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.
Also called: Commercial Banker · Commercial Loan Officer · Corporate Banking Officer · Financial Aid Advisor · Financial Aid Counselor · Financial Aid Officer
Median pay (national)
$74,180
$38,490–$145,780 (10th–90th)
Employed (US)
290,530
BLS OEWS, May 2024
Outlook 2024–34
+1.7%
~20,300 openings/yr
Typical entry
Bachelor's degree
What the numbers say
Refit analysis ·Pay for loan officers shows an unusually wide range: the top 10% earn $145,780 versus $38,490 at the bottom 10% — 3.8x. The median of $74,180 leaves roughly 97% of headroom to the 90th percentile, which is where seniority, specialization, and the skills below tend to pay off.
Refit analysis ·Employment is projected to change +1.7% from 2024 to 2034 — slower than the 3% all-occupation average. Even so, BLS projects about 20,300 openings a year, mostly to replace workers who retire or change careers.
Refit analysis ·Where you work moves the number a lot. Across the 52 states with released data, District of Columbia pays the most for this role (median $102,200, +38% vs the national median), while Puerto Rico sits lowest at $35,400 — a 189% spread for the same job title.
Refit analysis ·O*NET rates Active Listening, Speaking, Reading Comprehension as the highest-importance skills here — so a resume aimed at this role should lead with evidence of those, not a generic skills list. On the tools side, O*NET flags Microsoft Excel, Microsoft Office software, Microsoft Outlook as in-demand technologies for this role.
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Top skills employers ask for
Ranked by O*NET importance for this occupation.
- Active Listening
- Speaking
- Reading Comprehension
- Critical Thinking
- Writing
- Mathematics
- Active Learning
- Monitoring
- Learning Strategies
- Science
What they actually do
Core O*NET tasks for this role.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- 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.
- Review and update credit and loan files.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- 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.
Tools & technology
- Microsoft Excel
- Microsoft Office software
- Microsoft Outlook
- Oracle PeopleSoft
- SAP software
- Zoom
- 1003 Uniform Residential Loan Application
- Amortization loan software
- Bankers Systems Rembrandt Lending System
- Bottom Line LoanMaster Loan Servicing
- California Infinite LPS
- Calyx Point
- CGI-AMS BureauLink Enterprise
- CGI-AMS CACS Enterprise
- CGI-AMS Strata
- Click1003 Online Mortgage Application
Knowledge areas
- Customer and Personal Service
- Economics and Accounting
- English Language
- Mathematics
- Sales and Marketing
- Law and Government
- Administration and Management
- Education and Training