CAREER

Loan Officers

Overview

Salary Median (2020)

$63,960

Projected Job Growth (2019-2029)

+3.2% (slower than the average)

Most Common Level of Education

Bachelor's degree

Career

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

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.

Senior Mortgage Operation Manager ,

Capital One

I work on the phone dealing with underwriting and processing managers to move loan files, trouble shoot specific loan issues, deal with loan file escalations, speak with customers who encounter issues and determine how to move beyond them while keeping the customer first in the interaction. Work with the team who creates, adjusts and approves our mortgage program guidelines and make changes or decline changes as legal, compliance or regulatory impacts dictate potential adjustments.


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.