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Loan Officers

Loan Officers
Quick Facts : Loan Officers*
2010 Median Pay$56,490
Entry Level EducationHigh school diploma or equivalent
Work Experience in Related OccupationNone
Number of Jobs, 2012289,400
Job Outlook14% (About as fast as average)
Employment Change41,000

Loan officers help people get loans by assisting them through the process and offering advice. They evaluate, authorize, or recommend approval of loan applications for people and businesses. After collecting and verifying all the required financial documents, the loan officer evaluates this information to determine the applicant?s loan needs and ability to pay back the loan.

What Loan Officers Do

  • 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
  • Analyze and evaluate the applicant's finances to decide if the applicant should get the loan
  • Approve loan applications or refer them to management for a decision

Work Environment

Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Most commercial and consumer loan officers work full time, and many mortgage loan officers work especially long hours. Except for consumer loan officers, traveling to visit clients is common.
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Job Outlook

Employment of loan officers is expected to grow 14 percent from 2010 to 2020, however the need for loan officers fluctuates with the economy.
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The average salary of loan officers in May 2010 was $56,490.
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Loan Officers*
Average Annual Salary, May 2010

Loan Officers


Finance Occupations


All Jobs in the U.S.

Loan Officers*
Percent Change in Employment

Loan Officers


Finance Occupations


All Jobs in the U.S.


Becoming a Loan Officers

Most loan officers need a high school diploma and receive on-the-job training. Commercial loan officers, however, generally need a bachelor's degree in finance, business, economics, or a related field. Mortgage loan officers must be licensed.
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