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:
Loan Officer, Branch Manager, Mortgage Loan Officer, Relationship Manager, Commercial Loan Officer, Mortgage Loan Originator, Business Banking Officer, Commercial Banker, Corporate Banking Officer, Portfolio Manager
Tasks | Tools & Technology | Knowledge | Skills | Abilities | Work Activities | Work Context | Job Zone | Education | 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.
- 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.
- 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.
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Tools & Technology
Tools used in this occupation:
| Desktop computers |
| Notebook computers |
| Personal computers |
| Personal digital assistant PDAs or organizers — Personal digital assistants PDA |
| Scanners |
Technology used in this occupation:
| Accounting software — Bottom Line LoanMaster Loan Servicing; Financial Industry Computer Systems Loan Accountant |
| Content workflow software — Equifax Application Engine; Experian Transact SM |
| Document management software — eOriginal eCore Business Suite |
| Financial analysis software — Experian Credinomics; Moody's KMV CreditEdge; VueCentric MortgageDashboard; White Clarke North America Credit Adjudication and Lending Management |
| Office suite software — Experian Strategy Management |
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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. |
| 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. |
| Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming. |
| 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. |
| Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process. |
| 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. |
| 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. |
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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. |
| Speaking — Talking to others to convey information effectively. |
| Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one. |
| Reading Comprehension — Understanding written sentences and paragraphs in work related documents. |
| Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems. |
| Service Orientation — Actively looking for ways to help people. |
| Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do. |
| Writing — Communicating effectively in writing as appropriate for the needs of the audience. |
| Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making. |
| Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions. |
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Abilities
| Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences. |
| Oral Expression — The ability to communicate information and ideas in speaking so others will understand. |
| Speech Clarity — The ability to speak clearly so others can understand you. |
| Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense. |
| Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events). |
| 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. |
| Speech Recognition — The ability to identify and understand the speech of another person. |
| Written Comprehension — The ability to read and understand information and ideas presented in writing. |
| Written Expression — The ability to communicate information and ideas in writing so others will understand. |
| Near Vision — The ability to see details at close range (within a few feet of the observer). |
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Work Activities
| Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources. |
| Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time. |
| Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems. |
| Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information. |
| Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data. |
| Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work. |
| 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. |
| Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job. |
| 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. |
| Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. |
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Work Context
| Telephone — How often do you have telephone conversations in this job? |
| Contact With Others — How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it? |
| Freedom to Make Decisions — How much decision making freedom, without supervision, does the job offer? |
| Frequency of Decision Making — How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization? |
| Importance of Being Exact or Accurate — How important is being very exact or highly accurate in performing this job? |
| Spend Time Sitting — How much does this job require sitting? |
| Electronic Mail — How often do you use electronic mail in this job? |
| Face-to-Face Discussions — How often do you have to have face-to-face discussions with individuals or teams in this job? |
| Impact of Decisions on Co-workers or Company Results — How do the decisions an employee makes impact the results of co-workers, clients or the company? |
| Letters and Memos — How often does the job require written letters and memos? |
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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, interviewers, and insurance sales agents. |
| SVP Range |
(6.0 to < 7.0) |
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Education
Percentage of Respondents |
Education Level Required |
32   |
Bachelor's degree |
| 27 |
Some college, no degree |
| 20 |
High school diploma or equivalent |
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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. |
| 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. |
| Social — Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others. |
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Work Styles
| Integrity — Job requires being honest and ethical. |
| Attention to Detail — Job requires being careful about detail and thorough in completing work tasks. |
| Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations. |
| Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks. |
| Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations. |
| Initiative — Job requires a willingness to take on responsibilities and challenges. |
| Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems. |
| Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations. |
| Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude. |
| Persistence — Job requires persistence in the face of obstacles. |
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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. |
| Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy. |
| 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. |
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Related Occupations
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Wages & Employment Trends
National
| Median wages (2012) |
$28.76 hourly, $59,820 annual |
| Employment (2010) |
289,000 employees |
| Projected growth (2010-2020) |
Average (10% to 19%)
|
| Projected job openings (2010-2020) |
115,200 |
| Top industries (2010) |
|
State & National
Source: Bureau of Labor Statistics 2012 wage data
and 2010-2020 employment projections
.
"Projected growth" represents the estimated change in total employment over the projections period (2010-2020). "Projected job openings" represent openings due to growth and replacement.
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Job Openings on the Web
Find Jobs
for Loan Officers
State & National Job Banks
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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
. Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2012-13 Edition.
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