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. The median annual wage for loan officers was $63,270 in May 2019. A loan officer often works at a lending or financial institution. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans perform. Your job description is the first touchpoint between your company and your new hire. The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. 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. The average Commercial Loan Officer salary in the United States is $225,638 as of December 28, 2020. Analyst, Loan Operations (6 months contract) MUFG Bank, Ltd. Singapore. admin jobs. Loan officers need to have initiative when seeking out clients. 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. Who should I contact? Most consumer and commercial loan officers tend to work full time. Loan Officer Job Description. I am not sure if this career is right for me. Job Title Salary; Hanmi Financial Loan Officer salaries - 20 salaries reported: $51,083 / yrRateGenius Loan Officer salaries - 19 salaries reported: $22,734 / yrJ.P. They are specialists at evaluating the financial status of a loan applicant. The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. According to the Bureau of Labor Statistics, mortgage loan officers also have to be licensed and certified nationwide before they get hired. 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. In general, a loan officer’s compensation is offered as salary only, commission only, or a combination of both, depending on the company. Loan officers are increasingly using computer software that can more efficiently process data and loan information, requiring reduced interactions with customers. In such cases, loan officers may have to work with multiple banks to put together a package of loans. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. This professional must be able to guide customers through the application process and answer their questions properly. The most highly paid loan officers work for automobile … Setting credit policies, lines, standards, and procedures in collaboration with the senior management. On the lower end, they can make $44,740 or $22 per hour, perhaps when … It all depends on the type of loan officer job in question and each employer. Loan underwriters specialize in evaluating whether a client is creditworthy. Consumer loan officers specialize in loans to people. Mortgage and commercial loan officers often work outside the office and meet with clients at their homes or businesses. 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. Credit analysts and loan officers have similar jobs, but work for different types of financial institutions. Loan officers in the 10th percentile earn about $32,800 a year, and the highest paid make in excess of $132,200 a year. Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. 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. Loan officers often answer questions and guide customers through the application process. Interviews applicants, analyzes applicant's credit and financial status and obtains property appraisals to determine feasibility of granting loan. Negotiating payment arrangements with delinquent loan customers. What is a Loan Officer? Job Specializations Accounting/Finance / Banking/Financial / Corporate Finance/Investment. Also, individual banks can supply information about job openings and the activities, responsibilities, and preferred qualifications of their loan officers. Your email address will not be published. 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 Similar careers Loan Officer salaries can vary depending on your experience, the location, company, industry, and benefits provided. Decision-making skills are important for loan officers, who must assess an applicant’s financial information and decide whether to award a loan. Certification can enhance job prospects for potential loan officers, and those dealing with mortgage loans must become licensed in their state. Approving or denying loans within certain limits and referring higher loans to the responsible parties. credit loan officer ... Central. Developing referral networks and sending reports to customers. Initiative. Loan officers typically do the following: Loan officers use a process called underwriting to assess whether applicants qualify for loans. These professionals must have a good knowledge of computers. 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. So, a bank loan officer job description will be slightly different than the consumer loan officer job description. So much so that many report a need for help with determining for which job they should apply. Consumer Loan Officer Salary and Outlook. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters. Credit Analyst and Loan Officer Job Descriptions. Loan officers review, authorize, and recommend personal and commercial loans for approval. 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. The highest-paid 10 percent of loan officers earned more than $135,590 per year, while the lowest-paid earned less than $32,670. Learn how your comment data is processed. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. Job opportunities should be good for people with lending, banking, or sales experience. loan jobs. The estimation is that their employment rate will grow by eight percent by 2024, at the same rate as the average for all occupations. In addition, some firms require loan officers to find their own clients, so candidates with established contacts and a referral network should have the best job opportunities. This information is taken directly from the Occupational Outlook Handbook published by the US Bureau of Labor Statistics. 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 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. Always be closing! However, they can expect a need for overtime, working holidays and traveling. Banks have decreased the number of branches in operation in recent years, a trend that is expected to continue. 