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What is a Loan Officer

If you want to be in charge of whether people are issued loans or not, then becoming a loan officer is a great place to start. Most generally, your day will consist of evaluating, authorize and even recommending approval for people or businesses that have submitted a loan application.

While movies generally paint loan officers in a bad light, these people are just doing their jobs. The majority of the time, the people asking for a loan don't even qualify. For the most part, loan officers work in banks and other financial institutions. And it's recommended that you earn a bachelor's degree. But the majority of your education will come from learning on-the-job. You'll be turning loans down left and right after no time!

What Does a Loan Officer Do

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

Learn more about what a Loan Officer does

How To Become a 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.

What is the right job for my career path?

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

And if you’re looking for a job, here are the five top employers hiring now:

  1. U.S. Bank Jobs (312)
  2. JPMorgan Chase & Co. Jobs (450)
  3. Regions Bank Jobs (109)
  4. Wells Fargo Jobs (1,002)
  5. Bank of America Jobs (1,534)
Average Salary
$44,874
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
74,612
Job Openings
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Loan Officer Career Paths

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Average Salary for a Loan Officer

Loan Officers in America make an average salary of $44,874 per year or $22 per hour. The top 10 percent makes over $69,000 per year, while the bottom 10 percent under $28,000 per year.
Average Salary
$44,874
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12 Loan Officer Resume Examples

Learn How To Write a Loan Officer Resume

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

View Loan Officer Resume Examples And Templates

And if you’re looking for a job, here are the five top employers hiring now:

  1. U.S. Bank Jobs (312)
  2. JPMorgan Chase & Co. Jobs (450)
  3. Regions Bank Jobs (109)
  4. Wells Fargo Jobs (1,002)
  5. Bank of America Jobs (1,534)

Choose From 10+ Customizable Loan Officer Resume templates

Zippia allows you to choose from different easy-to-use Loan Officer templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Loan Officer resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

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Loan Officer Demographics

Loan Officer Gender Distribution

Male
Male
55%
Female
Female
45%

After extensive research and analysis, Zippia's data science team found that:

  • Among Loan Officers, 44.7% of them are women, while 55.3% are men.

  • The most common race/ethnicity among Loan Officers is White, which makes up 68.2% of all Loan Officers.

  • The most common foreign language among Loan Officers is Spanish at 66.6%.

Job Openings

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Loan Officer Education

Loan Officer Majors

37.4 %
10.8 %

Loan Officer Degrees

Bachelors

61.1 %

Associate

16.7 %

High School Diploma

10.6 %

Top Colleges for Loan Officers

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 • Private

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 • Private

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 • Private

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

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
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Online Courses For Loan Officer That You May Like

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Top Skills For a Loan Officer

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, 17.0% of Loan Officers listed Loan Portfolio on their resume, but soft skills such as Detail oriented and Initiative are important as well.

  • Loan Portfolio, 17.0%
  • Customer Service, 12.4%
  • New Clients, 7.8%
  • Financial Statements, 7.2%
  • Financial Goals, 5.2%
  • Other Skills, 50.4%

Best States For a Loan Officer

Some places are better than others when it comes to starting a career as a Loan Officer. The best states for people in this position are North Carolina, New York, Maryland, and West Virginia. Loan Officers make the most in North Carolina with an average salary of $57,839. Whereas in New York and Maryland, they would average $57,764 and $56,721, respectively. While Loan Officers would only make an average of $54,239 in West Virginia, 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. Maryland

Total Loan Officer Jobs:
761
Highest 10% Earn:
$91,000
Location Quotient:
1.18
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 Officer Jobs:
1,425
Highest 10% Earn:
$92,000
Location Quotient:
1.09
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. North Carolina

Total Loan Officer Jobs:
975
Highest 10% Earn:
$93,000
Location Quotient:
1
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
Full List Of Best States For Loan Officers

How Do Loan Officer Rate Their Jobs?

Zippia Official Logo

4.0

Loans OfficerOctober 2019

4.0

Zippia Official LogoLoans OfficerOctober 2019

What do you like the most about working as Loan Officer?

when a person being assisted to obtain a loan to uplift their lives Show More

What do you NOT like?

when more loans are deliquent Show More

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Top Loan Officer Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Loan Officers and discovered their number of Loan Officer opportunities and average salary. Through our research, we concluded that Bank of America was the best, especially with an average salary of $60,015. Wells Fargo follows up with an average salary of $60,527, and then comes JPMorgan Chase & Co. with an average of $70,400. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a Loan Officer. The employers include TD Bank, N.A., Infinity, and Citizens Bank

Most Common Employers For Loan Officer

RankCompanyZippia ScoreAverage Loan Officer SalaryAverage Salary
1$72,492
2$70,400
3$65,295
4$60,527
5$60,015
6
6.SunTrust Bank
$57,664

Loan Officer Videos

Becoming a Loan Officer FAQs

How long does it take to become a Loan Officer?

It takes 5 years of professional experience to become a loan officer. That is the time it takes to learn specific loan officer skills, but does not account for time spent in formal education. If you include the normal education requirements to complete a college degree, then it takes 8 to 10 years years to become a loan officer.

Do loan officers make good money?

Yes, loan officers can make good money. The mean salary for loan officers is around $63,000 a year, but the actual amount a person will earn depends on their level of experience and ability.

How do I start a loan officer career?

You can start a career as a loan officer by getting your high school diploma or equivalent. Since there are no educational requirements to become a loan officer, it is typically not a difficult field to get into, especially for people with the aptitude for the work.

Is it hard to become a loan officer?

No, it is not hard to become a loan officer. Since there are no educational requirements to become a loan officer, it is typically not a difficult field to get into, especially for people with the aptitude for the work.

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