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
Tasks | Technology Skills | Tools Used | 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
- 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.
- Compute payment schedules.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Confer with underwriters to aid in resolving mortgage application problems.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- 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.
- 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.
- Accounting software — Bottom Line LoanMaster Loan Servicing; Financial Industry Computer Systems Loan Accountant
- Compliance software — Wolters Kluwer Financial Services ComplianceOne
- Content workflow software — Equifax Application Engine; Experian Transact SM
- Development environment software — Common business oriented language COBOL
- Document management software — eOriginal eCore Business Suite
- Electronic mail software — IBM Notes ; Microsoft Outlook
- Financial analysis software — Delphi Discovery; Experian Credinomics; VueCentric MortgageDashboard; White Clarke North America Credit Adjudication and Lending Management (see all 54 examples)
- Information retrieval or search software — CGI-AMS BureauLink Enterprise; LexisNexis
- Internet browser software — Web browser software
- Office suite software — Experian Strategy Management; Microsoft Office
- Presentation software — Microsoft PowerPoint
- Spreadsheet software — Microsoft Excel
- Transaction server software — Customer information control system CICS
- Word processing software — Microsoft Word
Hot Technology — a technology requirement frequently included in employer job postings.
- 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.
- 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.
- Mathematics — Using mathematics to solve problems.
- Coordination — Adjusting actions in relation to others' actions.
- Instructing — Teaching others how to do something.
- Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- Time Management — Managing one's own time and the time of others.
- 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).
- 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).
- Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
- Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
- 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.
- Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
- Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
- 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.
- Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
- Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.
- Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.
- Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
Detailed Work Activities
- Assess financial status of clients.
- Gather financial records.
- Interview clients to gather financial information.
- Interpret financial information for others.
- Authorize financial actions.
- Verify accuracy of financial information.
- Correspond with customers to answer questions or resolve complaints.
- Establish organizational guidelines or policies.
- Examine financial records.
- Maintain data in information systems or databases.
- Update professional knowledge.
- Compute debt repayment schedules.
- Submit financial applications.
- Confer with personnel to coordinate business operations.
- Market products, services, or events.
- Develop financial plans for clients.
- Analyze market conditions or trends.
- Negotiate agreements to resolve disputes.
- Prepare financial documents, reports, or budgets.
- Supervise employees.
- Conduct eligibility or selection interviews.
- Train personnel to enhance job skills.
- Recommend investments to clients.
- Execute sales or other financial transactions.
- Communicate with government agencies.
- Telephone — 100% responded “Every day.”
- Contact With Others — 78% responded “Constant contact with others.”
- Freedom to Make Decisions — 64% responded “A lot of freedom.”
- Frequency of Decision Making — 71% responded “Every day.”
- Importance of Being Exact or Accurate — 66% responded “Extremely important.”
- Spend Time Sitting — 63% responded “Continually or almost continually.”
- Electronic Mail — 88% responded “Every day.”
- Face-to-Face Discussions — 62% responded “Every day.”
- Impact of Decisions on Co-workers or Company Results — 49% responded “Important results.”
- Letters and Memos — 53% responded “Every day.”
- Structured versus Unstructured Work — 59% responded “A lot of freedom.”
- Work With Work Group or Team — 49% responded “Extremely important.”
- Indoors, Environmentally Controlled — 78% responded “Every day.”
- Deal With External Customers — 44% responded “Very important.”
- Importance of Repeating Same Tasks — 56% responded “Extremely important.”
- Level of Competition — 42% responded “Highly competitive.”
- Time Pressure — 45% responded “Every day.”
- Duration of Typical Work Week — 61% responded “More than 40 hours.”
- Coordinate or Lead Others — 41% responded “Very important.”
- Consequence of Error — 32% responded “Very serious.”
- Degree of Automation — 48% responded “Moderately automated.”
- Responsibility for Outcomes and Results — 33% responded “Moderate responsibility.”
|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, travel guides, electricians, agricultural technicians, barbers, nannies, and medical assistants.|
|SVP Range||(6.0 to < 7.0)|
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.
- 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.
- Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
- 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.
- Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
- Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
- 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.
Wages & Employment Trends
|Median wages (2016)||$30.60 hourly, $63,650 annual|
|Employment (2014)||303,000 employees|
|Projected growth (2014-2024)||Average (5% to 8%)|
|Projected job openings (2014-2024)||75,000|
|Top industries (2014)|
Source: Bureau of Labor Statistics 2016 wage data and 2014-2024 employment projections . "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.
Job Openings on the Web
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, 2016-17 Edition.