What Loan Officers DoEvaluate, 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.
- 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.
Loan Officers Education, Salary, and GrowthOnly you can decide how much you need to earn — but knowing what it actually costs to live in your area can help. The Family Budget Calculator can guide you.
Minimum EducationBachelor Degree
Career ProspectsGood (Increasing by 1-5%)
Training Time2 to 4 years
Job Openings20,300 Annually
Median Earnings
$79,580 in California
$74,180 Nationally
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Real Talk Reel
We've curated a playlist for you to get a glimpse into a day in the life of this career.
@moneymentormeg
@michael.s.glaspie
Is This Career Right For You?
YOU Like
- Influencing or leading others
- Relating with or serving others
- Using data or completing tasks
you value
- Having support
- Having freedom
- Personal relationships
you are skilled in
- Active Listening
- Complex Problem Solving
- Critical Thinking
- Speaking
- Writing
- Reading Comprehension
Go Deeper: Loan Officers Explained
Loan OfficerExplore career pathways, key skills, and what each role has to offer.
How Do You Train for This Career?
Learn about the education and training paths that can lead to this career — and what to expect from each one.
Associate's DegreeAn associate's degree typically provides graduates with foundational knowledge and skills for entry-level jobs in the graduate's industry, or serves as a stepping stone towards further education.
🎓 College
⏱️ Finish in 2-3 years
Bachelor's DegreeA bachelor's degree typically results in increased knowledge about a variety of academic subjects, specialized knowledge in a focused field of study, and is considered the foundational qualification for many careers.
🎓 College
⏱️ Finish in 4-5+ years
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