Occupation Profile for Loan Officers

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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.
 

Tasks

  • Core — Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Core — Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Core — Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Core — Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Core — Stay abreast of new types of loans and other financial services and products to better meet customers' needs.

Activities

  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Performing for or Working Directly with the Public — Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
  • Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
  • Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
  • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.