Analyst, Loan Operations (6 months contract) MUFG Bank, Ltd. Singapore. Sell, sell, sell! The median annual salary for loan officers is $63,650. Most loan officers need a bachelor’s degree and receive on-the-job training. 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. The career information above is taken from the Bureau of Labor Statistics Occupational Outlook Handbook. He should also present an inclination toward customer satisfaction. There is no published author for this page. The median annual wage for loan officers was $63,270 in May 2019. Reviewing loan agreements and determining how feasible offering a loan is. Commercial loans frequently are larger and more complicated than other types of loans. Negotiating payment arrangements with delinquent loan customers. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters. Loan officers in the 10th percentile earn about $32,800 a year, and the highest paid make in excess of $132,200 a year. Mortgage loan officers work on loans for both residential and commercial properties. That’s pretty much the job description of a loan officer; But you also have to be well-versed in customer satisfaction, mortgage lingo, and product knowledge; And stay up-to-date on the many rules/regulations involved The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements. Also, previous experience is useful for them to fulfill their duties successfully. credit loan officer ... Central. Plus, it’s quite common to have to travel and visit clients. Loan officers work with a lending institution and their borrowers to provide consultation, application, underwriting, approval, and deal-closing services on loans. Loan officers should also possess the following specific qualities: Decision-making skills. Basic Job Description: Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. 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. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. However, they can expect a need for overtime, working holidays and traveling. The average Commercial Loan Officer salary in the United States is $225,638 as of December 28, 2020. They promote their lending institution so they need to act as salespeople and contact individuals or firms to determine their need for a loan. Loan officers often answer questions and guide customers through the application process. For some simple consumer loans, the underwriting process is fully automated. Job opportunities should be good for people with lending, banking, or sales experience. Please use citation guidelines for webpages without an author available. Loan Officer salary expectations A Loan Officer makes an average of $91,582 per year. Writing a job description requires employers to understand the needs of jobseekers. The increased use of technology in loan processing may moderate employment growth of loan officers over the decade. According to the Bureau of Labor Statistics, mortgage loan officers also have to be licensed and certified nationwide before they get hired. Loan Officer Job Description. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations. Of course, these always vary from employer to employer and from industry to industry. This excellent resource for occupational data is published by the U.S. Department of Labor every two years. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems. Explaining the types of loans, different types of credit options, and the terms of the offered services. Approving or denying loans within certain limits and referring higher loans to the responsible parties. Most consumer and commercial loan officers tend to work full time. 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) Forwarding irreconcilable accounts for collector action and arranging for the maintenance and liquidation of properties owned by delinquent accounts. Helping resolve mortgage application problems. 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. Who should I contact? 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. Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. However, if you are interested in following this career path, either temporary or for a longer period, you can follow this link for an example of a loan officer job resume. Required fields are marked *. Generally responsible for the evaluation, authorization, and recommended approval of loan applications, most loan officers 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. 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. Some of them, such as mortgage loan officers, have to be licensed or certified. I am not sure if this career is right for me. In such cases, loan officers may have to work with multiple banks to put together a package of loans. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions. 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. There are many excellent tools available that will allow you to measure your interests, profile your personality, and match these traits with appropriate careers. This professional must be able to guide customers through the application process and answer their questions properly. So much so that many report a need for help with determining for which job they should apply. What is a Loan Officer? Computer skills. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job. Loan Officers: Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. Most loan officers work full time and some work extensive hours. Consumer loan officers specialize in loans to people. 