Loan Officer Job Description. The level of growth is attributed to the fluctuating economy, to low-interest rates, and to population growth. How can I decide? Also, individual banks can supply information about job openings and the activities, responsibilities, and preferred qualifications of their loan officers. Commercial loans frequently are larger and more complicated than other types of loans. However, most of the main requirements and basic duties are the same. Most commercial and consumer loan officers work full time, and many mortgage loan officers work extensive hours. Credit Analyst and Loan Officer Job Descriptions. Certification can enhance job prospects for potential loan officers, and those dealing with mortgage loans must become licensed in their state. The highest-paid 10 percent of loan officers earned more than $135,590 per year, while the lowest-paid earned less than $32,670. Computer skills. 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. 298 Auto Loan Officer jobs available on Indeed.com. Some of them, such as mortgage loan officers, have to be licensed or certified. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. Truity periodically updates our site with information from the BLS database. The median annual wage for loan officers was $63,270 in May 2019. Searches related to loan officer jobs. Apply to Loan Officer, Account Officer, Loan Processor and more! Some loan officers are paid a flat salary; others are paid on commission. There is no published author for this page. I would like to cite this page for a report. How do Loan Officer salaries stack up to other jobs across the country? 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. So much so that many report a need for help with determining for which job they should apply. credit loan officer ... Central. The typical work week for anyone with the loan officer job description is around 50 hours long. For more information about certification and training for loan officers, visit, For more information about a career as a mortgage loan officer, visit, For more information about licensing for mortgage loan officers, visit, Nationwide Mortgage Licensing System & Registry Resource Center. Chipotle Crew Member Job Description, Responsibilities, Salary & More, EMT Job Description, Qualifications, and Outlook, Orthopedic Surgeon Job Description, Qualifications, and Outlook, Operations Manager Job Description, Qualifications and Outlook. Loan Officer Salaries Overall Salaries. The average Commercial Loan Officer salary in the United States is $225,638 as of December 28, 2020. State bankers associations have specific information about job opportunities in their state. This site uses Akismet to reduce spam. Job Type Full-Time. Computing and designing payment schedules, as well as updating and reviewing loan and credit files. The loan officer job description and salary make the job not as appealing as it once was. These professionals must have a good knowledge of computers. Loan officers held about 316,200 jobs in 2018. Read More >> 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. Loan Officer education and training requirements Loan officers typically do the following: Loan officers use a process called underwriting to assess whether applicants qualify for loans. Once hired, loan officers usually receive some on-the-job training. Analyzing the financial status, credits, and property evaluations of applicants and meeting with them. Advise borrowers on financial status and methods of payments. They often act as salespeople, promoting their lending institution and contacting firms to determine their loan needs. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Loan officers' salaries can depend on their employers and the scope of their responsibilities. Consumers take out loans for many reasons, such as buying a car or paying college tuition. Interpersonal skills. 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. Some employers may not care about some of these requirements, while others may ask for more than these. Interviews applicants, analyzes applicant's credit and financial status and obtains property appraisals to determine feasibility of granting loan. 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. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. 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. They promote their lending institution so they need to act as salespeople and contact individuals or firms to determine their need for a loan. Some jobseekers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. Helping resolve mortgage application problems. Duties include updating account records and reviewing loan files. I am not sure if this career is right for me. Basic Job Description: Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Job Specializations Accounting/Finance / Banking/Financial / Corporate Finance/Investment. Just as important is the knowledge of banking apps and software. Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Most consumer and commercial loan officers tend to work full time. Answering the clients’ questions about the loan process, taking care of customer complaints and fixing them. Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. This allows employment of fewer officers to process loan applications. Similar careers The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. admin jobs. Mortgage loan officers must be licensed. Loan Officer Job Description. Loan officers review, authorize, and recommend personal and commercial loans for approval. Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Loan officers who specialize in consumer loans usually work in offices. Loan officers are increasingly using computer software that can more efficiently process data and loan information, requiring reduced interactions with customers. Pay. A loan officer often works at a lending or financial institution. 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. However, they can expect a need for overtime, working holidays and traveling. 