Loan Officers


Salary Median (2020)


Projected Job Growth (2019-2029)

+3.2% (slower than the average)

Most Common Level of Education

Bachelor's degree


What Loan Officers Do

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.

Other Job Titles Loan Officers May Have

Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer, Financial Counselor, Loan Counselor, Loan Officer, Mortgage Loan Officer

How Leaders Describe a Typical Day at Work

Small Business Banker ,

Capital One

Speaking with both customers and centers of influence to drive a great customer experience and build market share for Capital One. I work with Business customers with needs such as lending, treasury management solutions, merchant services, and deposit accounts. A great day at work is when I am able to help each of my clients achieve their business goals while increasing our wallet share in the process.

Sr. Loan Ops Coordinator ,

Capital One

I would begin with email responses. In responding it may involve processing claim intakes or coverage inquiries or billing for insurance premium billing or insurance cancellation. I would then respond to all voice messages, making outbound calls as necessary. I would update raw data; update metrics; and review control charts for the insurance process. I would pull reports to review for any automatic cancellations and determine the reasons for any cancellations.

Tasks & Responsibilities May 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.

This page includes information from theO*NET 26.1 Databaseby the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under theCC BY 4.0license. O*NET® is a trademark of USDOL/ETA.