Skip to content
Logo Careeronestop
careeronestop
your source for career exploration, training & jobs
Sponsored by the U.S. Department of Labor.
A proud partner of the american job center network.

Occupation Profile

Learn details about any occupation including what you might do on the job, how much you might earn, and how much education or training you might need.

Get started by entering a keyword for a career, a job title, or a type of work in the box below. Then enter your location and click "Search". Or, click "List of Occupations" to select from a list of careers.

Loan Officers
Show More

Select items to add to your view

Overview


Employment


Wages

Education





Job Details






More Info


= not available for this occupation
Description: what do they do?
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, and loan underwriters.
Also known as:
Corporate Banking Officer, Commercial Banker, Branch Manager, Loan Officer, Mortgage Loan Originator, Commercial Loan Officer, Business Banking Officer, Relationship Manager, Mortgage Loan Officer, Portfolio Manager

    What does this information tell me?

    This description is a quick overview of what workers in this career might do.

    "Also known as" shows other common names for this career.

    What is the source of this information?

    This information comes from an O*NET database. Learn more on the Help page.

Career video
00:00
00:00

    Transcript: Many people dream of buying a house... or going to college... but these plans, and many others, cost more money than most people have. That's where credit and loan counselors and officers come in -they help people find the best ways to borrow the money they need. Loan officers meet with people applying for loans. They examine applicants' financial records and determine just how much money they may be able to borrow. Some people have financial problems that can make it difficult for them to borrow using traditional options... loan counselors search for alternatives. Once they've found an appropriate loan, counselors explain what financial regulations are involved. Credit counselors help customers resolve financial issues, from creating a plan to pay off debt, to finding a financial aid program for college. Financial matters can be tedious and frustrating to handle, so a steady demeanor is helpful. This work requires the ability to listen carefully and explain complicated issues simply. Credit and loan officers and counselors work in banks, higher education, and in mortgage firms. In addition to math skills, they must be detail-oriented to accurately complete loan documents. These professionals usually have a degree in finance or economics. If you like helping people and you're good with numbers, your skills could lend themselves to a career as a credit professional.
View transcript
Outlook: will there be jobs?
Image. Employment outlook for this occupation
New job opportunities are very likely in the future.

This occupation is:
  • Expected to grow much faster than average


    What does this information tell me?

    Outlook information can tell you whether a career is expected to be in demand in the future—that is, whether there are likely to be job openings if you choose this career. Careers can have one of three outlooks:

    • A Bright outlook means new job opportunities are very likely in the future
    • An Average outlook means that a small number of new job opportunities are likely in the future (less than an 8 percent increase)
    • A Below Average outlook means new job opportunities are less likely in the future

    You can also view local job listings in this field by clicking "Find job openings" above. This can help you see if local businesses are hiring—another way of looking at demand.

    What is the source of this information?

    This information comes from O*NET Bright Outlook occupations, 2019. Note this information is only available at a national level, so even if you selected a state, you’ll only see this information for the whole country.

Projected employment
Michigan
N/A
2016 Employment
N/A
2026 Employment
N/A
Percent change
N/A
Annual projected job openings
United States
316,200
2018 Employment
340,600
2028 Employment
8%
Percent change
29,900
Annual projected job openings
N/A: We do not have employment projections in this state for this occupation.

    What does this information tell me?

    Projected employment shows how much employment is expected to grow in this occupation over a 10-year period. This can help you decide if this career is a good choice for future job opportunities. You can look at projected employment in your state, or in other states where you might consider living.

    You can see the total number of people employed in this occupation in 2016 (for states) or 2018 (for the United States), the number expected to be employed in 2026 (for states) or 2028 (for the United States), and rate of growth over those years.

    The projections are based on assumptions of unemployment rates and labor productivity growth rates.  While the projected numbers may not be exact, they are helpful to compare one career to another, or one location to another.

    What is the source of this information?

    State-level data come from Projections Central and each state's Labor Market Information office, 2016-26.

    National-level data come from the Bureau of Labor Statistics Employment Projections, 2018-28.

Typical wages

Annual wages for Loan Officers in United States
This graph displays wage data.  Find details by selecting the table view.
This chart displays wage data.  Find details by selecting the table view.
LocationMichiganUnited States
10%N/A$31,870
25%N/A$44,500
MedianN/A$63,040
75%N/A$92,240
90%N/A$132,080


    What does this information tell me?

    This chart shows you a range of how much most workers in this occupation earn per hour, in the location that you selected.

