Loan Officers

General Information

Description

Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.

Workplace at a Glance

What you can expect to experience while on the job

  • Responsibility
  • Exposure to job hazards
  • Physical activity
  • Decision making
  • Repetitiveness
  • Level of competition
  • Time pressure

Job Outlook

Employment of loan officers is projected to grow 3 percent from 2019 to 2029, about as fast as the average for all occupations. Increased demand for loan officers is expected as both businesses and individuals seek credit to finance commercial investments and personal spending. Loan officers will be needed to evaluate the creditworthiness of applicants and to determine the likelihood that loans will be paid back in full and on time. However, the decline of bank branches and the increased use of productivity-enhancing technology in loan processing are expected to slow employment growth.   

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Salary

Average Salary

Salary

$63,270

State-by-state Salary

Gray states indicate no data available

$78,430
$29,220
No Information for this section

Education

Most Common Education Levels

People in this career achieve this level of education.

  • Bachelor's degree 68%
  • Some college 12%
  • Associate's degree 11%
  • High school 6%
  • Post baccalaureate 1%
  • Master's degree 0%
  • Doctoral degree 0%
  • Less than high school 0%
  • Post-doctoral training 0%
  • Post-master's certificate 0%
  • First professional degree 0%
  • Post-secondary certificate 0%

Related College Majors

Select major to see colleges that offer it

Knowledge

  • Customer and Personal Service
  • Sales and Marketing
  • Mathematics
  • Economics and Accounting
  • Administration and Management

Skills at a Glance

Skills helpful in this career

  • Verbal skills
  • Critical thinking & problem solving
  • Equipment operation & maintenance
  • Math & science skills
  • Technology design & control
  • Leadership
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