

Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

Processing Information
86%
Importance

Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.

Interacting With Computers
85%
Importance

Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

Communicating with Persons Outside Organization
83%
Importance

Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.

Communicating with Supervisors, Peers, or Subordinates
82%
Importance

Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

Making Decisions and Solving Problems
82%
Importance

Analyzing information and evaluating results to choose the best solution and solve problems.

Organizing, Planning, and Prioritizing Work
79%
Importance

Developing specific goals and plans to prioritize, organize, and accomplish your work.

Detailed Work Activities

Verify application data to determine program eligibility.

Authorize financial actions.

Compute debt repayment schedules.

Confer with others about financial matters.

Correspond with customers to answer questions or resolve complaints.

Inform individuals or organizations of status or findings.

Advise others on financial matters.

Develop financial plans for clients.

Educate clients on financial planning topics.

Maintain data in information systems or databases.

Assess financial status of clients.

Recommend products or services to customers.

Examine financial records.

Verify accuracy of records.

Interview clients to gather financial information.

Interpret financial information for others.

Gather financial records.

Verify accuracy of financial information.

Update professional knowledge.

Submit financial applications.

Market products, services, or events.

Supervise employees.

Establish organizational guidelines or policies.

Analyze market conditions or trends.

Prepare financial documents, reports, or budgets.

Work Context
Electronic Mail

How often do you use electronic mail in this job?

Indoors, Environmentally Controlled

How often does this job require working indoors in environmentally controlled conditions?

Telephone

How often do you have telephone conversations in this job?

Face-to-Face Discussions

How often do you have to have face-to-face discussions with individuals or teams in this job?

Frequency of Decision Making

How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?

Contact With Others

How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?

Work With Work Group or Team

How important is it to work with others in a group or team in this job?

Deal With External Customers

How important is it to work with external customers or the public in this job?

Spend Time Sitting

How much does this job require sitting?

Structured versus Unstructured Work

To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?

Education
Majors
Major
Finance, General
Credit Management
Interests
Conventional
96%
Importance

Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Enterprising
86%
Importance

Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Social
58%
Importance

Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.

Investigative
39%
Importance

Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.

Artistic
15%
Importance

Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.

Realistic
15%
Importance

Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.

Top 10 Work Styles
Integrity
94%
Importance

Job requires being honest and ethical.

Dependability
88%
Importance

Job requires being reliable, responsible, and dependable, and fulfilling obligations.

Cooperation
83%
Importance

Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.

Attention to Detail
82%
Importance

Job requires being careful about detail and thorough in completing work tasks.

Adaptability/Flexibility
80%
Importance

Job requires being open to change (positive or negative) and to considerable variety in the workplace.

Initiative
80%
Importance

Job requires a willingness to take on responsibilities and challenges.

Stress Tolerance
80%
Importance

Job requires accepting criticism and dealing calmly and effectively with high stress situations.

Analytical Thinking
79%
Importance

Job requires analyzing information and using logic to address work-related issues and problems.

Self Control
78%
Importance

Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.

Independence
77%
Importance

Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.

Work Values
Relationships
86%
Importance

Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.

Independence
77%
Importance

Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.

Support
72%
Importance

Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.

Achievement
67%
Importance

Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.

Recognition
67%
Importance

Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.

Working Conditions
62%
Importance

Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.