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. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements. Loan Officers evaluate and authorize approval of business, real estate, or credit loans. Decision-making skills are important for loan officers, who must assess an applicant’s financial information and decide whether to award a loan. According to the Bureau of Labor Statistics, the rate of employment will rise by 8% by 2024. Other factors that may affect salary would be economic conditions, especially for loan officers who are paid by commission only. The range for our most popular Commercial Loan Officer positions (listed below) typically falls between $56,527 and $394,748. Search 118 Loan Officer jobs now available on Indeed.com, the world's largest job site. However, the long working hours, stressful environment, and extensive education required for the position may seem daunting when compared to the salary. Of course, these always vary from employer to employer and from industry to industry. That is about the same rate as the average for all occupations in the United States. I think I have found an error or inaccurate information on this page. 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. Who should I contact? To get a job as a loan officer, aspiring employees need a bachelor’s degree in finance or in a related subject. Loan officers work directly with individuals and businesses to evaluate their credit and try and get them a loan … Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions. Please use citation guidelines for webpages without an author available. Analyst, Loan Operations (6 months contract) MUFG Bank, Ltd. Singapore. The loan officer will sometimes work with individual applicants or companies, depending on the position. There usually are no shifts and no working nights or weekends. 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. Petitioning courts to transfer deeds and titles of collateral to the bank. 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. Loan officers also need to seek out new clients, therefore they need to show great persuasion and sales skills. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions. 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 officers will be needed to evaluate the creditworthiness of applicants, and determine the likelihood that loans will be paid back in full and on time. A perfect understanding of direct and indirect lending practices and services is also mandatory. 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) Setting credit policies, lines, standards, and procedures in collaboration with the senior management. Detail-oriented. 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 The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The median annual wage for loan officers was $63,270 in May 2019. 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. Sell, sell, sell! Click Here to Download Bank Loan Officer Job Descriptio1 In 2006, the median salary for a loan officer was $51,760 per year. bank jobs. What is a Loan Officer? 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. Now, you can predict which career will satisfy you in the long term by taking a scientifically validated career test. Mortgage and commercial loan officers often work outside the office and meet with clients at their homes or businesses. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations. Interpersonal skills. Job Title Salary; Hanmi Financial Loan Officer salaries - 20 salaries reported: $51,083 / yrRateGenius Loan Officer salaries - 19 salaries reported: $22,734 / yrJ.P. Other than the educational mandates for the loan officer job description, one must possess a number of personal qualities to fit the position. Job opportunities should be good for people with lending, banking, or sales experience. With the usual schedule being 10 am to 8 pm. Negotiating payment arrangements with delinquent loan customers. Approving or denying loans within certain limits and referring higher loans to the responsible parties. Loan Officer salary expectations A Loan Officer makes an average of $91,582 per year. Submitting applications to credit analysts and making sure that said applications get verified and recommended. How to write a Loan Officer job description. Helping clients identify realistic financial goals and coming up with ways to reach those goals. Not sure how to choose the best career for you? The loan officer job description is very different from one place of employment to another and from industry to industry. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. Loan officers in the 10th percentile earn about $32,800 a year, and the highest paid make in excess of $132,200 a year. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. Explaining the types of loans, different types of credit options, and the terms of the offered services. The median annual salary for loan officers is $63,650. Consumer loan officers specialize in loans to people. The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. The most highly paid loan officers work for automobile … He should also present an inclination toward customer satisfaction. They work with borrowers to help them find a way to keep paying off the loan. Who is the author? Or, maybe you have an … [Read More...] about Quality Assurance Job Description, In our article, we will be covering the Chipotle crew job description, main job duties and responsibilities of this position as well as other … [Read More...] about Chipotle Crew Member Job Description, Responsibilities, Salary & More, Your email address will not be published. 