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Loan Manager Careers

Loan managers work for banks or financial institutions and are responsible for evaluating loan applications. Their main duty is to determine whether the applicant has the required financial background to be considered eligible for a loan. They review financial statements and other documents necessary for completing loan applications, update records, and approve loans as they see fit.

Working in this position, your job will be to mediate between the applicants and the financial institution you work for. You will meet with clients and prepare proposals, create payment installment plans, and keep updating the status of ongoing loans. You will finalize loan contracts and make sure clients are familiar with the policies and regulations that apply to them.

A bachelor's degree in a finance-related field is typically required of candidates for this position. You will need to have previous experience working in a similar role and have a clear understanding of state and federal regulations regarding loan transactions. Your communication and customer service skills will be just as important as your subject matter expertise, earning you yearly salaries around $70,000 on average.

There is more than meets the eye when it comes to being a loan manager. For example, did you know that they make an average of $34.3 an hour? That's $71,350 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

What Does a Loan Manager Do

There are certain skills that many loan managers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.

When it comes to the most important skills required to be a loan manager, we found that a lot of resumes listed 19.9% of loan managers included loan portfolio, while 17.6% of resumes included loan applications, and 8.8% of resumes included ensure compliance. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan manager job title. But what industry to start with? Most loan managers actually find jobs in the finance and retail industries.

How To Become a Loan Manager

If you're interested in becoming a loan manager, one of the first things to consider is how much education you need. We've determined that 50.1% of loan managers have a bachelor's degree. In terms of higher education levels, we found that 8.1% of loan managers have master's degrees. Even though most loan managers have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a loan manager. When we researched the most common majors for a loan manager, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan manager resumes include master's degree degrees or high school diploma degrees.

You may find that experience in other jobs will help you become a loan manager. In fact, many loan manager jobs require experience in a role such as loan officer. Meanwhile, many loan managers also have previous career experience in roles such as customer service representative or branch manager.

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Average Salary
$71,350
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
5,678
Job Openings

Loan Manager Career Paths

Top Careers Before Loan Manager

Top Careers After Loan Manager

Loan Manager Jobs You Might Like

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Loan Manager

Loan Managers in America make an average salary of $71,350 per year or $34 per hour. The top 10 percent makes over $118,000 per year, while the bottom 10 percent under $43,000 per year.
Average Salary
$71,350
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Best Paying Cities

City
ascdesc
Average Salarydesc
Nutley, NJ
Salary Range66k - 130k$93k$93,330
Beverly, MA
Salary Range66k - 129k$93k$92,799
New York, NY
Salary Range60k - 119k$85k$85,145
Baltimore, MD
Salary Range54k - 105k$76k$76,043
Richmond, VA
Salary Range52k - 99k$72k$72,364
Minneapolis, MN
Salary Range48k - 90k$66k$66,303
$42k
$130k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Loan Manager-Loan Processor
Loan Manager-Loan Processor
Summit Funding
Summit Funding
05/31/2021
05/31/2021
$37,56605/31/2021
$37,566
Loan Manager-Loan Processor
Loan Manager-Loan Processor
Summit Funding
Summit Funding
05/26/2021
05/26/2021
$37,56605/26/2021
$37,566
Manager, Loan Delivery
Manager, Loan Delivery
USAA
USAA
05/24/2021
05/24/2021
$60,30005/24/2021
$60,300
Manager, Loan Delivery
Manager, Loan Delivery
USAA
USAA
05/24/2021
05/24/2021
$60,30005/24/2021
$60,300
Middle Office Loan Manager
Middle Office Loan Manager
Zions Bancorporation
Zions Bancorporation
05/13/2021
05/13/2021
$85,36905/13/2021
$85,369
See More Recent Salaries

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Loan Manager Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Loan Manager. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Loan Manager Resume

At Zippia, we went through countless Loan Manager resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Detailed Information

Loan Manager Demographics

Gender

female

51.2 %

male

43.3 %

unknown

5.5 %

Ethnicity

White

68.8 %

Hispanic or Latino

14.6 %

Black or African American

8.2 %

Foreign Languages Spoken

Spanish

52.3 %

French

10.8 %

Chinese

7.7 %
See More Demographics

Loan Manager Education

Majors

Business
35.0 %
Finance
12.0 %

Degrees

Bachelors

50.1 %

Certificate

17.1 %

Associate

12.8 %

Top Colleges for Loan Managers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Public

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Public

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Public

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info

Online Courses For Loan Manager That You May Like

Become a Mortgage Loan Processor
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4.4
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Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor...

Banking Credit Analysis Process (for Bankers)
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4.5
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Course for Bankers, Consultants and managers to Understand Credit Analysis Process from Indian Context...

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Part Time
Internship
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Top Skills For a Loan Manager

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 19.9% of loan managers listed loan portfolio on their resume, but soft skills such as detail oriented and initiative are important as well.

  • Loan Portfolio, 19.9%
  • Loan Applications, 17.6%
  • Ensure Compliance, 8.8%
  • Customer Service, 7.0%
  • Real Estate, 6.5%
  • Other Skills, 40.2%
  • See All Loan Manager Skills

Best States For a Loan Manager

Some places are better than others when it comes to starting a career as a loan manager. The best states for people in this position are New Jersey, Massachusetts, New Hampshire, and Connecticut. Loan managers make the most in New Jersey with an average salary of $92,613. Whereas in Massachusetts and New Hampshire, they would average $92,314 and $88,685, respectively. While loan managers would only make an average of $88,365 in Connecticut, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. New Jersey

Total Loan Manager Jobs:
721
Highest 10% Earn:
$166,000
Location Quotient:
1.11
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. New York

Total Loan Manager Jobs:
1,215
Highest 10% Earn:
$154,000
Location Quotient:
1.16
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Connecticut

Total Loan Manager Jobs:
251
Highest 10% Earn:
$160,000
Location Quotient:
0.93
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Loan Manager Employers

1. Drive Time
4.5
Avg. Salary: 
$64,608
Loan Managers Hired: 
28+
2. Wells Fargo
4.7
Avg. Salary: 
$88,825
Loan Managers Hired: 
26+
3. Summit Funding
4.2
Avg. Salary: 
$66,861
Loan Managers Hired: 
22+
4. Bank of America
4.8
Avg. Salary: 
$88,338
Loan Managers Hired: 
16+
5. JPMorgan Chase & Co.
4.9
Avg. Salary: 
$114,685
Loan Managers Hired: 
13+
6. Security Finance
4.3
Avg. Salary: 
$91,471
Loan Managers Hired: 
12+

Loan Manager Videos

Updated October 2, 2020