    You can select from three views of this data:

    • The Graph shows you wages at the 10th, 25th, 50th, 75th and 90th percentiles. Note that the lowest (10th %ile) wage shown is not necessarily a "starting wage." Instead it means that 10 percent of all workers in this career earn less that this amount, and 90 percent earn more. However, you can assume that you might earn close to the 10th or 25th %ile wages when you start out in most careers.
    • Select "Chart" to see a visual comparison between national wages and wages in the location you selected.
    • Select "Table" to see more wage data the national and local level.

    Please note that wage data are not available at the city or ZIP code level. If you selected a city or ZIP code, you will see wage data for the regional area.

    Also note that in this update, 21 detailed occupations found within the 2010 Standard Occupational Classification (SOC) were replaced with 10 new aggregations of those occupations; read more about these OES changes.

    You can learn more about wages for this and other occupations by clicking “See more wages” above.

    What is the source of this information?

    The wage information comes from the Bureau of Labor Statistics, Occupational Employment Statistics Program, 2018 data. For more detailed state wage data, please find the link to your state's wage data program in the Other Resources box.

Education and experience: to get started
People starting in this career usually have:
  • Bachelor's degree
  • No work experience
  • 1 to 12 months on-the-job training

Programs that can prepare you:

    What does this information tell me?

    This shows you the typical level of education, work experience, and on-the-job training that most people have when they start in this career. Note that these are not requirements for entering this field, but the information can help you understand how qualified you might be.

    Interested in starting in this career? You can search for education programs in your local area by clicking “Find local training” above.

    What is the source of this information?

    This information comes from the U.S. Department of Labor's Bureau of Labor Statistics Employment Projections, Education and training assignments by detailed occupation, 2018.

Typical education
How much education do most people in this career have?
Chart. Percent of workers in this field by education level attained

    What does this information tell me?

    This chart shows you the range of education levels that people who currently work in this field have. You can use this to see if you fit in this range. Note that this includes ALL people who work in this field and not just those getting started.

    Interested in getting qualified for this career? You can search for programs that lead to the education needed, in your local area, by clicking “Find local training” above.

    What is the source of this information?

    This information comes from the Bureau of Labor Statistics Employment Projections, Educational attainment for workers 25 years and older by detailed occupation, 2016–17.

Certifications: show your skills
Let employers know you have the skills to do well at this job.
Earning a certification can help you:
  • Get a job
  • Get a promotion

    What does this information tell me?

    When you click "Find certifications" you'll see a list of national certifications that are related to this career. From there, you can learn how to achieve one of these certifications to help you enter or get ahead in this field.

    What is the source of this information?

    This collection of occupational certifications is collected and regularly updated by CareerOneStop. Learn more at Certification Finder Help.

Licenses: do you need one?
Some states require an occupational license to work in this career.

    What does this information tell me?

    When you click "Find license details in your state" you'll see the license name and contact information for the agency in your state that oversees licensing for this field. If you have not selected a location, you'll see a list of all state licenses for this occupation.

    What is the source of this information?

    Information on licensed occupations is gathered in each state by Labor Market Information units under a grant from the U.S. Department of Labor. Learn more at License Finder Help.

Apprenticeships: learn on the job
Apprenticeships combine paid on-the-job-training with classroom lessons.

    What does this information tell me?

    When you click "Find apprenticeship sponsors" you'll find information that can help you locate apprenticeship opportunities in your state:

    • If there are businesses that have sponsored apprenticeships in this field in the past, you'll find their name and contact information.
    • If there are related occupations that might have apprenticeship opportunities, you'll find links to that information.
    • You'll also see contact information for state and federal agencies that oversee apprenticeship programs.

    What is the source of this information?

    Apprenticeship information comes from the U.S. Department of Labor, Office of Apprenticeships, and from CareerOneStop. Learn more at Apprenticeship Finder Help.

Activities: what you might do in a day
  • Assess financial status of clients.
  • Gather financial records.
  • Interview clients to gather financial information.
  • Interpret financial information for others.
  • Verify accuracy of financial information.
  • Authorize financial actions.
  • Correspond with customers to answer questions or resolve complaints.
  • Establish organizational guidelines or policies.
  • Update professional knowledge.
  • Maintain data in information systems or databases.
  • Examine financial records.
  • Submit financial applications.
  • Market products, services, or events.
  • Confer with personnel to coordinate business operations.
  • Compute debt repayment schedules.
  • Develop financial plans for clients.
  • Negotiate agreements to resolve disputes.
  • Analyze market conditions or trends.
  • Prepare financial documents, reports, or budgets.
  • Supervise employees.
  • Train personnel to enhance job skills.
  • Conduct eligibility or selection interviews.
  • Recommend investments to clients.
  • Execute sales or other financial transactions.
  • Communicate with government agencies.

