Occupation · SOC 13-2072
Loan Officers
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.
Median wage
$74,180
$38,490–$145,780
Projected growth
+1.7%
Slower than average
Annual openings
500
per year
Employed (US)
290,530
Job Zone 4
Typical preparation
Considerable preparation
Stackable credential programs
274 mapped
Core skills
SpeakingActive ListeningJudgment and Decision MakingReading ComprehensionCritical ThinkingWritingMathematicsSocial Perceptiveness
Knowledge areas
Customer and Personal ServiceEconomics and AccountingEnglish LanguageMathematicsSales and Marketing
Technology & tools
Financial analysis softwareAccounting softwareInformation retrieval or search softwareDevelopment environment softwareTransaction server software
Representative 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.Review loan agreements to ensure that they are complete and accurate according to policy.Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.Review and update credit and loan files.Work with clients to identify their financial goals and to find ways of reaching those goals.Handle customer complaints and take appropriate action to resolve them.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.Supervise loan personnel.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.Assist in selection of financial award candidates using electronic databases to certify loan eligibility.Authorize or sign mail collection letters.Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.Confer with underwriters to resolve mortgage application problems.Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.Inform individuals and groups about the financial assistance available to college or university students.Maintain and review account records, updating and recategorizing them according to status changes.Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations.Review accounts to determine write-offs for collection agencies.Review billing for accuracy.
Competency framework
Skill expectations by proficiency level.
emerging
Loan application intake forms — collect and verify applicant information under direct supervisor guidance during initial client meetings.Basic loan product types — explain differences between fixed-rate, adjustable-rate, and personal loans to applicants using provided reference materials.Credit history documentation — obtain and compile copies of applicants' credit reports and financial statements following established office procedures.Loan file components — review completed applications for missing fields and obvious errors under close supervisory review.Financial analysis software — enter applicant data and generate preliminary credit summaries using standard templates on a bank or lending platform.Loan terminology and terminology — respond to common applicant questions about rates, terms, and fees using scripted talking points and supervisor support.Loan agreement checklists — verify that required disclosures and signatures are present in new loan packages according to compliance checklists.Credit and loan file records — update applicant records in the document management system following data-entry protocols with oversight.Application submission workflow — route completed files to credit analysts for verification using the institution's content workflow software.Regulatory basics — recognize applicable federal lending regulations such as TILA and RESPA in guided training scenarios.
developing
Applicant financial status — analyze income statements, credit scores, and debt-to-income ratios independently to assess loan feasibility for standard residential cases.Loan product recommendations — match applicants to appropriate loan types and terms based on financial profiles with routine supervisory check-ins.Loan approval decisions — approve applications within assigned authority limits and escalate those exceeding thresholds to management per institutional policy.Client interviews — conduct structured intake meetings with applicants to gather complete financial and property information with minimal direction.Credit file maintenance — review and update credit and loan files on a recurring basis to ensure accuracy and regulatory compliance in the loan management system.Financial documentation review — compile and cross-reference corporate financial statements, tax returns, and appraisals to support underwriting decisions.Loan agreement accuracy — review finalized loan agreements against policy requirements and flag discrepancies before closing without supervisory prompting.Customer service interactions — address applicant concerns about loan status and process timelines using active listening and clear oral communication.Enterprise resource planning tools — navigate ERP and accounting software to retrieve applicant financial data and produce standard reports.Time-sensitive pipeline management — prioritize multiple open loan files to meet processing deadlines in a high-volume branch environment.
proficient
Complex loan feasibility analyses — evaluate non-routine applications involving irregular income, business financials, or unique collateral to render well-supported credit decisions.Full loan origination cycle — manage the end-to-end process from initial applicant meeting through closing, handling exceptions and escalations autonomously.Portfolio risk assessment — interpret credit trends and financial indicators across a personal loan portfolio to identify emerging risk concentrations.Advanced financial analysis software — configure and apply analytical tools to model loan scenarios, stress-test assumptions, and optimize product structuring.Regulatory compliance adherence — ensure all loan documentation and approval processes conform to current federal and state lending laws without supervisory oversight.Cross-functional collaboration — coordinate with credit analysts, appraisers, and legal teams to resolve complex underwriting issues on commercial or jumbo loans.Customer financial counseling — advise applicants on credit improvement strategies and alternative financing options during consultative client engagements.Policy gap identification — detect inconsistencies between current loan agreement templates and evolving regulatory requirements and initiate corrective action.Inductive reasoning application — synthesize disparate financial data points from multiple sources to form cohesive creditworthiness conclusions for atypical borrowers.Loan officer productivity metrics — monitor personal pipeline efficiency, approval accuracy, and funding rates to continuously improve individual performance.
advanced
Lending policy development — design and refine institutional loan approval policies, underwriting standards, and product guidelines aligned with strategic risk appetite.Team leadership and mentorship — coach junior and mid-level loan officers on complex credit analysis techniques, compliance requirements, and client relationship skills.Organizational credit strategy — set directional priorities for the loan origination function, balancing growth targets with portfolio quality across multiple business units.Market and economic intelligence — interpret macroeconomic trends and competitive lending landscapes to guide product development and pricing strategy at the executive level.Regulatory relationship management — represent the institution in examinations, audits, and regulatory dialogues, ensuring enterprise-wide compliance with lending laws.Technology roadmap influence — evaluate and champion adoption of emerging financial analysis and loan origination platforms to drive efficiency across the department.Cross-departmental risk governance — lead credit risk committees, present portfolio analyses to senior leadership, and establish escalation frameworks for high-exposure decisions.High-value client relationship stewardship — cultivate and retain relationships with major commercial borrowers, structuring complex financing solutions at the institutional level.Performance framework design — develop competency models, KPIs, and training curricula for the loan officer function to elevate team capability organization-wide.Strategic loan portfolio optimization — direct data-driven reviews of the full loan portfolio to rebalance risk exposure, maximize yield, and align with long-term institutional goals.
Also known as
76 alternate job titles map to this occupation.
Loan Servicing SpecialistPersonal Banking OfficerLoan Service OfficerLoan CounselorFinancial Aid OfficerLoan OfficerFinancial Aid CoordinatorBanking Services OfficerPersonal Loan SpecialistEscrow OfficerFinancial Aid TechnicianSmall Business Banking OfficerBranch BankerUnderwriter, Mortgage LoanLoan UnderwriterCommercial BankerMortgage UnderwriterUnderwriterConsumer Loan OfficerLoan AnalystLoan AdministratorFinancial Assistance SpecialistMortgage CloserReal Estate Loan OfficerBusiness BankerMortgage Loan CloserMortgage ConsultantFinancial Assistance AdvisorCredit CounselorBusiness Banking OfficerLoan AuditorEligibility ConsultantReal Estate OfficerFinancial CounselorBranch Lending OfficerPeer Financial CounselorMortgage Loan OfficerCommercial Mortgage BrokerFarm Loan RepresentativeMortgage Banker