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Become A Credit Officer

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Working As A Credit Officer

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

  • Make Decisions

  • Repetitive

  • $120,107

    Average Salary

What Does A Credit 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 Credit 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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Credit Officer Jobs

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Credit Officer Career Paths

Credit Officer
Operations Manager Sales Consultant Personal Banker
Bank Manager
5 Yearsyrs
Credit Director Collections Manager Relationship Manager
Business Development Officer
7 Yearsyrs
Relationship Manager Business Development Officer
Business Relationship Manager
9 Yearsyrs
Portfolio Manager Assistant Vice President Risk Manager
Chief Risk Officer
10 Yearsyrs
Operations Manager Bookkeeper Credit Analyst
Credit And Collection Manager
7 Yearsyrs
Portfolio Manager Collections Manager Credit And Collection Manager
Credit Director
11 Yearsyrs
Risk Manager Vice President And Manager Senior Loan Officer
Credit Manager
5 Yearsyrs
Vice President And Manager Managing Director Operations Vice President
Executive Vice President Of Operations
13 Yearsyrs
Risk Manager Portfolio Manager Underwriter
Lending Services Manager
7 Yearsyrs
Business Development Officer Mortgage Consultant Loss Mitigation Specialist
Loss Control Manager
7 Yearsyrs
Assistant Vice President Office Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Business Development Officer Vice President And Manager Real Estate Broker
Real Estate Management Specialist
7 Yearsyrs
Vice President And Manager Finance Advisor Relationship Manager
Senior Relationship Manager
10 Yearsyrs
Relationship Manager Underwriter Senior Underwriter
Underwriting Director
9 Yearsyrs
Credit Manager Branch Manager Underwriter
Underwriting Manager
8 Yearsyrs
Underwriter Business Analyst Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Assistant Vice President Manager, Assistant Vice President
Vice President And Manager
10 Yearsyrs
Credit Manager Controller Assistant Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Underwriter Assistant Vice President Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
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Do you work as a Credit Officer?

Credit Officer Demographics

Gender

Male

59.7%

Female

36.0%

Unknown

4.3%
Ethnicity

White

54.4%

Hispanic or Latino

16.4%

Black or African American

11.9%

Asian

11.4%

Unknown

5.9%
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Foreign Languages Spoken

Spanish

33.6%

French

14.0%

Chinese

7.5%

Mandarin

6.5%

Italian

5.6%

Japanese

5.6%

Arabic

5.6%

Russian

3.7%

Cantonese

3.7%

Portuguese

2.8%

Hindi

1.9%

Indonesian

1.9%

Swahili

0.9%

Vietnamese

0.9%

Korean

0.9%

Hokkien

0.9%

Nepali

0.9%

Urdu

0.9%

Hakka

0.9%

German

0.9%
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Credit Officer Education

Schools

University of Phoenix

13.0%

New York University

8.7%

Fordham University

6.1%

University of North Carolina at Charlotte

6.1%

Arizona State University

5.2%

Texas Tech University

5.2%

Florida State University

5.2%

Florida International University

5.2%

University of California - Los Angeles

4.3%

Ashland University

4.3%

Central Michigan University

4.3%

Hofstra University

4.3%

Wake Forest University

3.5%

University of North Texas

3.5%

Virginia Wesleyan College

3.5%

Fairleigh Dickinson University

3.5%

Boise State University

3.5%

Georgia State University

3.5%

Babson College

3.5%

University of Southern California

3.5%
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Majors

Business

33.6%

Finance

24.9%

Accounting

11.7%

Economics

5.8%

Management

4.9%

Marketing

3.8%

Education

1.8%

Law

1.4%

Political Science

1.3%

Human Resources Management

1.3%

International Business

1.2%

Liberal Arts

1.0%

Psychology

1.0%

Real Estate

1.0%

Computer Science

0.9%

English

0.9%

Business/Commerce

0.9%

Business Economics

0.8%

Agricultural Business

0.8%

Computer Information Systems

0.8%
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Degrees

Bachelors

37.7%

Masters

37.6%

Other

14.7%

Certificate

2.6%

Diploma

2.6%

Associate

2.4%

Doctorate

2.0%

License

0.4%
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Real Credit Officer Salaries