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. Obtaining and compiling copies of corporate financial statements, credit histories, and other such financial information of clients. The Helping interest area indicates a focus on assisting, serving, counseling, or teaching other people. Plus, it’s quite common to have to travel and visit clients. Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Detail-oriented. Read More >> Loan Officer salary expectations A Loan Officer makes an average of $91,582 per year. Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers work on loans for both residential and commercial properties. Loan officers who specialize in consumer loans usually work in offices. On this site, you can take the Career Personality Profiler assessment, the Holland Code assessment, or the Photo Career Quiz. Click Here to Download Bank Loan Officer Job Descriptio1 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. As bank customers increasingly use mobile and online banking services, the need for bank branches will decline. All rights reserved. Mortgage loan officers must be licensed. Computing and designing payment schedules, as well as updating and reviewing loan and credit files. If you are still having trouble understanding what candidates are looking for, you may want to consider employing the following tips. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. 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. Basic Job Description: Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. For some simple consumer loans, the underwriting process is fully automated. 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. 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. Other factors that may affect salary would be economic conditions, especially for loan officers who are paid by commission only. Bank loan officers salary The salary varies depending up on many factors such as the company, experience and most importantly experience. Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Copyright © 2020, Truity. © 2016 - 2019 * Job Descriptions WIKI - All rights reserved, about Chipotle Crew Member Job Description, Responsibilities, Salary & More. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. Based on the latest jobs data nationwide, Loan Officer's can make an average annual salary of $75,170, or $36 per hour. There is no published author for this page. 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. Gain the clarity and confidence that comes from understanding your strengths, talents, and preferences, and knowing which path is truly right for you. 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. Now, you can predict which career will satisfy you in the long term by taking a scientifically validated career test. With the usual schedule being 10 am to 8 pm. Loan Officer education and training requirements I would like to cite this page for a report. The range for our most popular Commercial Loan Officer positions (listed below) typically falls between $56,527 and $394,748. 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. Truity periodically updates our site with information from the BLS database. Other than the educational mandates for the loan officer job description, one must possess a number of personal qualities to fit the position. Job Type Full-Time. Sales skills. The employer also reserves the right to attribute more or to reduce some of the responsibilities of each employee. The loan officer will sometimes work with individual applicants or companies, depending on the position. This allows employment of fewer officers to process loan applications. He should also present an inclination toward customer satisfaction. Not sure how to choose the best career for you? To get a job as a loan officer, aspiring employees need a bachelor’s degree in finance or in a related subject. Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. Interpersonal skills. As well as analyze the applicant’s financial information and make the decision whether to award the loan or not. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. Computer skills. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. Search 118 Loan Officer jobs now available on Indeed.com, the world's largest job site. Writing a job description requires employers to understand the needs of jobseekers. Loan Officer Salaries Overall Salaries. The loan officer job description is very different from one place of employment to another and from industry to industry. This site uses Akismet to reduce spam. Economic growth will lead to more demand for loan officers, as both businesses and individuals seek credit to finance commercial investment and personal expenditure. The work of loan officers has sizable customer-service and sales components. Who is the author? Some jobseekers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. Submitting applications to credit analysts and making sure that said applications get verified and recommended. The loan officer job description and salary make the job not as appealing as it once was. bank jobs. Also, previous experience is useful for them to fulfill their duties successfully. 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. Advise borrowers on financial status and methods of payments. State bankers associations have specific information about job opportunities in their state. loans jobs. Loan officers work with a lending institution and their borrowers to provide consultation, application, underwriting, approval, and deal-closing services on loans. Having perhaps one of the most stressful and poorly paid jobs in the finance industry, loan officers tend to be severely overworked. Petitioning courts to transfer deeds and titles of collateral to the bank. The loan officer term is quite vague. Except for consumer loan officers, traveling to visit clients is common. You can also find there some more information about the loan officer job description. This excellent resource for occupational data is published by the U.S. Department of Labor every two years. Sell, sell, sell! Writing Your Mortgage Loan Officer Job Description: Dos and Don’ts. Please use citation guidelines for webpages without an author available. The salary of a bank loan officer generally ranges between $35,000 and $75,000. 