Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. They may work in banks, credit unions, mortgage companies, or other financial institutions. Responsibilities include reviewing loan applications, assessing the applicant's creditworthiness, determining loan eligibility, explaining loan options, and ensuring all necessary paperwork is completed accurately.
This income data is sourced from the May 2023 Occupational Employment and Wage Statistics (OEWS) survey. The dataset is updated annually.
Annual Pay Distribution | Salary |
|---|---|
10th percentile | $28,810.00 |
25th percentile | $28,810.00 |
median (50th percentile) | $40,210.00 |
75th percentile | $61,370.00 |
90th percentile | $109,710.00 |
Hourly Pay Distribution | Hourly Rate |
|---|---|
10th percentile | $13.85 |
25th percentile | $13.85 |
median (50th percentile) | $19.33 |
75th percentile | $29.51 |
90th percentile | $52.75 |
Loan Officers typically need at least a high school diploma or equivalent to enter the field, although some positions may require a bachelor's degree in finance, economics, or a related field. While a college degree is not always mandatory, it can enhance job prospects and provide a deeper understanding of financial concepts. Additionally, loan officers must often complete a training program provided by their employer to learn about lending regulations, underwriting criteria, financial analysis, customer service skills, and specific company policies and procedures. This training may involve both classroom instruction and on-the-job experience working alongside experienced loan officers to gain practical skills and knowledge in the field. Ongoing professional development and continuing education are also important for loan officers to stay current with industry trends and regulations.