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Summary Report for:
13-2072.00 - 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, and loan underwriters.

Sample of reported job titles: Branch Manager, Business Banking Officer, Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Loan Officer, Mortgage Loan Officer, Mortgage Loan Originator, Portfolio Manager, Relationship Manager

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Tasks  |  Tools & Technology  |  Knowledge  |  Skills  |  Abilities  |  Work Activities  |  Detailed Work Activities  |  Work Context  |  Job Zone  |  Education  |  Credentials  |  Interests  |  Work Styles  |  Work Values  |  Related Occupations  |  Wages & Employment  |  Job Openings  |  Additional Information

Tasks

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

Find occupations related to multiple tasks

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Tools & Technology

Tools used in this occupation:

  • Desktop computers See more occupations related to this tool.
  • Notebook computers See more occupations related to this tool.
  • Personal computers See more occupations related to this tool.
  • Personal digital assistant PDAs or organizers — Personal digital assistants PDA See more occupations related to this tool.
  • Scanners See more occupations related to this tool.
  • Tablet computers See more occupations related to this tool.

Technology used in this occupation:

  • Accounting software — Bottom Line LoanMaster Loan Servicing; Financial Industry Computer Systems Loan Accountant See more occupations related to this technology.
  • Analytical or scientific software — FinEng Solutions software See more occupations related to this technology.
  • Compliance software — Wolters Kluwer Financial Services ComplianceOne See more occupations related to this technology.
  • Content workflow software — Equifax Application Engine; Experian Transact SM See more occupations related to this technology.
  • Document management software — eOriginal eCore Business Suite See more occupations related to this technology.
  • Financial analysis software — Delphi Discovery; Experian Credinomics; VueCentric MortgageDashboard; White Clarke North America Credit Adjudication and Lending Management (see all 55 examples) See more occupations related to this technology.
  • Information retrieval or search software — CGI-AMS BureauLink Enterprise See more occupations related to this technology.
  • Internet browser software — Web browser software See more occupations related to this technology.
  • Office suite software — Experian Strategy Management; Microsoft Office software See more occupations related to this technology.
  • Presentation software — Microsoft PowerPoint See more occupations related to this technology.
  • Spreadsheet software — Microsoft Excel See more occupations related to this technology.
  • Word processing software — Microsoft Word See more occupations related to this technology.

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Knowledge

  • 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. See more occupations related to this knowledge.
  • Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data. See more occupations related to this knowledge.
  • English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar. See more occupations related to this knowledge.
  • Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications. See more occupations related to this knowledge.
  • Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming. See more occupations related to this knowledge.
  • 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. See more occupations related to this knowledge.
  • Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process. See more occupations related to this knowledge.
  • Clerical — Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology. See more occupations related to this knowledge.
  • Administration and Management — Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources. See more occupations related to this knowledge.

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Skills

  • Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times. See more occupations related to this skill.
  • Speaking — Talking to others to convey information effectively. See more occupations related to this skill.
  • Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one. See more occupations related to this skill.
  • Reading Comprehension — Understanding written sentences and paragraphs in work related documents. See more occupations related to this skill.
  • Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems. See more occupations related to this skill.
  • Service Orientation — Actively looking for ways to help people. See more occupations related to this skill.
  • Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do. See more occupations related to this skill.
  • Writing — Communicating effectively in writing as appropriate for the needs of the audience. See more occupations related to this skill.
  • Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making. See more occupations related to this skill.
  • Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions. See more occupations related to this skill.
  • Mathematics — Using mathematics to solve problems. See more occupations related to this skill.
  • Coordination — Adjusting actions in relation to others' actions. See more occupations related to this skill.
  • Instructing — Teaching others how to do something. See more occupations related to this skill.
  • Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action. See more occupations related to this skill.
  • Time Management — Managing one's own time and the time of others. See more occupations related to this skill.

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Abilities

  • Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences. See more occupations related to this ability.
  • Oral Expression — The ability to communicate information and ideas in speaking so others will understand. See more occupations related to this ability.
  • Speech Clarity — The ability to speak clearly so others can understand you. See more occupations related to this ability.
  • Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense. See more occupations related to this ability.
  • Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events). See more occupations related to this ability.
  • Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem. See more occupations related to this ability.
  • Speech Recognition — The ability to identify and understand the speech of another person. See more occupations related to this ability.
  • Written Comprehension — The ability to read and understand information and ideas presented in writing. See more occupations related to this ability.
  • Written Expression — The ability to communicate information and ideas in writing so others will understand. See more occupations related to this ability.
  • Near Vision — The ability to see details at close range (within a few feet of the observer). See more occupations related to this ability.
  • Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations). See more occupations related to this ability.
  • Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem. See more occupations related to this ability.
  • Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly. See more occupations related to this ability.