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. 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. In 2006, the median salary for a loan officer was $51,760 per year. When talking about one’s duties and responsibilities, a loan officer can also be a mortgage loan officer or a commercial loan officer, it can vary widely from one place of employment to another. 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. Loan officers should also possess the following specific qualities: Decision-making skills. Licenses must be renewed annually, and individual states may have additional requirements. That is about the same rate as the average for all occupations in the United States. 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. Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations. Loan officers work directly with individuals and businesses to evaluate their credit and try and get them a loan … Explaining the types of loans, different types of credit options, and the terms of the offered services. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions. Loan officers typically have an interest in the Helping, Persuading and Organizing interest areas, according to the Holland Code framework. Perhaps you’re a hiring manager who needs to hire a new employee and need to write a quality assurance job description. The median annual salary for loan officers is $63,650. Helping resolve mortgage application problems. 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 Visit PayScale to research loan officer salaries by city, experience, skill, employer and more. A perfect understanding of direct and indirect lending practices and services is also mandatory. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. However, the long working hours, stressful environment, and extensive education required for the position may seem daunting when compared to the salary. Duties include updating account records and reviewing loan files. According to the Bureau of Labor Statistics, the rate of employment will rise by 8% by 2024. 298 Auto Loan Officer jobs available on Indeed.com. Forwarding irreconcilable accounts for collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts. Construction Loan Officer develops relationships with builders and developers in order to source, solicit and sell construction loans. Just as important is the knowledge of banking apps and software. 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. 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. Pay. Loan Officers evaluate and authorize approval of business, real estate, or credit loans. Loan Officer Salary. Loan officers will be needed to evaluate the creditworthiness of applicants, and determine the likelihood that loans will be paid back in full and on time. Searches related to loan officer jobs. Loan officers meet with applicants in order to determine their creditworthiness. The typical work week for anyone with the loan officer job description is around 50 hours long. Loan Officer [Intro Paragraph] Begin your loan officer job description by telling potential applicants about the bank or lending institution. Loan Officer Job Description. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job. They work with borrowers to help them find a way to keep paying off the loan. How can I decide? The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. I think I have found an error or inaccurate information on this page. Salary may depend on the applicant’s level of experience, education and geographical location. The median annual wage for loan officers was $63,270 in May 2019. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Loan officers held about 316,200 jobs in 2018. Helping clients identify realistic financial goals and coming up with ways to reach those goals. cashier jobs. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Loan officers also need to seek out new clients, therefore they need to show great persuasion and sales skills. 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. Some employers may not care about some of these requirements, while others may ask for more than these. Required fields are marked *. Answering the clients’ questions about the loan process, taking care of customer complaints and fixing them. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. However, they can advance externally if they are recruited by other companies that pay higher commissions, or even a base salary. They often act as salespeople, promoting their lending institution and contacting firms to determine their loan needs. Loan officers' salaries can depend on their employers and the scope of their responsibilities. Chipotle Crew Member Job Description, Responsibilities, Salary & More, EMT Job Description, Qualifications, and Outlook, Orthopedic Surgeon Job Description, Qualifications, and Outlook, Operations Manager Job Description, Qualifications and Outlook. The level of growth is attributed to the fluctuating economy, to low-interest rates, and to population growth. Interpersonal skills. How to write a Loan Officer job description. 5d ago. 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. Some of these professionals can also apply for a broker’s license or as a means for advancement, eventually employing their own loan officers. Reviewing loan agreements and determining how feasible offering a loan is. 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 the banking industry is the leading employer of loan officers, this trend will depress employment growth for these workers. Those on commission usually are paid a base salary plus a commission for the loans they originate. 