Job Title Company Location Start Date Salary
Cheif Credit Officer Westpac Banking Corporation New York, NY Sep 15, 2012 $277,887
Global Credit Risk Officer & Worldwide Treasurer TBWA Worldwide, Inc. New York, NY Jun 24, 2016 $227,178
Worldwide Treasurer and Credit Risk Officer TBWA Worldwide Inc. New York, NY Jun 13, 2015 $220,813
Global Credit Risk Officer & Worldwide Treasurer TBWA Worldwide Inc. New York, NY Sep 03, 2015 $220,813
Worldwide Treasurer and Credit Risk Officer TBWA Worldwide, Inc. New York, NY Jun 13, 2012 $200,000
Senior Credit Officer Westpac Banking Corporation New York, NY Jan 02, 2016 $188,244
Regional Credit Officer-Latin America Division Aiu Insurance Company Miami, FL Oct 01, 2012 $180,000
Regional Credit Officer-Latin America Division Chartis Global Services, Inc. Miami, FL Sep 28, 2012 $180,000
Senior Credit Officer Westpac Banking Corporation New York, NY Jan 03, 2014 $180,000
Chief Credit Officer Greensky Trade Credit LLC. Atlanta, GA Mar 15, 2013 $180,000
Senior Credit Officer Westpac Banking Corporation New York, NY Feb 21, 2011 $155,000
Director, Credit Officer UBS Services LLC New York, NY Aug 01, 2014 $154,000 -
$170,000
Credit Officer JP Morgan Chase & Co New York, NY Apr 10, 2016 $149,136
Credit Officer Industrial and Commercial Bank of China Limited New York, NY Jul 15, 2016 $149,136
Senior Credit Officer BNP Paribas North America, Inc. New York, NY Oct 01, 2010 $130,000
Credit Risk Officer Santander Bank, N.A. New York, NY Jan 02, 2015 $130,000 -
$150,000
Director, Credit Risk Officer UBS Services LLC Stamford, CT Aug 26, 2016 $130,000 -
$165,000
Senior Credit Risk & Research Officer SVB Financial Group San Francisco, CA Sep 22, 2016 $128,000 -
$192,000
Senior Credit Officer (VP) Sumitomo Mitsui Banking Corporation New York, NY Aug 08, 2016 $126,691
Credit Officer Societe Generale New York, NY Sep 17, 2011 $126,000
Credit Officer Citibank, N.A. San Francisco, CA Oct 24, 2012 $110,300
Associate Credit Officer Commerzbank AG-New York Branch New York, NY Jan 10, 2016 $100,776
Credit Officer Jpmorgan Chase and Co. New York, NY Sep 30, 2016 $100,000
Credit Officer Jpmorgan Chase and Co. New York, NY Sep 20, 2016 $100,000
Credit Officer Earnest Inc. San Francisco, CA Oct 09, 2016 $100,000
Associate Credit Officer Commerzbank AG New York, NY Nov 19, 2014 $98,800
Associate Credit Officer Commerzbank AG-New York Branch New York, NY Oct 01, 2013 $98,800

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Top Skills for A Credit Officer

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  1. Loan Applications
  2. Assets
  3. Compliance
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed collateral, credit, performed calculations resulting in approval or declination of loan applications.
  • Utilize portfolio management tools such as appraisals and delinquencies for maximum recovery of assets.
  • Implemented procedures to improve efficiency of each department and increase regulatory compliance through standardized processes and regular department compliance reviews.
  • Expanded and strengthened credit policy, procedures and underwriting criteria to conform to standards mandated by regulatory authorities.
  • Developed a risk management/audit process which resulted in proactive error reduction and excellence in accuracy and compliance.

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Top 10 Best States for Credit Officers

  1. North Dakota
  2. New Jersey
  3. New York
  4. Connecticut
  5. Nebraska
  6. Minnesota
  7. Florida
  8. Kansas
  9. New Hampshire
  10. Texas
  • (26 jobs)
  • (171 jobs)
  • (274 jobs)
  • (48 jobs)
  • (18 jobs)
  • (85 jobs)
  • (277 jobs)
  • (32 jobs)
  • (15 jobs)
  • (299 jobs)

Top Credit Officer Employers

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