    What does this information tell me?

    This is a list of typical work activities that people in this career might do on the job. You can use this list to get an idea of whether this career might be a good fit for you.

    Click on “More activities” to see more detailed examples of activities for this career.

    You can also use this list to help you prepare for a job interview. Or, if you’ve already held a job like this, you can copy these activities to use on your resume.

    What is the source of this information?

    This information comes from O*NET OnLine's Occupation Information. They are O*NET’s Detailed Work Activities.

Knowledge
People in this career often know a lot about:
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

    What does this information tell me?

    This is a list of general knowledge areas that are most commonly required for jobs in the career. Knowledge is typically gained through education and related experience.

    This list can help you learn if you are prepared for a job in this career. It can also help you decide on education or training programs that could help you prepare for the career.

    What is the source of this information?

    This information comes from the O*NET Resource Center. Learn more about O*NET's Knowledge descriptors.

Skills
People in this career often have these skills:
  • Active Listening - Listening to others, not interrupting, and asking good questions.
  • Speaking - Talking to others.
  • Reading Comprehension - Reading work-related information.
  • Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
  • Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
  • Service Orientation - Looking for ways to help people.

    What does this information tell me?

    This is a list of a list the work-related skills most commonly required for jobs in the career.

    This list can help you understand how well your current skills fit this career. It can also help you plan your education or professional development.

    What is the source of this information?

    This information comes from the O*NET Resource Center. Learn more about O*NET's Skills descriptors.

Abilities
People in this career often have talent in:
  • Oral Comprehension - Listening and understanding what people say.
  • Oral Expression - Communicating by speaking.
  • Speech Clarity - Speaking clearly.
  • Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
  • Speech Recognition - Recognizing spoken words.
  • Deductive Reasoning - Using rules to solve problems.
  • Written Comprehension - Reading and understanding what is written.
  • Problem Sensitivity - Noticing when problems happen.
  • Written Expression - Communicating by writing.
  • Near Vision - Seeing details up close.

    What does this information tell me?

    This is a list of a list of personal qualities that might influence work and are most commonly required for success in this career.

    This list can help you understand if your natural strengths and abilities are a good fit for this career.

    What is the source of this information?

    This information comes from the O*NET Resource Center. Learn more about O*NET's Abilities descriptors.

Interests
  • Conventional - Occupations related to Conventional interests frequently involve following set procedures and routines. They include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
  • Enterprising - Occupations with Enterprising interests frequently involve starting up and carrying out projects. Many involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Social - Occupations with Social interests frequently involve working with, communicating with, and teaching people. Most involve helping or providing service to others.

    What does this information tell me?

    This is a list of work environment-preferences that are most commonly associated with the career. It can help you understand if your natural interests are a good fit for this career.

    Click "Take an interest assessment" for a quick 30-question assessment that can help you understand your interests and see careers that might be good matches for them.

    What is the source of this information?

    This information comes from the O*NET Resource Center. Learn more about O*NET's Interest descriptors.

Typical tasks
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Handle customer complaints and take appropriate action to resolve them.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Review and update credit and loan files.
  • Submit applications to credit analysts for verification and recommendation.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Confer with underwriters to aid in resolving mortgage application problems.
  • Compute payment schedules.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Negotiate payment arrangements with customers who have delinquent loans.
  • Analyze potential loan markets and develop referral networks to locate prospects for loans.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Supervise loan personnel.
  • Interview, hire, and train new employees.
  • Provide special services such as investment banking for clients with more specialized needs.
  • Arrange for maintenance and liquidation of delinquent properties.
  • Petition courts to transfer titles and deeds of collateral to banks.

    What does this information tell me?

    This is a list of typical tasks that people in this career might do on the job.  You can use this list to get an idea of whether this career might be a good fit for you.

    Click on “More tasks” to see more detailed examples for this career.

    You can also use this list to help you prepare for a job interview. Or, if you’ve already held a job like this, you can copy these tasks to use on your resume.

    What is the source of this information?

    This information comes from O*NET OnLine's Occupation Information. They are O*NET‘s Tasks.

    What does this information tell me?

    These are additional online resources related to this career. You may find different or more detailed information at these sources.

    What is the source of this information?

    This information is collected and maintained by CareerOneStop.