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Become A Consumer Loan Officer

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Working As A Consumer Loan Officer

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

  • Make Decisions

  • Repetitive

  • $57,000

    Average Salary

What Does A Consumer Loan 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 Consumer Loan 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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Consumer Loan Officer Career Paths

Consumer Loan Officer
Loan Officer Account Executive Account Manager
Director, Inside Sales
6 Yearsyrs
Loan Officer Underwriter
Underwriting Manager
8 Yearsyrs
Loan Officer Account Executive Sales Manager
Branch Sales Manager
6 Yearsyrs
Underwriter Team Leader Branch Manager
Senior Branch Manager
6 Yearsyrs
Underwriter Team Leader Assistant Vice President
Commercial Lending Vice President
11 Yearsyrs
Mortgage Loan Processor Mortgage Underwriter Branch Manager
Business Development Officer
7 Yearsyrs
Mortgage Loan Processor Team Leader Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Mortgage Loan Processor Credit Analyst
Credit Manager
5 Yearsyrs
Mortgage Consultant Account Executive Relationship Manager
Senior Relationship Manager
9 Yearsyrs
Mortgage Consultant Consultant Regional Sales Manager
Vice President & Sales Manager
9 Yearsyrs
Mortgage Consultant Senior Loan Officer Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Credit Analyst Credit Manager
Credit And Collection Manager
7 Yearsyrs
Credit Analyst Senior Credit Analyst Credit Manager
Collections Manager
5 Yearsyrs
Commercial Loan Officer Branch Manager Relationship Manager
Business Relationship Manager
9 Yearsyrs
Commercial Loan Officer Senior Credit Analyst Assistant Branch Manager
Bank Manager
5 Yearsyrs
Commercial Loan Officer Assistant Branch Manager
Banking Center Manager
5 Yearsyrs
Consumer Loan Underwriter Office Manager Realtor
Real Estate Management Specialist
7 Yearsyrs
Consumer Loan Underwriter Mortgage Underwriter
Lending Services Manager
8 Yearsyrs
Consumer Loan Underwriter Relationship Manager Client Relationship Manager
Client Relations Manager
6 Yearsyrs
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Average Length of Employment
Loan Administrator 3.5 years
Loan Officer 3.1 years
Loan Originator 3.0 years
Consumer Banker 2.9 years
Loan Assistant 2.6 years
Loan Specialist 2.4 years
Loan Analyst 2.4 years
Loan Consultant 2.3 years
Loan Adviser 1.6 years
Top Careers Before Consumer Loan Officer
Teller 11.1%
Cashier 3.3%
Top Careers After Consumer Loan Officer
Loan Officer 13.8%
Owner 2.9%

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Top Skills for A Consumer Loan Officer

  1. Loan Applications
  2. Financial Statements
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Generated and increased loan applications by contacting prospective customers and discovering their financial needs.
  • Analyzed and processed detailed financial statements and client information throughout the loan application process.
  • Persuaded potential customers for their business and assuaged complaining customer's with top-notch customer service and communication skills.
  • Approve or deny applications based on analyzing credit reports, debt-to-income ratios, Loan-to-value percentages and determining collateral needs for members.
  • Evaluated various secured and unsecured loans, ranging from home equity and auto to credit cards and lines of credit.

Consumer Loan Officer Demographics

Gender

Female

48.4%

Male

44.7%

Unknown

6.9%
Ethnicity

White

65.6%

Hispanic or Latino

14.3%

Black or African American

9.7%

Asian

6.7%

Unknown

3.7%
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Foreign Languages Spoken

Spanish

84.8%

German

6.1%

Polish

3.0%

Italian

3.0%

Slovak

3.0%
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Consumer Loan Officer Education

Schools

University of Phoenix

17.4%

University of Wisconsin - Oshkosh

7.0%

Weber State University

7.0%

Strayer University

6.1%

University of Wisconsin - La Crosse

5.2%

Iowa State University

5.2%

University of Iowa

4.3%

Missouri Southern State University

4.3%

Southern New Hampshire University

4.3%

Oklahoma State University

4.3%

Kansas State University

3.5%

Ashford University

3.5%

University of Maryland - University College

3.5%

Salt Lake Community College

3.5%

Northwest Missouri State University

3.5%

Utah State University

3.5%

Viterbo University

3.5%

Moraine Valley Community College

3.5%

Central Michigan University

3.5%

Northern Virginia Community College

3.5%
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Majors

Business

39.7%

Finance

16.6%

Accounting

8.1%

Marketing

4.3%

Management

3.6%

Liberal Arts

2.7%

Economics

2.7%

General Education, Specific Areas

2.7%

Criminal Justice

2.5%

Human Resources Management

2.5%

Psychology

2.4%

General Studies

1.9%

Political Science

1.9%

Communication

1.4%

Insurance

1.4%

History

1.3%

Computer Science

1.1%

Sociology

1.1%

Computer Information Systems

1.1%

Kinesiology

0.9%
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Degrees

Bachelors

49.8%

Other

24.6%

Associate

10.5%

Masters

10.3%

Certificate

2.8%

Diploma

0.7%

Doctorate

0.7%

License

0.5%
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