dcsimg

Loan Officer

Loan officers facilitate lending to individuals or businesses by locating potential clients and then helping them apply for loans. They also gather information about clients to determine their ability to repay loans. They usually specialize in either commercial loans, which help companies purchase equipment or expand; consumer loans, which help individuals buy homes, cars, or other items; or mortgage loans, which help in the purchase or refinance of real estate. They often act as sales people, contacting companies and persuading them to take out a loan from the loan officer's institution. The loan officer also guides the client through the process of applying for a loan, and analyzes and verifies the information on the application. Then, based on the information they've gathered, they determine whether or not to approve the client.

Job Skills

Loan officers should have well-developed interpersonal communication skills, and be willing to develop productive working relationships with others. Because of the sales involved in the occupation, they need to be very confident and highly motivated. They must be willing and able to publicly represent their establishment at community events.

Income

In 2002, loan officers earned a median annual salary of $43,980. Earnings ranged from the lowest 10%, who earned less than $25,790, and the highest 10%, who earned more than $88,450. The following shows the median annual salaries for the industries employing the highest numbers of loan officers:

  • Activities related to credit intermediation - $47,240
  • Management of companies and enterprises - 46,420
  • Nondepository credit intermediation - 44,770
  • Depository credit intermediation - 41,450

Training and Education

Candidates seeking employment as loan officers are usually required to have a bachelor's degree in finance, economics, or a similar field. Most will need to be familiar with computer banking applications. Training in sales can be particularly advantageous for commercial and mortgage loan officers. Some loan officers acquire their positions without college degrees, but they usually have several years of experience as tellers or customer service representatives. For bank or credit union loan officers, no licensing requirements exist, while mortgage bank and brokerage loan officers have licensing requirements that vary by State. Another training option is a course or program offered by a banking-related association or private school.

Employment

In 2002, loan officers held about 224,000 jobs. About 40% were employed by commercial banks, savings institutions, and credit unions. 33% were employed by mortgage and consumer finance companies.

Job Outlook

Between 2002 and 2012, the number of loan officers is expected to increase about as fast as the average. Those who have a bachelor's degree and experience in banking, lending, or sales will have the best opportunities for employment. Economic expansion and population increases will be offset by increased automation in the industry. Credit scoring has enabled loan officers to become much more efficient, and loan application over the Internet is expected to dramatically simplify the loan process. Job openings will also result from the need to replace workers who retire, switch careers, or leave the occupation for other reasons.


Loan Officer Training

Refine School Matches
Hide filters
  • SUBJECT Clear All

  • DEGREE

    See More

  • PROGRAM TYPE

  • START TIME

    LOCATION
    Please enter valid US or Canada Zip.
            Results open in new window

            Searching Searching ...

            Matching School Ads
            MHA: Finance

            100% Online & No Standardized Testing

            We are committed to helping you achieve your goals and complete your degree as quickly as possible.

            Show more [+]
            • Accredited
            • Online Courses
            • Financial Aid
            • Transferable Credits
            Financial Management - PhD in Bus. Admin.
            • Ranked among the Best Online Bachelor's Programs in 2014 by U.S. News & World Report.
            • Implements a one-to-one teaching model, partnering one student with one faculty member in each course.
            • 100% of faculty members hold doctoral degrees.
            • No physical residency requirements, allowing students to pursue their degree online.
            • Committed to innovation, diversity, excellence, and accountability since its founding in 1996.
            • Offers several programs in business, education, psychology, and more.
            Show more [+]
            • Online Courses
            • Financial Aid
            • Transferable Credits
            MS in Finance - H

            Johns Hopkins University Carey Business School has brought the philosophy of business with humanity in mind to a part time format. Now offering several degrees to the part-time student, students can now become business leaders at this nationally recognized institution in as little as 2.5 years.

            • Online Courses
            MBA - Finance
            • Ranked one of the Best for Vets schools in Military Times Edge magazine’s 2013 “Best for Vets” edition.
            • Offers MUSE (My Unique Student Experience), a content delivery system that gives students the option to watch, view, read or listen to required course materials.
            • Allows students to complete courses at whatever pace they want.
            • Provides IntelliPath, a proprietary learning technology that lets students learn at their own pace.
            • A DANTES-affiliated university and member of the Service Members Opportunity Colleges.
            Show more [+]
            • Online Courses
            • Flexible Scheduling
            • Financial Aid
            • Transferable Credits
            Business Administration - Finance (BS) (Online)
            • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
            • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
            • Offers several flexible learning options, including a blended format that combines campus and online learning.
            • Several scholarship opportunities are available for students who qualify.
            • Features a competency-based MBA program that allows students to test out of subjects based on prior professional experience.
            Show more [+]
            • Online Courses
            • Flexible Scheduling
            • Financial Aid
            • Transferable Credits
            Certificate: Finance
            • Ranked among the Best Online Bachelor’s Programs by U.S. News and World Report in 2015.
            • Founded in 1890, it has a campus in Waterbury, CT and offers online degree program in eight-week modules, six times a year.
            • About 800 students are enrolled at the main campus, and about half of them commute.
            • Online courses help make it possible for students to earn a bachelor’s degree in as little as 24 months and a master’s degree in 12-18 months.
            Show more [+]
            • Online Courses
            • Flexible Scheduling
            • Accelerated Programs
            • Financial Aid
            • Transferable Credits
            Business Management & Accounting (AAS)
            • Offers several scholarship opportunities for students who qualify.
            • Laptop computers are issued to each student at the beginning of their program.
            • Provides programs in health care, business, information technology, and graphic arts.
            • Respiratory Therapy program is accredited by the Commission on Accreditation for Respiratory Care (CoARC).
            • Accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC).

            Our family of non-profit colleges admits students of any race, color, and national or ethnic origin.

            Show more [+]
            Certificate - Business Administration (Accounting)
            • Many programs require externships, allowing students to gain real-world experience.
            • Approved A+ rating from the Better Business Bureau (BBB) since 1984.
            • Offers 22 accelerated, career-focused program options including business administration, medical assisting, and more.
            • Regionally accredited by the Western Association of Schools and Colleges (WASC).
            • 11 campuses across California, with an online division as well.
            Show more [+]
            • Financial Aid
            Master of Science in Accountancy

            Saint Mary's University of Minnesota's Online Master's Programs

            At Saint Mary's, we take pride in offering online graduate degrees designed to complement the schedules of working adults like you. Get an affordable, convenient education from a top-ranked university that's grounded in real-world applications.

            Saint Mary's University's long history of innovation in education continues with the launch of our new iPad® application, allowing for learning on the go. Our commitment to our Lasallian Catholic tradition of continuous learning, ethics and advancing the common good also endures.

            • Online Courses
            Business Management & Accounting (AAS)
            • Students are issued a new laptop at the beginning of their programs.
            • All online services and study materials are available 24/7, with faculty available five days a week.
            • All programs available online, with the MBA program offered on campus in Salt Lake City.
            • Accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC), with programmatic accreditation by the Commission on Accreditation for Respiratory Care (CoARC).
            • Approved by the Better Business Bureau (BBB) since 2010.

            Our family of non-profit colleges admits students of any race, color, and national or ethnic origin.

            Show more [+]
            • Online Courses
            • Flexible Scheduling
            • Financial Aid