The loan officer will sometimes work with individual applicants or companies, depending on the position. As bank customers increasingly use mobile and online banking services, the need for bank branches will decline. Not sure how to choose the best career for you? The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. credit officer jobs. 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. Loan officers held about 316,200 jobs in 2018. 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 credit loan officer ... Central. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. cashier jobs. He should also present an inclination toward customer satisfaction. However, most of the main requirements and basic duties are the same. Loan Officer salary expectations A Loan Officer makes an average of $91,582 per year. According to the Bureau of Labor Statistics, mortgage loan officers also have to be licensed and certified nationwide before they get hired. The most highly paid loan officers work for automobile … Perhaps you’re a hiring manager who needs to hire a new employee and need to write a quality assurance job description. However, if you would like to correct a typo or other technical error, you can reach us at help@truity.com. 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. Also, previous experience is useful for them to fulfill their duties successfully. 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. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. Answering the clients’ questions about the loan process, taking care of customer complaints and fixing them. loan jobs. Your job description is the first touchpoint between your company and your new hire. Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans perform. 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. Your email address will not be published. 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. Analyzing the financial status, credits, and property evaluations of applicants and meeting with them. You can also find there some more information about the loan officer job description. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers Who should I contact? So, a bank loan officer job description will be slightly different than the consumer loan officer job description. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. There usually are no shifts and no working nights or weekends. Most commercial and consumer loan officers work full time, and many mortgage loan officers work extensive hours. Just as important is the knowledge of banking apps and software. The average salary for a Loan Officer is $48,387. Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Please use citation guidelines for webpages without an author available. Loan officers work directly with individuals and businesses to evaluate their credit and try and get them a loan … Now, you can predict which career will satisfy you in the long term by taking a scientifically validated career test. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. 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) Salary may depend on the applicant’s level of experience, education and geographical location. Some loan officers are paid a flat salary; others are paid on commission. 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. It all depends on the type of loan officer job in question and each employer. Visit PayScale to research loan officer salaries by city, experience, skill, employer and more. Setting credit policies, lines, standards, and procedures in collaboration with the senior management. Helping resolve mortgage application problems. On this site, you can take the Career Personality Profiler assessment, the Holland Code assessment, or the Photo Career Quiz. The average Commercial Loan Officer salary in the United States is $225,638 as of December 28, 2020. Advise borrowers on financial status and methods of payments. 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. For some simple consumer loans, the underwriting process is fully automated. Bank loan officers salary The salary varies depending up on many factors such as the company, experience and most importantly experience. 5d ago. Economic growth will lead to more demand for loan officers, as both businesses and individuals seek credit to finance commercial investment and personal expenditure. 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. The loan officer term is quite vague. The salary of a bank loan officer generally ranges between $35,000 and $75,000. Credit analysts and loan officers have similar jobs, but work for different types of financial institutions. 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 Petitioning courts to transfer deeds and titles of collateral to the bank. Loan officers work with a lending institution and their borrowers to provide consultation, application, underwriting, approval, and deal-closing services on loans. Loan officers should also possess the following specific qualities: Decision-making skills. A perfect understanding of direct and indirect lending practices and services is also mandatory. Consumer loan officers specialize in loans to people. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. 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. Credit Analyst and Loan Officer Job Descriptions. Similar careers Loan Officer Job Description. 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. To get a job as a loan officer, aspiring employees need a bachelor’s degree in finance or in a related subject. According to the Bureau of Labor Statistics, the median yearly salary for loan officers in 2015 was $63,430. Underwriters specialize in loans used to buy real estate, or sales.... Well the loans they originate or how well the loans perform standards, and financial! With customers how well the loans they originate half earned less than $.! 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