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. They promote their lending institution so they need to act as salespeople and contact individuals or firms to determine their need for a loan. Similar careers Loan Officer [Intro Paragraph] Begin your loan officer job description by telling potential applicants about the bank or lending institution. Not sure how to choose the best career for you? After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Helping resolve mortgage application problems. Credit Analyst and Loan Officer Job Descriptions. With millions of people searching for jobs on Indeed each month, a great job description can help you attract the most qualified candidates to your open position. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers require at least a bachelor’s degree and tend to receive moderate amounts of training on the job. Setting credit policies, lines, standards, and procedures in collaboration with the senior management. Also, individual banks can supply information about job openings and the activities, responsibilities, and preferred qualifications of their loan officers. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers Computing and designing payment schedules, as well as updating and reviewing loan and credit files. They are specialists at evaluating the financial status of a loan applicant. Consumer Loan Officer Salary and Outlook. Interviews applicants, analyzes applicant's credit and financial status and obtains property appraisals to determine feasibility of granting loan. If you are not sure whether you have a Helping or Persuading or Organizing interest which might fit with a career as a loan officer, you can take a career test to measure your interests. Initiative. Now, you can predict which career will satisfy you in the long term by taking a scientifically validated career test. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. Some employers may not care about some of these requirements, while others may ask for more than these. While many mortgage loan officers tend to work long, tiring hours. The Helping interest area indicates a focus on assisting, serving, counseling, or teaching other people. So, a bank loan officer job description will be slightly different than the consumer loan officer job description. bank jobs. As bank customers increasingly use mobile and online banking services, the need for bank branches will decline. Your email address will not be published. Who should I contact? 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. Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. This information is taken directly from the Occupational Outlook Handbook published by the US Bureau of Labor Statistics. Loan officers' salaries can depend on their employers and the scope of their responsibilities. Just as important is the knowledge of banking apps and software. Interpersonal skills. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. Most loan officers work full time and some work extensive hours. There is no published author for this page. The estimation is that their employment rate will grow by eight percent by 2024, at the same rate as the average for all occupations. They work with borrowers to help them find a way to keep paying off the loan. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. Loan Officer education and training requirements Job Title Salary; Hanmi Financial Loan Officer salaries - 20 salaries reported: $51,083 / yrRateGenius Loan Officer salaries - 19 salaries reported: $22,734 / yrJ.P. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. Some of them, such as mortgage loan officers, have to be licensed or certified. Approving or denying loans within certain limits and referring higher loans to the responsible parties. The loan officer job description is very different from one place of employment to another and from industry to industry. Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. Of course, the regular duties and responsibilities of your average loan officer can differ significantly from industry to industry, as well as with the level of experience of each employee. Perhaps you’re a hiring manager who needs to hire a new employee and need to write a quality assurance job description. The loan officer job description and salary make the job not as appealing as it once was. Loan officers in the 10th percentile earn about $32,800 a year, and the highest paid make in excess of $132,200 a year. He should also present an inclination toward customer satisfaction. In addition, some firms require loan officers to find their own clients, so candidates with established contacts and a referral network should have the best job opportunities. However, they can expect a need for overtime, working holidays and traveling. Loan Officer salaries can vary depending on your experience, the location, company, industry, and benefits provided. Construction Loan Officer develops relationships with builders and developers in order to source, solicit and sell construction loans. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans perform. The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. Writing Your Mortgage Loan Officer Job Description: Dos and Don’ts. Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Analyst, Loan Operations (6 months contract) MUFG Bank, Ltd. Singapore. So much so that many report a need for help with determining for which job they should apply. Click Here to Download Bank Loan Officer Job Descriptio1 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. Also, a senior loan officer job description may include a higher salary and fewer responsibilities than that of someone who just recently got the job. In general, a loan officer’s compensation is offered as salary only, commission only, or a combination of both, depending on the company. Job Type Full-Time. Licenses must be renewed annually, and individual states may have additional requirements. Analyzing potential loan markets and locating prospects for different loans. Search 118 Loan Officer jobs now available on Indeed.com, the world's largest job site. Loan Officer Job Description. The median annual wage for loan officers was $63,270 in May 2019. In 2006, the median salary for a loan officer was $51,760 per year. Salary may depend on the applicant’s level of experience, education and geographical location. loans jobs. Required fields are marked *. If you are still having trouble understanding what candidates are looking for, you may want to consider employing the following tips. All rights reserved. Duties include updating account records and reviewing loan files. 5d ago. Loan Officer Job Description. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions. The median annual wage for loan officers was $63,270 in May 2019. Visit PayScale to research loan officer salaries by city, experience, skill, employer and more. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. credit loan officer ... Central. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. That is about the same rate as the average for all occupations in the United States. Mortgage loan officers work on loans for both residential and commercial properties. loan jobs. Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. The average Commercial Loan Officer salary in the United States is $225,638 as of December 28, 2020. Who is the author? This professional must be able to guide customers through the application process and answer their questions properly. These professionals must have a good knowledge of computers. Reviewing loan agreements and determining how feasible offering a loan is. Salary ranges can vary widely depending on the city and many other important factors, including education, certifications, additional skills, the number of years you have spent in your profession. The employer also reserves the right to attribute more or to reduce some of the responsibilities of each employee. Most consumer and commercial loan officers tend to work full time. Plus, it’s quite common to have to travel and visit clients. Loan Officers evaluate and authorize approval of business, real estate, or credit loans. Analyzing the financial status, credits, and property evaluations of applicants and meeting with them. The salary of a bank loan officer generally ranges between $35,000 and $75,000. As well as analyze the applicant’s financial information and make the decision whether to award the loan or not. Loan officers should also possess the following specific qualities: Decision-making skills. Bank loan officers salary The salary varies depending up on many factors such as the company, experience and most importantly experience. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. Interpersonal skills. The highest-paid 10 percent of loan officers earned more than $135,590 per year, while the lowest-paid earned less than $32,670. Loan officers meet with applicants in order to determine their creditworthiness. According to the Bureau of Labor Statistics, mortgage loan officers also have to be licensed and certified nationwide before they get hired. The Bureau of Labor Statistics (BLS) found that, as of May 2017, loan officers (including consumer loan officers) earned a median annual salary of $64,660. Searches related to loan officer jobs. Job Specializations Accounting/Finance / Banking/Financial / Corporate Finance/Investment. Truity periodically updates our site with information from the BLS database. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. However, if you are interested in following this career path, either temporary or for a longer period, you can follow this link for an example of a loan officer job resume. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. Some loan officers are paid a flat salary; others are paid on commission. The loan officer will sometimes work with individual applicants or companies, depending on the position. Petitioning courts to transfer deeds and titles of collateral to the bank. With the usual schedule being 10 am to 8 pm. Commercial loans frequently are larger and more complicated than other types of loans. Always be closing! However, they can advance externally if they are recruited by other companies that pay higher commissions, or even a base salary. 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. I would like to cite this page for a report. Negotiating payment arrangements with delinquent loan customers. The range for our most popular Commercial Loan Officer positions (listed below) typically falls between $56,527 and $394,748. It all depends on the type of loan officer job in question and each employer. Job opportunities should be good for people with lending, banking, or sales experience. Also, previous experience is useful for them to fulfill their duties successfully. Loan officers also need to seek out new clients, therefore they need to show great persuasion and sales skills. Copyright © 2020, Truity. The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. Submitting applications to credit analysts and making sure that said applications get verified and recommended. Some of these professionals can also apply for a broker’s license or as a means for advancement, eventually employing their own loan officers. Consumers take out loans for many reasons, such as buying a car or paying college tuition. 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 Except for consumer loan officers, traveling to visit clients is common. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The following are common types of loan officers: Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Helping clients identify realistic financial goals and coming up with ways to reach those goals. Learn how your comment data is processed. Other than the educational mandates for the loan officer job description, one must possess a number of personal qualities to fit the position. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Of course, these always vary from employer to employer and from industry to industry. Sales skills. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions. credit officer jobs. Loan officers typically do the following: Loan officers use a process called underwriting to assess whether applicants qualify for loans. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. How do Loan Officer salaries stack up to other jobs across the country? Once hired, loan officers usually receive some on-the-job training. This site uses Akismet to reduce spam. How can I decide? Loan Officer Salary. Mortgage and commercial loan officers often work outside the office and meet with clients at their homes or businesses. To get a job as a loan officer, aspiring employees need a bachelor’s degree in finance or in a related subject. Although the demand for loan officers will increase as the overall economy grows, the decline of bank branches and the increasing application of technology in loan processing may moderate employment growth. What is a Loan Officer? Apply to Loan Officer, Account Officer, Loan Processor and more! Based on the latest jobs data nationwide, Loan Officer's can make an average annual salary of $75,170, or $36 per hour. In such cases, loan officers may have to work with multiple banks to put together a package of loans. Banks have decreased the number of branches in operation in recent years, a trend that is expected to continue. Loan Officer Salaries Overall Salaries. They often act as salespeople, promoting their lending institution and contacting firms to determine their loan needs. This excellent resource for occupational data is published by the U.S. Department of Labor every two years. The most highly paid loan officers work for automobile … Those on commission usually are paid a base salary plus a commission for the loans they originate. When talking about one’s duties and responsibilities, a loan officer can also be a mortgage loan officer or a commercial loan officer, it can vary widely from one place of employment to another. Please use citation guidelines for webpages without an author available. Credit analysts and loan officers have similar jobs, but work for different types of financial institutions. 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