Occupation Profile for Loan Officers
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
Signficant Points
- About 9 out of 10 loan officers work for commercial banks, savings institutions, credit unions, and related financial institutions.
- Loan officers usually need a bachelor’s degree in finance, economics, or a related field; training or experience in banking, lending, or sales is advantageous.
- Earnings often fluctuate with the number of loans generated, rising substantially when the economy is good and interest rates are low.
Knowledge
- Sales and Marketing — Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
- Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- Customer and Personal Service — Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Skills
- Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
- Persuasion — Persuading others to change their minds or behavior.
- Speaking — Talking to others to convey information effectively.
- Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
Abilities
- Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
- Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Written Comprehension — The ability to read and understand information and ideas presented in writing.
- Near Vision — The ability to see details at close range (within a few feet of the observer).
- Speech Clarity — The ability to speak clearly so others can understand you.