Loan Officers
Overview
SaveJob 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, conservation scientists, 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.
Yearly Salary
| High: | $133K |
| Median: | $63K |
| Low: | $33K |
Demand
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
Tools Used
Tool
Example
Top 10 Knowledge Required
Customer and Personal Service
94%
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%
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
English Language
76%
Knowledge of the structure and content of the English language including the meaning and spelling of words, and rules of composition and grammar.
Mathematics
74%
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Sales and Marketing
70%
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%
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administration and Management
63%
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%
Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Administrative
56%
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
Computers and Electronics
56%
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Top 10 Skills
Active Listening
80%
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%
Talking to others to convey information effectively.
Judgment and Decision Making
78%
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Reading Comprehension
78%
Understanding written sentences and paragraphs in work-related documents.
Critical Thinking
75%
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Writing
68%
Communicating effectively in writing as appropriate for the needs of the audience.
Complex Problem Solving
65%
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Mathematics
65%
Using mathematics to solve problems.
Social Perceptiveness
65%
Being aware of others' reactions and understanding why they react as they do.
Active Learning
63%
Understanding the implications of new information for both current and future problem-solving and decision-making.
Top 10 Abilities
Oral Comprehension
80%
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Oral Expression
80%
The ability to communicate information and ideas in speaking so others will understand.
Written Comprehension
80%
The ability to read and understand information and ideas presented in writing.
Near Vision
78%
The ability to see details at close range (within a few feet of the observer).
Written Expression
78%
The ability to communicate information and ideas in writing so others will understand.
Deductive Reasoning
75%
The ability to apply general rules to specific problems to produce answers that make sense.
Inductive Reasoning
75%
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Problem Sensitivity
75%
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
Speech Clarity
75%
The ability to speak clearly so others can understand you.
Speech Recognition
75%
The ability to identify and understand the speech of another person.
Top 10 Work Activities
Evaluating Information to Determine Compliance with Standards
90%
Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Getting Information
90%
Observing, receiving, and otherwise obtaining information from all relevant sources.
Establishing and Maintaining Interpersonal Relationships
87%
Developing constructive and cooperative working relationships with others, and maintaining them over time.
Analyzing Data or Information
86%
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Processing Information
86%
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Working with Computers
85%
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Communicating with People Outside the Organization
83%
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%
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Making Decisions and Solving Problems
82%
Analyzing information and evaluating results to choose the best solution and solve problems.
Organizing, Planning, and Prioritizing Work
79%
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.
Education
Interests
Conventional
86%
Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
Enterprising
72%
Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.
Social
54%
Work involves helping, teaching, advising, assisting, or providing service to others. Social occupations are often associated with social, health care, personal service, teaching/education, or religious activities.
Investigative
33%
Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service.
Realistic
18%
Work involves designing, building, or repairing of equipment, materials, or structures, engaging in physical activity, or working outdoors. Realistic occupations are often associated with engineering, mechanics and electronics, construction, woodworking, transportation, machine operation, agriculture, animal services, physical or manual labor, athletics, or protective services.
Artistic
15%
Work involves creating original visual artwork, performances, written works, food, or music for a variety of media, or applying artistic principles to the design of various objects and materials. Artistic occupations are often associated with visual arts, applied arts and design, performing arts, music, creative writing, media, or culinary art.
Work Values
Relationships
86%
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%
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%
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%
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%
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%
Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Colleges
SAGE Scholars Member Schools that offer majors leading to this career.
Check out the College Search to see the full list of schools with majors for this career.