What does a Loan Officer do?
Loan officers review, authorize, and recommend personal and commercial loans for approval. Loan officers meet with applicants in order to determine their creditworthiness. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions.
Most loan officers have a Bachelor's degree in business administration, finance, economics, or a related field, and are trained on the job. Residential mortgage loan officers must be licensed. Loan officers generally need strong sales and interpersonal skills.
Loan Officer Salaries
Average Base Pay
Loan Officer Insights
“workers were amazing and helpful and I was lucky to have one of the better managers on the floor.”
“But the best part is helping people and all of the fun we have in the process.”
“The culture and outreach programs make this one of the best companies I can imagine working for.”
“I was great with the trainings provided to us that helped me get licensed in a few states.”
“My branch manager is the best leader I’ve had in 20+ years of working in lending.”
“Support is provided to grow your business in sales or expand your career into operations if that is your goal.”
“My work environment at my location isn’t the best I would say because of the people I work with.”
“I guess you could say that the snacks and candy are nice... I'd truly prefer better pay over that though.”
Loan Officer Interviews
Loan Officer jobs
Frequently asked questions about the role and responsibilities of a loan officer
When working as a loan officer, the most common skills you will need to perform your job and for career success are BS Degree, Negotiation, Business Writing, VERBAL Communication and Interpersonal and Communication.
- Underwriting Assistant
- Loan Processor
- Credit Analyst
The most common qualifications to become a loan officer is a minimum of a Bachelor's Degree and an average of 0 - 1 of experience not including years spent in education and/or training.