How to hire a loan manager

How to hire a loan manager, step by step

Here's a step-by-step loan manager hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a loan manager job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new loan manager
• Step 8: Go through the hiring process checklist

What does a loan manager do?

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1. Identify your hiring needs

   First, determine the employments status of the loan manager you need to hire. Certain loan manager roles might require a full-time employee, whereas others can be done by part-time workers or contractors.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   You should also consider the ideal background you'd like them a loan manager to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire a loan manager that fits the bill.

   The following list breaks down different types of loan managers and their corresponding salaries.

   Type of Loan Manager	Description	Hourly rate
   Loan Manager	Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.	$12-27
   Mortgage Consultant	A mortgage consultant is a professional who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns... Show more	$11-30
   Escrow Officer	Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller... Show more	$17-33

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Loan Applications
   • Customer Service
   • Real Estate
   • Loan Portfolio
   • Origination
   • Corporate Financial Statements
   • Loan Processing
   • Federal Regulations
   • Business Development
   • Loan Origination
   • Loss Mitigation
   • Loan Products
   • Performance Evaluations
   • Due Diligence

   Check all skills

   Responsibilities:

   • Reduce downtime by completing reports on ATM and repairs and managing service calls.
   • Manage loan origination underwriting and funding teams for dealer and consumer financial products and services.
   • Ensure all loan origination procedures are followed according to bank and federal guidelines.
   • Back up to member services, ATM and vault teller when need.
   • Front end manual and AUS underwriting of FHA purchase, new construction and refinance transactions.
   • Include supervising a staff of five in submitting VA and FHA loans for guaranty and insuring.

   More loan manager duties

3. Make a budget

   Including a salary range in your loan manager job description is one of the best ways to attract top talent. A loan manager can vary based on:

   • Location. For example, loan managers' average salary in illinois is 56% less than in new jersey.
   • Seniority. Entry-level loan managers 53% less than senior-level loan managers.
   • Certifications. A loan manager with certifications usually earns a higher salary.
   • Company. Working for an established firm or a new start-up company can make a big difference in a loan manager's salary.

   Average loan manager salary

   $39,623yearly

   $19.05 hourly rate

   ---

   Entry-level loan manager salary

   $27,000 yearly salary

   Updated January 30, 2026

   Average loan manager salary by state

   Rank	State	Avg. salary	Hourly rate
   1	New Jersey	$77,052	$37
   2	Massachusetts	$74,902	$36
   3	New York	$72,589	$35
   4	Maryland	$69,632	$33
   5	Connecticut	$69,285	$33
   6	District of Columbia	$63,062	$30
   7	Hawaii	$56,606	$27
   8	Pennsylvania	$56,168	$27
   9	North Carolina	$55,711	$27
   10	Virginia	$54,031	$26
   11	Texas	$51,584	$25
   12	Colorado	$50,033	$24
   13	Minnesota	$49,485	$24
   14	California	$48,720	$23
   15	South Carolina	$47,663	$23
   16	Louisiana	$46,291	$22
   17	Arizona	$42,088	$20
   18	Georgia	$41,474	$20
   19	Missouri	$40,557	$20
   20	Mississippi	$39,668	$19

   Average loan manager salary by company

   Company

   Rank	Company	Average salary	Hourly rate	Job openings
   1	Pacific Investment Management Company LLC	$128,946	$61.99
   2	FNB	$98,005	$47.12
   3	BNY Mellon	$81,359	$39.11	5
   4	Invesco	$79,810	$38.37
   5	First Republic Bank	$75,382	$36.24
   6	JPMorgan Chase & Co.	$72,054	$34.64	19
   7	Northern Trust	$68,549	$32.96	1
   8	University of Hawaii Foundation	$66,961	$32.19	1
   9	Wells Fargo	$61,870	$29.75	21
   10	Zions Ban	$60,693	$29.18
   11	Fulton Bank	$60,155	$28.92	45
   12	KPMG LLP	$57,049	$27.43
   13	City National Bank	$55,826	$26.84	80
   14	Summit Funding	$54,476	$26.19	13
   15	Associated Bank	$53,856	$25.89	3
   16	Valley National Bank	$53,721	$25.83	3
   17	USAA	$50,723	$24.39
   18	Fulton Savings Bank	$49,343	$23.72
   19	Hudson Valley Credit Union	$49,190	$23.65
   20	Atlantic Capital Bank	$48,110	$23.13	4

4. Writing a loan manager job description

   A job description for a loan manager role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's a loan manager job description:

   Loan manager job description example

   Position is responsible for overall management of assigned portfolio of loans and associated debt. Focus on relationship building and maintenance with customers, borrowers, banks, and internal stakeholders, as well as general loan client servicing.
   
