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Become A Bank Officer

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Working As A Bank Officer

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $96,950

    Average Salary

What Does A Bank Officer Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Bank Officer

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Bank Officer Videos

A Career in Banking - Lending Services Officer ANZ (JTJS62011)

A day in the life of a BBVA Compass Mortgage Banking Officer

Bank Officer Jobs

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Bank Officer Career Paths

Bank Officer
Relationship Manager Underwriter Team Manager
Assistant Vice President Operations
8 Yearsyrs
Account Executive Personal Banker
Bank Manager
5 Yearsyrs
Loan Officer Account Executive Personal Banker
Banking Center Manager
5 Yearsyrs
Office Manager Service Representative Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Branch Manager Account Executive Sales Manager
Branch Sales Manager
6 Yearsyrs
Account Executive Relationship Manager
Business Development Officer
7 Yearsyrs
Finance Advisor Relationship Banker Business Banker
Business Relationship Manager
9 Yearsyrs
Accountant Assistant Vice President Risk Manager
Chief Risk Officer
10 Yearsyrs
Vice President And Manager Managing Director Operations Vice President
Executive Vice President Of Operations
13 Yearsyrs
Office Manager Sales Consultant Personal Banker
Finance Center Manager
6 Yearsyrs
Relationship Manager Operations Manager Underwriter
Lending Services Manager
7 Yearsyrs
Assistant Vice President Office Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Vice President And Manager Finance Advisor Relationship Manager
Senior Relationship Manager
10 Yearsyrs
Accountant Account Manager Underwriter
Underwriting Director
9 Yearsyrs
Branch Manager Account Manager Underwriter
Underwriting Manager
8 Yearsyrs
Manager, Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Assistant Vice President Manager, Assistant Vice President
Vice President And Manager
10 Yearsyrs
Loan Officer Branch Manager Assistant Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Manager, Assistant Vice President Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
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Bank Officer Demographics

Gender

Female

48.2%

Male

48.2%

Unknown

3.6%
Ethnicity

White

56.3%

Hispanic or Latino

15.5%

Black or African American

13.1%

Asian

9.9%

Unknown

5.2%
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Foreign Languages Spoken

Spanish

37.6%

French

16.2%

Mandarin

6.0%

German

6.0%

Portuguese

5.1%

Chinese

4.3%

Hindi

3.4%

Japanese

3.4%

Russian

2.6%

Italian

2.6%

Arabic

2.6%

Swedish

1.7%

Gujarati

1.7%

Cantonese

1.7%

Swahili

0.9%

Hebrew

0.9%

Romanian

0.9%

Danish

0.9%

Indonesian

0.9%

Finnish

0.9%
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Bank Officer Education

Schools

University of Phoenix

13.7%

University of Houston

7.2%

University of Alabama

5.8%

University of Texas at Arlington

5.8%

New York University

5.0%

DePaul University

5.0%

Wake Forest University

4.3%

American Institute of Baking

4.3%

State University of New York College at Buffalo

4.3%

Ohio State University

4.3%

State University of New York Buffalo

4.3%

University of Central Florida

4.3%

University of Colorado at Boulder

4.3%

Florida International University

4.3%

University of Chicago

4.3%

Indiana Wesleyan University

4.3%

Syracuse University

3.6%

University of Tennessee - Knoxville

3.6%

East Carolina University

3.6%

Williams College

3.6%
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Majors

Business

35.5%

Finance

21.2%

Accounting

9.0%

Management

5.7%

Marketing

4.6%

Economics

3.3%

Criminal Justice

2.1%

Communication

2.0%

Computer Science

1.6%

Psychology

1.6%

Human Resources Management

1.5%

Law

1.5%

Legal Research And Advanced Professional Studies

1.4%

Education

1.4%

Liberal Arts

1.3%

Political Science

1.3%

History

1.3%

Sociology

1.3%

Nursing

1.2%

English

1.1%
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Degrees

Bachelors

41.6%

Masters

27.9%

Other

18.5%

Associate

5.2%

Certificate

4.0%

Doctorate

1.3%

Diploma

1.1%

License

0.4%
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Bank Officer Videos

A Career in Banking - Lending Services Officer ANZ (JTJS62011)

A day in the life of a BBVA Compass Mortgage Banking Officer

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Real Bank Officer Salaries

Job Title Company Location Start Date Salary
Chief Retail and Commercial Banking Officer Fortune Bank Seattle, WA Sep 30, 2010 $300,000
Bank Officer Aozora Bank Ltd. New York, NY Sep 25, 2016 $217,914
Bank Officer Aozora Bank Ltd. New York, NY Aug 26, 2013 $150,000
Bank Officer Aozora Bank Ltd. New York, NY Sep 25, 2013 $150,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Oct 24, 2011 $120,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ May 02, 2011 $120,000
Commercial Banking Officer IV Comerica Management Company Waltham, MA Sep 16, 2014 $117,013
Analyst 1-Banking Officer-Systems Office for The The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Nov 27, 2011 $117,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Apr 04, 2011 $115,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Aug 15, 2011 $115,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Sep 06, 2011 $115,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Mar 28, 2011 $115,000
Banking Officer-Analyst 1 The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Jun 07, 2010 $115,000
Analyst I-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Feb 06, 2010 $110,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Aug 15, 2011 $110,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Aug 22, 2011 $110,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Dec 20, 2010 $110,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Oct 24, 2011 $105,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Aug 22, 2011 $105,000
Banking Officer-Systems Office for The Americas The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Nov 28, 2011 $105,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Dec 04, 2010 $100,000
Commercial Banking Officer III United Central Bank Garland, TX Jul 12, 2013 $90,000
Analyst 1-Banking Officer The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jersey City, NJ Jun 27, 2011 $80,000
Private Banking Officer Lloyds TSB Bank PLC Miami, FL Dec 01, 2013 $79,750
International Private Banking Officer Frost National Bank Houston, TX Sep 29, 2011 $79,300
International Private Banking Officer Frost National Bank Houston, TX May 04, 2011 $79,300
Banking Officer-Credit Specialist The Bank of Tokyo-Mitsubishi UFJ, Ltd. New York, NY Nov 02, 2009 $73,000
Banking Officer/Accountant-Syndications Group The Bank of Tokyo-Mitsubishi UFJ, Ltd. New York, NY Aug 03, 2009 $65,000

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Top Skills for A Bank Officer

  1. Financial Statements
  2. Loan Applications
  3. Compliance
You can check out examples of real life uses of top skills on resumes here:
  • Reviewed business and personal credit reports, and company and personal financial statements to perform financial analyses.
  • Performed underwriting analyses and made lending decisions for consumer and mortgage loan applications.
  • Developed technical training coursework in compliance, operations, risk management, budget/fiscal management, and computer software/mainframe systems.
  • Developed existing relationships and actively sought new clients.
  • Monitored customer service representative calls for quality assurance and provided daily feedback for coaching and training as needed.

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Top 10 Best States for Bank Officers

  1. New Jersey
  2. North Dakota
  3. Kansas
  4. Nebraska
  5. Connecticut
  6. Minnesota
  7. New Hampshire
  8. Ohio
  9. Texas
  10. Maine
  • (161 jobs)
  • (16 jobs)
  • (32 jobs)
  • (13 jobs)
  • (35 jobs)
  • (58 jobs)
  • (10 jobs)
  • (122 jobs)
  • (202 jobs)
  • (18 jobs)

Top Bank Officer Employers

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Jobs From Top Bank Officer Employers

Bank Officer Videos

A Career in Banking - Lending Services Officer ANZ (JTJS62011)

A day in the life of a BBVA Compass Mortgage Banking Officer

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