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.

Home Equity Processor I

Type: Full Time, Full Time Alumnus
DescriptionReview submitted documentation to ensure compliance with bank requirements. Follow-up and review routine documentation requirements with customers, loan officers, branches and other financial institutions. Complete review within department standards. Enter clear, concise comments, edit...
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Cincinnati, OH

Portfolio Assistant I

Type: Full Time, Full Time Alumnus
Category: 13Reports to: Loan Review ManagerPrimary Functions: Monitor, collect and track financial information on new and existing borrowing relationships. Also responsible for managing and maintaining database relating to financial reporting requirements, annual loan reviews, collateral...
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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...
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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...
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Salt Lake City, UT

Teller

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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Teller

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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Teller

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

Teller

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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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...
Apply Share

Teller

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...
Apply Share

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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Fairfax, VA

Deputy Associate Administrator, OFAM

Type: Full Time, Full Time Alumnus
DutiesSummaryThis position is located within Health Resources and Services Administration (HRSA), Office of Federal Assistance Management (OFAM) in Rockville, Maryland.OFAM provides national leadership in the administration and assurance of the financial integrity of HRSA's $8 billion dollar...
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Commercial Loan Coordinator

Type: Full Time, Full Time Alumnus
Commercial Loan CoordinatorPageContentClassification: Non-ExemptSalary Grade: Professional Support/Supervisory - salary based on experienceReports to: AVP, Credit Loan AdministrationJob Description Date: January 29, 2018Summary/Objective:Within the Bank's policies and procedures and general...
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Washington, PA

Card Underwriting Specialist I

Type: Full Time, Full Time Alumnus
Category: 16Reports To: Card Underwriting ManagerPrimary Functions: Received applications by phone, mail, or in person. Respond to cardholder inquiries regarding credit approvals and denials, limit increases, program changes and visa program policies. Load approvals and declinations for new visa...
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School Based Mental Health Practitioner

Type: Full Time, Full Time Alumnus
Fraser strives to make a meaningful and lasting difference in the lives of children and adults with special needs. We accomplish this through providing housing, healthcare and education services.Fraser is currently seeking two Mental Health Practitioners to support children with mental diagnosis...
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Minneapolis, MN

Intern

Type: Internship
SummaryThe Administrative Assistant provides administrative and clerical support to the office to which they are assigned.Essential Duties and ResponsibilitiesAttending to incoming phone callsReplying to all emailsPlanning and scheduling meetingsRegular interaction with all the staff...
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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
Philadelphia, PA

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
Conshohocken, PA

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