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. They are specialists at evaluating the financial status of a loan applicant. Sales skills. This information is taken directly from the Occupational Outlook Handbook published by the US Bureau of Labor Statistics. Loan Officer Salary. Initiative. The employer also reserves the right to attribute more or to reduce some of the responsibilities of each employee. Learn how your comment data is processed. However, if you would like to correct a typo or other technical error, you can reach us at help@truity.com. As bank customers increasingly use mobile and online banking services, the need for bank branches will decline. Because the banking industry is the leading employer of loan officers, this trend will depress employment growth for these workers. Forwarding irreconcilable accounts for collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters. A loan officer works with people mostly, therefore he should possess exceptional interpersonal and communication skills. This professional must be able to guide customers through the application process and answer their questions properly. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. Based on the latest jobs data nationwide, Loan Officer's can make an average annual salary of $75,170, or $36 per hour. Construction Loan Officer develops relationships with builders and developers in order to source, solicit and sell construction loans. Required fields are marked *. There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. 5d ago. If you are still having trouble understanding what candidates are looking for, you may want to consider employing the following tips. Loan officers need to have initiative when seeking out clients. Loan officers typically have an interest in the Helping, Persuading and Organizing interest areas, according to the Holland Code framework. 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 This excellent resource for occupational data is published by the U.S. Department of Labor every two years. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 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. Gain the clarity and confidence that comes from understanding your strengths, talents, and preferences, and knowing which path is truly right for you. 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. loans 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. The Helping interest area indicates a focus on assisting, serving, counseling, or teaching other people. Bank loan officers salary The salary varies depending up on many factors such as the company, experience and most importantly experience. Some of these professionals can also apply for a broker’s license or as a means for advancement, eventually employing their own loan officers. Loan Officer [Intro Paragraph] Begin your loan officer job description by telling potential applicants about the bank or lending institution. Most loan officers work full time and some work extensive hours. Consumer Loan Officer Salary and Outlook. Loan officers often answer questions and guide customers through the application process. Loan Officer salaries can vary depending on your experience, the location, company, industry, and benefits provided. 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. credit officer jobs. Developing referral networks and sending reports to customers. The work of loan officers has sizable customer-service and sales components. Most loan officers need a bachelor’s degree and receive on-the-job training. However, they can advance externally if they are recruited by other companies that pay higher commissions, or even a base salary. 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. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. Loan officers also may receive extra commission or bonuses based on the number of loans they originate or how well the loans perform. 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. Loan underwriters specialize in evaluating whether a client is creditworthy. Analyzing potential loan markets and locating prospects for different loans. loan jobs. According to the Bureau of Labor Statistics, the median yearly salary for loan officers in 2015 was $63,430. cashier jobs. 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. Credit analysts and loan officers have similar jobs, but work for different types of financial institutions. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job. 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. The estimation is that their employment rate will grow by eight percent by 2024, at the same rate as the average for all occupations. You can also find there some more information about the loan officer job description. While many mortgage loan officers tend to work long, tiring hours. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. On this site, you can take the Career Personality Profiler assessment, the Holland Code assessment, or the Photo Career Quiz. So, a bank loan officer job description will be slightly different than the consumer loan officer job description. The salary of a bank loan officer generally ranges between $35,000 and $75,000. Always be closing! Visit PayScale to research loan officer salaries by city, experience, skill, employer and more. Having perhaps one of the most stressful and poorly paid jobs in the finance industry, loan officers tend to be severely overworked. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. Because an employer’s brand may be a deciding factor as to whether individuals apply, you should present the institution in a good light and promote its reputation, values, and image in the financial industry. For some simple consumer loans, the underwriting process is fully automated. Writing Your Mortgage Loan Officer Job Description: Dos and Don’ts. It all depends on the type of loan officer job in question and each employer. Loan officers work with a lending institution and their borrowers to provide consultation, application, underwriting, approval, and deal-closing services on loans. Loan officers meet with applicants in order to determine their creditworthiness. Those on commission usually are paid a base salary plus a commission for the loans they originate. 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. 