Loan officers

SOC Code: 13-2072
Also known as:
Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Banker
Median Annual Salary
$74,180
+1.7% growth (2024-2034)
20K
Openings/Year
301K
Current Jobs

What Loan officers 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, loan underwriters, and payday loan officers.

💰 Salary

$74,180
Median annual wage (2024)

📈 Job Growth

+1.7%
As fast as average

🎓 Education

Bachelor's degree
Typical entry-level requirement

🚀 Annual Openings

20K
Projected average per year

👔 Work Experience

Less than 5 years
Required before entry

📚 On-the-Job Training

Moderate-term on-the-job training
Expected training period

Employment Projections (2024-2034)

Current Employment (2024)

301,400

Projected Employment (2034)

306,500

Related Careers

Credit analysts

$80,970 • -4.4% growth
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Personal financial advisors

$102,140 • +9.6% growth
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Credit counselors

$50,480 • +3.3% growth
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Credit authorizers, checkers, and clerks

$49,130 • -6.2% growth
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Loan interviewers and clerks

$48,950 • -2.3% growth
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Top Skills Required

Active Listening
Speaking
Reading Comprehension
Judgment and Decision Making
Critical Thinking

Daily Tasks & Responsibilities

  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • 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.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Handle customer complaints and take appropriate action to resolve them.

Technology & Tools

Microsoft Access Microsoft Excel Microsoft Office software Microsoft Outlook Microsoft PowerPoint Microsoft Word Oracle PeopleSoft SAP software Zoom

📚 Entry-Level Education

Bachelor's degree
Most common requirement

🎯 Recommended Education

Bachelor's Degree
O*NET recommended level

Degree Programs for Loan officers

These degree programs can prepare you for a career as a loan officers:

Finance, General

49,828 degrees awarded • 745 colleges offer this program
View Colleges →

Best Colleges for Becoming a Loan officers

Ranked by Repit grade, then by degrees in related programs. These are the top-rated colleges that prepare students to become loan officers.

# College Location Related Degrees Repit Grade
1 University of Georgia Athens, GA 520 A
2 The University of Texas at Austin Austin, TX 417 A
3 Northwestern University Evanston, IL 361 A
4 University of Notre Dame Notre Dame, IN 297 A
5 University of Florida Gainesville, FL 274 A
6 Washington University in St Louis Saint Louis, MO 261 A
7 Harvard University Cambridge, MA 162 A
8 Ohio State University-Main Campus Columbus, OH 922 B+
9 CUNY Bernard M Baruch College New York, NY 827 B+
10 Florida State University Tallahassee, FL 657 B+
11 Florida International University Miami, FL 605 B+
12 Pennsylvania State University-Main Campus University Park, PA 533 B+
13 Rutgers University-New Brunswick New Brunswick, NJ 490 B+
14 University of South Florida Tampa, FL 479 B+
15 Boston College Chestnut Hill, MA 474 B+
16 University of Wisconsin-Madison Madison, WI 426 B+
17 University of Maryland-College Park College Park, MD 392 B+
18 Texas A & M University-College Station College Station, TX 384 B+
19 Clemson University Clemson, SC 380 B+
20 University of Central Florida Orlando, FL 379 B+

Want this ranking as a spreadsheet? Investor Pro+ members can export any Repit table to CSV. See plans →

Frequently Asked Questions

How much do loan officers make?
The median annual salary for loan officers is $74,180.
What education do loan officers need?
Most loan officers positions require a bachelor's degree. Common degree programs include Finance, General.
Is becoming loan officers a good career choice?
Loan officers is projected to see +1.7% job growth from 2024 to 2034, which is about average for all occupations. With approximately 20,300 job openings expected annually, there are good opportunities for those entering the field.
What are the best colleges for loan officers?
Top colleges for aspiring loan officers include University of Georgia, The University of Texas at Austin, Northwestern University, University of Notre Dame, University of Florida. These schools are ranked based on their Repit grade and the number of graduates in related programs.
What other job titles are similar to loan officers?
Loan officers may also be known as: Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Banker, Branch Lending Officer, Business Banker, Business Banking Officer, Commercial Banker, Commercial Lender, Commercial Loan Collection Officer, Commercial Loan Officer, Commercial Mortgage Broker, Commercial Relationship Manager, Consumer Lending Specialist, Consumer Loan Officer, Consumer Loan Specialist, Corporate Banking Officer, Eligibility Consultant, Escrow Officer. These titles often refer to similar roles with varying responsibilities or specializations.