Loan Officers

What the job really is

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.

At a glance

• Sector: Business & Financial
• O*NET-SOC code: 13-2072
• O*NET job zone: 4 — considerable preparation
• Work sample tasks on file: 12
• Tools and technologies listed: 12

What you actually do

Work sample tasks recorded for this occupation:

• Meet with applicants to obtain information for loan applications and to answer questions about the process.
• Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
• Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
• Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
• Submit applications to credit analysts for verification and recommendation.
• Review loan agreements to ensure that they are complete and accurate according to policy.
• Review and update credit and loan files.
• Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
• Work with clients to identify their financial goals and to find ways of reaching those goals.
• Handle customer complaints and take appropriate action to resolve them.
• Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
• Market bank products to individuals and firms, promoting bank services that may meet customers' needs.

Tools and technology

Microsoft Access, Microsoft Excel, Microsoft Office software, Microsoft Outlook, Microsoft PowerPoint, Microsoft Word, Oracle PeopleSoft, SAP software, Zoom, 10-key calculators, 1003 Uniform Residential Loan Application, Amortization loan software

What employers expect you to already be comfortable with.

Where this job leads

Related occupations — the usual moves up and sideways:

• Loan Interviewers and Clerks
• Credit Counselors
• Credit Analysts
• Credit Authorizers, Checkers, and Clerks
• Personal Financial Advisors
• Securities, Commodities, and Financial Services Sales Agents
• Financial Managers
• Financial and Investment Analysts

Getting in

O*NET assigns this occupation job zone 4 (considerable preparation). The related occupations above are the realistic routes in and out.

Find openings

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Check this against the source

O*NET OnLine: Loan Officers — the authoritative public-domain profile this page is derived from, including the full task list, reported skills and the wage estimates for your region.

Derived and rewritten from the public-domain O*NET database (U.S. Department of Labor / Employment and Training Administration). Figures are observations, not promises — always confirm salary, licensing and visa requirements with the employer and the relevant authority.