Loan Officers
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.
- Median pay
- $76,690
- Doing it now
- 283,000
- By 2035
- Up 1.1%
- Usually needs
- Bachelor's degree
a year
across the country
17,100 openings a year
to get in
What the work involves
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- 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.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Review and update credit and loan files.
- Review loan agreements to ensure that they are complete and accurate according to policy.
What to study
The fields of study the Department of Education links to this occupation, most widely taught first.
- Finance and Financial Management ServicesSee 765 colleges that teach it
Who it suits
O*NET scores every occupation on six interest dimensions. This one leans hardest on these three.
Organised and precise
Leading and persuading
Helping and teaching
Careers like this one
Where this comes from: the description and the task list are O*NET, which the Department of Labor maintains. Pay, workforce size, outlook and the education normally needed are the Bureau of Labor Statistics Employment Projections programme, 2025 wages and 2025 to 2035 projections. Half of them earn more than $76,690 a year, which means half earn less, and what you would earn depends on where you work and how long you have been doing it. The fields of study come from the National Center for Education Statistics crosswalk.