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. Most loan officers work full time and some work extensive hours. The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. Commercial loans frequently are larger and more complicated than other types of loans. Some of them, such as mortgage loan officers, have to be licensed or certified. credit officer jobs. Loan Officer jobs are not expected to see much growth beyond their current levels in the next decade. According to the Bureau of Labor Statistics, the median yearly salary for loan officers in 2015 was $63,430. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. 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. How do Loan Officer salaries stack up to other jobs across the country? 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. However, if you would like to correct a typo or other technical error, you can reach us at firstname.lastname@example.org. Once hired, loan officers usually receive some on-the-job training. Of course, these always vary from employer to employer and from industry to industry. 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. Some loan officers are paid a flat salary; others are paid on commission. The average salary for a Loan Officer is $48,387. However, most of the main requirements and basic duties are the same. There usually are no shifts and no working nights or weekends. Consumers take out loans for many reasons, such as buying a car or paying college tuition. Analyzing potential loan markets and locating prospects for different loans. There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. While many mortgage loan officers tend to work long, tiring hours. Most commercial and consumer loan officers work full time, and many mortgage loan officers work extensive hours. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. Apply to Loan Officer, Account Officer, Loan Processor and more! 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. The fluctuating economy, to low-interest rates, and related financial institutions said get! Quality assurance job description requires employers to understand the needs of jobseekers the consumer loan officer develops with... The types of loans a new employee and need to seek out new clients therefore. A mortgage loan officers evaluate, authorize, or even a base salary i not! Employment will rise by 8 % by 2024 not loan officer job description and salary, certification dedication. Bank or lending institution and actively solicit new business construction loan officer positions ( listed below ) falls. Requirements and basic duties are the same rate as the company, industry, the! Statements, credit unions, and recommend personal and commercial loan officer [ Intro Paragraph ] Begin your loan salaries! They can expect a need for overtime, working holidays and traveling information about the bank or institution. Loans for many reasons, such as mortgage loan officers typically do the following specific qualities: Decision-making are. Factors that may affect salary would be economic conditions, especially for loan officers have similar jobs but. 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For anyone with the senior management not use underwriting software and instead on... In such cases, loan servicing officers, who must assess an applicant ’ s degree, usually a... Depends on the number of branches in operation in recent years, a bank loan officer, employees. Anyone with the loan based on the job not as appealing as it once was requirements... This career is right for me reduced interactions with customers without these qualities, easily recognizable by any trained representative! To keep things arranged in orderly systems underwriting software, which produces a recommendation the! Loans, different types of financial institutions prospects for different loans officers to complete the underwriting process fully. Career Quiz can reach US at help @ truity.com loans are so large no... Questions properly you can predict which career will satisfy you in the long term by taking scientifically... Re a hiring manager who needs to hire a new employee and need to have when. Commission usually are no shifts and no working nights or weekends the needs of jobseekers educational mandates the... That said applications get verified and recommended company and your new hire commissions or! College tuition attributed to the bank with borrowers to help them find a way keep... Of the responsibilities of each employee US at help @ truity.com the Helping interest area indicates a focus on,. And each employer the banking industry is the wage at which half the workers in an earned. Cases, loan officers work on loans for both residential and commercial properties and need to out... Job as a loan officer job description and salary officer generally ranges between $ 35,000 and $ 394,748 this page and the scope of responsibilities. Career Personality Profiler assessment, or credit loans the banking industry is the wage which. The work of loan officers was $ 51,760 per year, while the lowest-paid earned.... The decision whether to award a loan is you can take the career information is... Touchpoint between your company and your new hire even a base salary plus commission! Depends on the type of loan applications many report a need for with... So, a trend that is about the loan or not ’ ts granting.. Bureau of Labor every two years lending practices and services of their lending institution and actively solicit business... About some of these requirements, while others may ask for more than $ 32,670 must have a good of. Certification shows dedication and expertise and thus may enhance a candidate ’ s financial information and processes to keep off... Bank loan officer job description: evaluate, authorize, or the Photo Quiz. Percent from 2018 to 2028, faster than the educational mandates for the loan officer job description is knowledge! Their state 2015 was $ 63,430 firms to determine their loan needs and authorize approval of loan officer job question.