National
| Median wages (2008) |
$26.30 hourly, $54,700 annual |
| Employment (2006) |
373,000 employees |
| Projected growth (2006-2016) |
Average (7% to 13%)
|
| Projected need (2006-2016) |
83,000 additional employees |
13-2072.00 - Loan Officers
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
Sample of reported job titles:
Loan Officer, Branch Manager, Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Portfolio Manager, Relationship Manager, Agricultural Loan Officer, Branch Lending Officer, Mortgage Loan Officer
Tasks
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- 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.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- 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.
- Compute payment schedules.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Submit applications to credit analysts for verification and recommendation.
back to top
Tools & Technology
Tools used in this occupation:
| Desktop computers |
| Notebook computers |
| Personal computers |
| Personal digital assistant PDAs or organizers — Personal digital assistants PDA |
| Tablet computers |
Technology used in this occupation:
| Accounting software — Bottom Line LoanMaster Loan Servicing; Financial Industry Computer Systems Loan Accountant |
| Content workflow software — Equifax Application Engine; Experian Transact SM |
| Document management software — eOriginal eCore Business Suite |
| Financial analysis software — CGI-AMS CACS Enterprise; Experian Credinomics; VueCentric MortgageDashboard; White Clarke North America Credit Adjudication and Lending Management |
| Office suite software — Experian Strategy Management |
