Your email address will not be published.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