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.