   ESSENTIAL FUNCTIONS:Oversee assigned portfolio of loans and debt, acting as primary point of contact for all stakeholders, including borrowers, third party servicers, and repo lenders. Partner with lending group to effectively administer the management of assigned relationships.Oversee and review all requests for disbursement of funds pursuant to lending agreements and generate or review all necessary documentation prior to submission for disbursement and coordinate reimbursements from repo lenders.Assist with the closing of the loans. Including review of the settlement statement and accurately on board the loans.Review reporting and all data pertinent to assigned portfolio to monitor status and provide regular update to stakeholders. Review and look for areas to improve efficiency and quality of service delivery Ensure accuracy of all data and information entered into loan platform pertaining to lending activities.Oversee and continuously monitor all compliance activities related to assigned lending portfolio and ensure all requirements are met.Review and track all lien waivers and title updates and endorsements Ensure appropriate set-up and maintenance of all required bank accounts tied to assigned portfolio.Act as primary contact for coordination of activities with senior lenders, and third party servicers.Coordinate all pass-through expenditures and interest invoices, and manage the accounts receivable tied to assigned portfolio.
   
   EDUCATION/EXPERIENCE REQUIREMENTS: Bachelor's degree in Finance, Accounting, or related field1-4 years' experience in loan servicing and administration Prior experience in mezzanine debt and construction lending preferred.Proficient in Microsoft Office, especially Excel and Word.Preferred knowledge of GAAP accounting.Operate standard office equipment.
   
   KNOWLEDGE, SKILLS AND ABILITIES:Highly analytical and detail oriented.Deadline driven and ability to manage multiple tasks.Ability to work independently and to proactively evaluate and address work opportunities within the area of responsibility Ability to apply common-sense understanding to carry out instructions.Ability to solve practical problems.Ability to read, analyze and interpret complex agreements.Ability to communicate effectively, both written and verbal.Ability to read and comprehend simple instructions, short correspondence and memos.Ability to write simple correspondence and/or reports Ability to effectively present information to customers, clients and other employees of the organization.
   
   PERFORMANCE METRICS:Accuracy in work product.Timeliness in completion of work product.Feedback from clients, peers, customers and other key contacts on effectiveness of the incumbent.
   #LI-EB1
   
   CIM does not accept unsolicited resumes from Agencies. Any unsolicited resumes received from Agencies will be considered property of CIM and no fees will be due or paid. If you wish to become an approved Agency with CIM or any of its Affiliates, please contact a member of the CIM Talent Acquisition Team.

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5. Post your job

   There are a few common ways to find loan managers for your business:

   • Promoting internally or recruiting from your existing workforce.
   • Ask for referrals from friends, family members, and current employees.
   • Attend job fairs at local colleges to meet candidates with the right educational background.
   • Use social media platforms like LinkedIn, Facebook, and Twitter to recruit passive job-seekers.

   Post your job online:

   • Post your loan manager job on Zippia to find and recruit loan manager candidates who meet your exact specifications.
   • Use field-specific websites such as efinancialcareers, financialjobsweb.com, careerbank, financial job bank.
   • Post a job on free websites.

6. Interview candidates

   Recruiting loan managers requires you to bring your A-game to the interview process. The first interview should introduce the company and the role to the candidate as much as they present their background experience and reasons for applying for the job. During later interviews, you can go into more detail about the technical details of the job and ask behavioral questions to gauge how they'd fit into your current company culture.

   Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new loan manager

   Once you've found the loan manager candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.

   It's also good etiquette to follow up with applicants who don't get the job by sending them an email letting them know that the position has been filled.

   Once that's done, you can draft an onboarding schedule for the new loan manager. Human Resources should complete Employee Action Forms and ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc. They should also ensure that new employee files are created for internal recordkeeping.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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How much does it cost to hire a loan manager?