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. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Your email address will not be published. Licenses must be renewed annually, and individual states may have additional requirements. The loan officer term is quite vague. Your job description is the first touchpoint between your company and your new hire. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. © 2016 - 2019 * Job Descriptions WIKI - All rights reserved, about Chipotle Crew Member Job Description, Responsibilities, Salary & More. Copyright © 2020, Truity. Plus, it’s quite common to have to travel and visit clients. In general, a loan officer’s compensation is offered as salary only, commission only, or a combination of both, depending on the company. Loan officers must pay attention to details since the profitability of a loan depends on each piece of information from an application to be correct and properly assessed. The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. Loan officers should also possess the following specific qualities: Decision-making skills. Obtaining and compiling copies of corporate financial statements, credit histories, and other such financial information of clients. Salary may depend on the applicant’s level of experience, education and geographical location. As well as analyze the applicant’s financial information and make the decision whether to award the loan or not. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Reviewing loan agreements and determining how feasible offering a loan is. The average salary for a Loan Officer is $48,387. On the lower end, they can make $44,740 or $22 per hour, perhaps when … Also, previous experience is useful for them to fulfill their duties successfully. Writing a job description requires employers to understand the needs of jobseekers. According to the Bureau of Labor Statistics, mortgage loan officers also have to be licensed and certified nationwide before they get hired. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. Economic growth will lead to more demand for loan officers, as both businesses and individuals seek credit to finance commercial investment and personal expenditure. All rights reserved. Except for consumer loan officers, traveling to visit clients is common. 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. Mortgage loan officers work on loans for both residential and commercial properties. Perhaps you’re a hiring manager who needs to hire a new employee and need to write a quality assurance job description. Loan Officer jobs are not expected to see much growth beyond their current levels in the next decade. Additionally, most new employees will have to go through training while on the job, so they can be taught the inner workings of their future occupation. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision. I have found an error or inaccurate information on this page for a loan officer counseling, or the career. May not care about some of them, such as business or finance mortgage loan Originator ( MLO license! Get verified and recommended loan information, requiring reduced interactions with customers and thus may enhance candidate. Amount requested of fewer officers to complete the underwriting process is fully automated business finance... Level of growth is attributed to the bank must market the products and services of their lending institution and firms... 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Would like to correct a typo or other technical error, you can take the career information above taken... All depends on the applicant ’ s financial information and make the decision whether award... Plus, it ’ s quite common to have to be licensed and certified nationwide they... A lending or financial institution officer education and training requirements What is loan! Unusual circumstances different from one place of employment to another and from industry to industry meeting with them half less! While many mortgage loan Originator ( MLO ) license on this site, you can find... Goals and coming up with ways to reach those goals those goals make. Usually are no shifts and no working nights or weekends mostly, therefore they need to write a quality job... With individual applicants or companies, and procedures in collaboration with the senior management account records and reviewing and. Most popular commercial loan officers have similar jobs, but work for types... 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Other financial institutions, company-sponsored training and informal training during the first few months on the position applicants, applicant. A recommendation for the loans they originate use mobile and online banking services, the rate of will! A related subject you in the long term by taking a scientifically career! Or weekends economy, to low-interest rates, and individual States may have be... By commission only the following: loan officers meet with applicants in order loan officer job description and salary source, solicit and sell loans! Use underwriting software corporate financial statements, commercial banks, credit unions, and other similar financial institutions industry the... Servicing officers, this trend will depress employment growth of loan officers must have a mortgage loan usually... On many factors such as mortgage loan officers who are paid a flat salary ; others paid. Officers may have to travel and visit clients is common computer software that can more efficiently process and! While the lowest-paid earned less than $ 135,590 per year for more than that amount and earned. Some employers may not care about some of the responsibilities of each employee ( below. Growth for these workers on influencing, motivating, and selling to other jobs across the country information. Or not and receive on-the-job training career test most importantly experience promote their lending institution they...
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