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Work Activities

  • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources. See more occupations related to this activity.
  • Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time. See more occupations related to this activity.
  • Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems. See more occupations related to this activity.
  • Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information. See more occupations related to this activity.
  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data. See more occupations related to this activity.
  • Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work. See more occupations related to this activity.
  • Performing for or Working Directly with the Public — Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests. See more occupations related to this activity.
  • Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job. See more occupations related to this activity.
  • Communicating with Persons Outside Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail. See more occupations related to this activity.
  • Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. See more occupations related to this activity.
  • Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others. See more occupations related to this activity.
  • Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions. See more occupations related to this activity.
  • Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards. See more occupations related to this activity.
  • Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork. See more occupations related to this activity.
  • Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts. See more occupations related to this activity.
  • Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics. See more occupations related to this activity.
  • Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form. See more occupations related to this activity.
  • Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used. See more occupations related to this activity.
  • Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others. See more occupations related to this activity.
  • Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events. See more occupations related to this activity.
  • Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions. See more occupations related to this activity.
  • Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks. See more occupations related to this activity.
  • Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people. See more occupations related to this activity.
  • Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them. See more occupations related to this activity.

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Detailed Work Activities

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

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Work Context

  • Telephone — 100% responded “Every day.” See more occupations related to this work context.
  • Contact With Others — 78% responded “Constant contact with others.” See more occupations related to this work context.
  • Freedom to Make Decisions — 64% responded “A lot of freedom.” See more occupations related to this work context.
  • Frequency of Decision Making — 71% responded “Every day.” See more occupations related to this work context.
  • Importance of Being Exact or Accurate — 66% responded “Extremely important.” See more occupations related to this work context.
  • Spend Time Sitting — 63% responded “Continually or almost continually.” See more occupations related to this work context.
  • Electronic Mail — 88% responded “Every day.” See more occupations related to this work context.
  • Face-to-Face Discussions — 62% responded “Every day.” See more occupations related to this work context.
  • Impact of Decisions on Co-workers or Company Results — 49% responded “Important results.” See more occupations related to this work context.
  • Letters and Memos — 53% responded “Every day.” See more occupations related to this work context.
  • Structured versus Unstructured Work — 59% responded “A lot of freedom.” See more occupations related to this work context.
  • Work With Work Group or Team — 49% responded “Extremely important.” See more occupations related to this work context.
  • Indoors, Environmentally Controlled — 78% responded “Every day.” See more occupations related to this work context.
  • Deal With External Customers — 44% responded “Very important.” See more occupations related to this work context.
  • Importance of Repeating Same Tasks — 56% responded “Extremely important.” See more occupations related to this work context.
  • Level of Competition — 42% responded “Highly competitive.” See more occupations related to this work context.
  • Time Pressure — 45% responded “Every day.” See more occupations related to this work context.
  • Duration of Typical Work Week — 61% responded “More than 40 hours.” See more occupations related to this work context.
  • Coordinate or Lead Others — 41% responded “Very important.” See more occupations related to this work context.
  • Consequence of Error — 32% responded “Very serious.” See more occupations related to this work context.
  • Degree of Automation — 48% responded “Moderately automated.” See more occupations related to this work context.
  • Responsibility for Outcomes and Results — 33% responded “Moderate responsibility.” See more occupations related to this work context.

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Job Zone

Title Job Zone Three: Medium Preparation Needed
Education Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.
Related Experience Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.
Job Training Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.
Job Zone Examples These occupations usually involve using communication and organizational skills to coordinate, supervise, manage, or train others to accomplish goals. Examples include food service managers, electricians, agricultural technicians, legal secretaries, occupational therapy assistants, and medical assistants.
SVP Range (6.0 to < 7.0)

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Education


Percentage of Respondents
Education Level Required
32   Bachelor's degree
20   High school diploma or equivalent Help
17   Some college, no degree

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Credentials

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Interests

Interest code: CES

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

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Work Styles

  • Integrity — Job requires being honest and ethical. See more occupations related to this work style.
  • Attention to Detail — Job requires being careful about detail and thorough in completing work tasks. See more occupations related to this work style.
  • Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations. See more occupations related to this work style.
  • Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks. See more occupations related to this work style.
  • Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations. See more occupations related to this work style.
  • Initiative — Job requires a willingness to take on responsibilities and challenges. See more occupations related to this work style.
  • Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems. See more occupations related to this work style.
  • Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations. See more occupations related to this work style.
  • Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude. See more occupations related to this work style.
  • Persistence — Job requires persistence in the face of obstacles. See more occupations related to this work style.
  • Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace. See more occupations related to this work style.
  • Independence — Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done. See more occupations related to this work style.
  • Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job. See more occupations related to this work style.
  • Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction. See more occupations related to this work style.
  • Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job. See more occupations related to this work style.
  • Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems. See more occupations related to this work style.

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Work Values

  • Relationships — Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service. See more occupations related to this work value.
  • Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy. See more occupations related to this work value.
  • Support — Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical. See more occupations related to this work value.

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Related Occupations

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Wages & Employment Trends

Median wages (2014) $30.11 hourly, $62,620 annual
State wages Local Salary Info
 
Employment (2012) 297,000 employees
Projected growth (2012-2022) Average (8% to 14%) Average (8% to 14%)
Projected job openings (2012-2022) 77,200
State trends Employment Trends
 
Top industries (2012)

Source: Bureau of Labor Statistics 2014 wage data external site and 2012-2022 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2012-2022). "Projected job openings" represent openings due to growth and replacement.

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Job Openings on the Web

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Sources of Additional Information

Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.

  • Loan Officers external site. Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2014-15 Edition.

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