2017 Loan Officers
Median Pay: US$63,430
Entry Level: Bachelor's degree
Summary
Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.
Duties

Loan officers typically do the following:

  • 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 one 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

Loan officers use a process called underwriting to assess whether applicants qualify for loans. 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. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant's financial status. 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.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

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. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. 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.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

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 work with borrowers to help them find a way to keep paying off the loan. 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 underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client's financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

Customer Service Specialist

Type: Full Time, Full Time Alumnus
Essential Duties and Responsibilities include the following: • Uses excellent communication and active listening skills to learn about the customer's financial needs, establish trust, optimize sales opportunities, generate leads, and provide quality customer service. • Achieves and exceeds...
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Los Angeles, CA

Customer Service Specialist

Type: Full Time, Full Time Alumnus
Essential Duties and Responsibilities include the following:• Uses excellent communication and active listening skills to learn about the customer's financial needs, establish trust, optimize sales opportunities, generate leads, and provide quality customer service.• Achieves and exceeds...
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Los Angeles, CA

Business Services Officer IV

Type: Full Time, Full Time Alumnus
Specific information related to the position is outlined below. To apply, click on the button above. You will be required to create an account (or sign in with an existing account). Your account will provide you access to your application information. Need Help?Should you have a disability and need...
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Philadelphia, PA

Loan Officer - No License Needed

Type: Full Time, Full Time Alumnus
OVERVIEW:Wilshire Consumer Credit is a direct consumer lender and one of the largest and fastest growing Auto Equity Lenders in California. We are located in the dynamic Mid-Wilshire area of Los Angeles and are a part of the Hankey Investment Company; a truly world-class local employer. We offer...
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Business Services Officer III

Type: Full Time, Full Time Alumnus
Specific information related to the position is outlined below. To apply, click on the button above. You will be required to create an account (or sign in with an existing account). Your account will provide you access to your application information. Need Help?Should you have a disability and need...
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Mount Laurel, NJ

BUSINESS SVCS OFFICER III

Type: Full Time, Full Time Alumnus
Specific information related to the position is outlined below. To apply, click on the button above. You will be required to create an account (or sign in with an existing account). Your account will provide you access to your application information. Need Help?Should you have a disability and need...
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College Park, MD

Health Scientist

Type: Full Time, Full Time Alumnus
$91,631 - $140,765 a yearDepartment: Department of Health And Human ServicesAgency: Centers for Disease Control and PreventionJob Announcement Number: HHS-CDC-OD-19-10445893SALARY RANGE: $91631.00 to $140765.00/Per YearOPEN PERIOD: 2019-03-12 to 2019-09-06SERIES & GRADE: GS--13/14AGENCY...
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Loan Officer - No License Needed

Type: Full Time, Full Time Alumnus
OVERVIEW:Wilshire Consumer Credit is a direct consumer lender and one of the largest and fastest growing Auto Equity Lenders in California. We are located in the dynamic Mid-Wilshire area of Los Angeles and are a part of the Hankey Investment Company; a truly world-class local employer. We offer...
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Private Client Advisor

Type: Full Time, Full Time Alumnus
Job Description:Business Overview:U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients wealth structuring, investment management, banking and credit needs. Clients are served...
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Private Client Advisor

Type: Full Time, Full Time Alumnus
Job Description:Business Overview:U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients wealth structuring, investment management, banking and credit needs. Clients are served...
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Commercial Loan Documentation Specialist

Type: Full Time, Full Time Alumnus
Prepares required loan documentsDetermines HMDA/CRA status for new, renewed, or refinanced loansCompletes Loan Information ReportReviews for accuracy loan coding, loan documents, and collateral addendas (Doc Review)Interacts with Commercial Loan Officers and assistants to create a positive...
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Commercial Loan Documentation Specialist

Type: Full Time, Full Time Alumnus
Prepares required loan documentsDetermines HMDA/CRA status for new, renewed, or refinanced loansCompletes Loan Information ReportReviews for accuracy loan coding, loan documents, and collateral addendas (Doc Review)Interacts with Commercial Loan Officers and assistants to create a positive...
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Loan Administrative Assistant

Type: Full Time, Full Time Alumnus
Provides loan support to the retail and commercial lending division regarding the booking of loans and the servicing of these loans. Assist with the balancing of all loan accounts.Responsibilities:1. Set up loan clients in CIF system.2. Data enter all new, renewed and extended loans on the system....
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Private Client Advisor II

Type: Full Time, Full Time Alumnus
Job Description:Business Overview:U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients wealth structuring, investment management, banking and credit needs. Clients are served...
Apply Share

Private Client Advisor II

Type: Full Time, Full Time Alumnus
Job Description:Business Overview:U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients wealth structuring, investment management, banking and credit needs. Clients are served...
Apply Share

Private Client Advisor II

Type: Full Time, Full Time Alumnus
Job Description:Business OverviewU.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients wealth structuring, investment management, banking and credit needs. Clients are served...
Apply Share

Private Client Advisor II

Type: Full Time, Full Time Alumnus
Job Description:Business Overview:U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients wealth structuring, investment management, banking and credit needs. Clients are served...
Apply Share

Private Client Advisor II

Type: Full Time, Full Time Alumnus
Job Description:Business Overview:U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients wealth structuring, investment management, banking and credit needs. Clients are served...
Apply Share
Minneapolis, MN

Police Officer Lateral or Academy Graduate

Type: Full Time, Full Time Alumnus
Under general supervision, will perform law enforcement, crime prevention andHOLIDAYS: Once sworn, 15other duties related to the position as required.12.5 hour floating holidays peryear, with annual Holiday buy - REPRESENTATIVE DUTIES The Police Trainee will be receiving training for eventual...
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Private Client Advisor II

Type: Full Time, Full Time Alumnus
Job Description:Business Overview:U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients wealth structuring, investment management, banking and credit needs. Clients are served...
Apply Share