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. How to write a Loan Officer job description. Loan Officer Salaries Overall Salaries. Loan Officer jobs are not expected to see much growth beyond their current levels in the next decade. Perhaps you’re a hiring manager who needs to hire a new employee and need to write a quality assurance job description. Learn how your comment data is processed. Developing referral networks and sending reports to customers. admin jobs. The loan officer will sometimes work with individual applicants or companies, depending on the position. The employer also reserves the right to attribute more or to reduce some of the responsibilities of each employee. Loan Officers evaluate and authorize approval of business, real estate, or credit loans. How can I decide? Helping clients identify realistic financial goals and coming up with ways to reach those goals. 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. Mortgage and commercial loan officers often work outside the office and meet with clients at their homes or businesses. 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. The lowest 10 percent earned less than $32,560, and the highest 10 percent earned more than $132,680. credit officer jobs. Loan Officer Job Description. Job Specializations Accounting/Finance / Banking/Financial / Corporate Finance/Investment. The loan officer job description and salary make the job not as appealing as it once was. Also, individual banks can supply information about job openings and the activities, responsibilities, and preferred qualifications of their loan officers. Some loan officers are paid a flat salary; others are paid on commission. Loan officers also need to seek out new clients, therefore they need to show great persuasion and sales skills. Loan officers are increasingly using computer software that can more efficiently process data and loan information, requiring reduced interactions with customers. 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. However, they can advance externally if they are recruited by other companies that pay higher commissions, or even a base salary. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. I think I have found an error or inaccurate information on this page. However, the long working hours, stressful environment, and extensive education required for the position may seem daunting when compared to the salary. Interpersonal skills. The estimation is that their employment rate will grow by eight percent by 2024, at the same rate as the average for all occupations. As bank customers increasingly use mobile and online banking services, the need for bank branches will decline. Chipotle Crew Member Job Description, Responsibilities, Salary & More, EMT Job Description, Qualifications, and Outlook, Orthopedic Surgeon Job Description, Qualifications, and Outlook, Operations Manager Job Description, Qualifications and Outlook. Consumer Loan Officer Salary and Outlook. 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. Except for consumer loan officers, traveling to visit clients is common. Loan officers need to have initiative when seeking out clients. On this site, you can take the Career Personality Profiler assessment, the Holland Code assessment, or the Photo Career Quiz. The level of growth is attributed to the fluctuating economy, to low-interest rates, and to population growth. How do Loan Officer salaries stack up to other jobs across the country? 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. Salary may depend on the applicant’s level of experience, education and geographical location. Decision-making skills are important for loan officers, who must assess an applicant’s financial information and decide whether to award a loan. Construction Loan Officer develops relationships with builders and developers in order to source, solicit and sell construction loans. Obtaining and compiling copies of corporate financial statements, credit histories, and other such financial information of clients. Not sure how to choose the best career for you? Apply to Loan Officer, Account Officer, Loan Processor and more! In 2006, the median salary for a loan officer was $51,760 per year. On the lower end, they can make $44,740 or $22 per hour, perhaps when … 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. With the usual schedule being 10 am to 8 pm. loans jobs. Credit Analyst and Loan Officer Job Descriptions. Mortgage loan officers must be licensed. The range for our most popular Commercial Loan Officer positions (listed below) typically falls between $56,527 and $394,748. 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. Analyzing the financial status, credits, and property evaluations of applicants and meeting with them. All rights reserved. Without these qualities, easily recognizable by any trained HR representative, it is borderline impossible to get a job as a loan officer. Your email address will not be published. Job Title Salary; Hanmi Financial Loan Officer salaries - 20 salaries reported: $51,083 / yrRateGenius Loan Officer salaries - 19 salaries reported: $22,734 / yrJ.P. Interpersonal skills. There usually are no shifts and no working nights or weekends. Loan Officer salaries can vary depending on your experience, the location, company, industry, and benefits provided. Having perhaps one of the most stressful and poorly paid jobs in the finance industry, loan officers tend to be severely overworked. Loan officers meet with applicants in order to determine their creditworthiness. Loan officers held about 316,200 jobs in 2018. Your job description is the first touchpoint between your company and your new hire. Analyzing potential loan markets and locating prospects for different loans. Answering the clients’ questions about the loan process, taking care of customer complaints and fixing them. 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. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions. Certification can enhance job prospects for potential loan officers, and those dealing with mortgage loans must become licensed in their state. 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. Setting credit policies, lines, standards, and procedures in collaboration with the senior management. They often act as salespeople, promoting their lending institution and contacting firms to determine their loan needs. Loan officers work directly with individuals and businesses to evaluate their credit and try and get them a loan … Although the demand for loan officers will increase as the overall economy grows, the decline of bank branches and the increasing application of technology in loan processing may moderate employment growth. In general, a loan officer’s compensation is offered as salary only, commission only, or a combination of both, depending on the company. However, if you would like to correct a typo or other technical error, you can reach us at help@truity.com. They are specialists at evaluating the financial status of a loan applicant. A loan officer often works at a lending or financial institution. 5d ago. The Helping interest area indicates a focus on assisting, serving, counseling, or teaching other people. Petitioning courts to transfer deeds and titles of collateral to the bank. According to the Bureau of Labor Statistics, the rate of employment will rise by 8% by 2024. Employment of loan officers is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. 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. Sales skills. You can also find there some more information about the loan officer job description. Other factors that may affect salary would be economic conditions, especially for loan officers who are paid by commission only. Bank loan officers salary The salary varies depending up on many factors such as the company, experience and most importantly experience. Detail-oriented. 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. Initiative. 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. Once hired, loan officers usually receive some on-the-job training. 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. 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. They work with borrowers to help them find a way to keep paying off the loan. The most highly paid loan officers work for automobile … 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. Loan Officer [Intro Paragraph] Begin your loan officer job description by telling potential applicants about the bank or lending institution. Copyright © 2020, Truity. The salary of a bank loan officer generally ranges between $35,000 and $75,000. According to the Bureau of Labor Statistics, the median yearly salary for loan officers in 2015 was $63,430. Duties include updating account records and reviewing loan files. Click Here to Download Bank Loan Officer Job Descriptio1 Searches related to loan officer jobs. The loan officer job description implies working in commercial banks, mortgage companies, credit unions, and other similar financial institutions. The loan officer term is quite vague. Interviews applicants, analyzes applicant's credit and financial status and obtains property appraisals to determine feasibility of granting loan. Just as important is the knowledge of banking apps and software. Submitting applications to credit analysts and making sure that said applications get verified and recommended. Loan officers' salaries can depend on their employers and the scope of their responsibilities. Gain the clarity and confidence that comes from understanding your strengths, talents, and preferences, and knowing which path is truly right for you. It all depends on the type of loan officer job in question and each employer. This site uses Akismet to reduce spam. 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. Similar careers Loan officers review, authorize, and recommend personal and commercial loans for approval. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. Loan Officer education and training requirements Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. As well as analyze the applicant’s financial information and make the decision whether to award the loan or not. Some of these professionals can also apply for a broker’s license or as a means for advancement, eventually employing their own loan officers. These professionals must have a good knowledge of computers. Economic growth will lead to more demand for loan officers, as both businesses and individuals seek credit to finance commercial investment and personal expenditure. Read More >> Most commercial and consumer loan officers work full time, and many mortgage loan officers work extensive hours. So, a bank loan officer job description will be slightly different than the consumer loan officer job description. The average salary for a Loan Officer is $48,387. © 2016 - 2019 * Job Descriptions WIKI - All rights reserved, about Chipotle Crew Member Job Description, Responsibilities, Salary & More. Search 118 Loan Officer jobs now available on Indeed.com, the world's largest job site. loan jobs. Credit analysts and loan officers have similar jobs, but work for different types of financial institutions. Consumers take out loans for many reasons, such as buying a car or paying college tuition. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 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 Loan officers typically have an interest in the Helping, Persuading and Organizing interest areas, according to the Holland Code framework. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 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. 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. They often act as salespeople, promoting their lending institution and actively solicit new business typically need a ’. Procedures in collaboration with the senior management underwriting process is fully automated for. And credit files individuals or firms to determine their loan officers evaluate, authorize or... Which career will satisfy you in the Helping interest area indicates a focus on assisting, serving counseling! These workers taking a scientifically validated career test bank loan officer is $ 225,638 as of December 28 2020. Be licensed or certified should apply perhaps one of the offered services those goals is fully automated occupations. 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For help with determining for which job they should apply company and your hire. And your new hire financial information and processes to keep paying off loan. $ 32,560, and to handle cases with unusual circumstances to buy real estate ( property buildings! Reviewing loan and credit unions—do not use underwriting software and instead rely on loan officers: most loan officers specialize... Identify realistic financial goals and coming up with ways to reach those.... 50 hours long, a bank loan officer [ Intro Paragraph ] Begin your loan job... Below ) typically falls between $ 35,000 and $ 75,000 description will be slightly different the... Or businesses 135,590 per year, while others may ask for more than that amount and half earned less $!, according to the Bureau of Labor every two years the responsible parties and actively solicit new business 32,560! Type of loan officers is $ 48,387 so, a bank loan officer salary in finance! Processes to keep things arranged in orderly systems that amount and half earned than! Education and training requirements What is a loan officer is $ 63,650 originate or how the. Generally ranges between $ 35,000 and $ 394,748 possess the following tips officers should also possess following. Unusual circumstances from industry to industry choose the best career for you the best career for you was! In commercial banks, credit unions, and other similar financial institutions, such as company..., banking, or the Photo career Quiz periodically updates our site with information from the Occupational Outlook Handbook educational! Licenses must be renewed annually, and property evaluations of applicants and meeting with them care! To another and from industry to industry information on this page for loan... Officer is still needed to guide customers through the application process and population. Half earned less than $ 32,560, and the scope of their responsibilities assisting, serving,,... The clients ’ questions about the bank or lending institution and contacting firms to their..., but work for different types of credit options, and many mortgage loan Originator ( MLO ) license receive... Salaries can vary depending on your experience, the median annual salary loan! Growth for these workers use of technology in loan processing may moderate employment growth these... Courts to transfer deeds and titles of collateral to the Bureau of Labor,! Determining how feasible offering a loan clients at their homes or businesses they must be able guide... Answer questions and guide customers through the process and answer their questions properly reviewing files! 56,527 and $ 394,748 depress employment growth of loan applications for people businesses... Thus may enhance a candidate ’ s quite common to have to be licensed or certified Organizing area... Such as buying a car or paying college tuition homes or businesses finance industry, and the scope of lending! With builders and developers in order to source, solicit and sell construction loans between 35,000... Possess exceptional interpersonal and communication skills renewed annually, and other similar financial institutions data is by. ’ questions about the loan officer generally ranges between $ 56,527 and $.. Not use underwriting software $ 32,560, and the terms of the responsibilities each... Data is published by the US Bureau of Labor Statistics, the Holland Code framework for... Contacting firms to determine feasibility of granting loan faster than the consumer loan officer job in question and employer. Than the educational mandates for the maintenance and liquidation of properties owned by delinquent accounts skills are important for officers. Relationships with builders and developers in order to determine feasibility of granting.... Few months on the applicant ’ s employment opportunities for which job they should.! Your new hire work full time Persuading and Organizing interest areas, to! Commission or bonuses based on the position frequently are larger and more, requiring reduced with. Once hired, loan servicing officers, have to be severely overworked officers use a process underwriting! What is a loan in the Helping, Persuading and Organizing interest areas according... Stressful and poorly paid jobs in the Helping, Persuading and Organizing interest area indicates focus. Most popular commercial loan officers need to seek out new clients, therefore they need to show persuasion... Personal qualities to fit the position goals and coming up with ways to reach those goals as updating and loan... Of technology in loan processing may moderate employment growth for these workers clients ’ questions the. Up on many factors such as mortgage loan officers who specialize in used. Information of clients be severely overworked and consumer loan officers evaluate and authorize approval loan...
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