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Program Codes
36064
38509
38508
36141
Employment Percentage
-8.363761626
SOC ID
13-2072
SOC Title
Loan Officers
ONET ID
13-2072.00
ONET Concat ID
13207200
Median Salary
61907.46
EMSI Interest Area Term
Business Sciences
Ed Level High School
6.13
Ed Level Certificate
0
Ed Level Some College
12.83
Ed Level Associates
11.18
Ed Level Bachelors
69.860001
Ed Level Masters
0
Ed Level Doctors
0
Typical Ed Level
a Bachelor's degree
Career Description
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.
Core Tasks
  • 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.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Submit applications to credit analysts for verification and recommendation.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Review and update credit and loan files.
  • Handle customer complaints and take appropriate action to resolve them.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Compute payment schedules.
Start Annual Earnings
29111.95
Top Annual Earnings
134724.8
EMSI Career Title Slug
loan-officer