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What is a loan officer/loan processor and how to become one
It is a responsibility of a loan officer to review applications for personal and company credit approval. They review the financial information of borrowers, whether they apply for a loan and whether they will pay the loan back. A loan officer is a financial institution agent assisting consumers in borrowing some money for some reason during the application period. Loan officers advise their customers mainly through responses to questions, laws, and regulations and through knowing the considerations that could impact an application.
Loan officers go out to numerous businesses and individuals to sell their loan programs and goods. Based on the information received by their customers, loan officers examine the financial status of each borrower, which could include bank statements, income, and credit card information, to decide if they are suitable for loan applications. If all goes well, the loan officers then accept the applications, forward the papers to the next phase of the loan management procedure, and keep checking their clients from time to time.
While specific experience in areas such as sales, banking, and customer care can often be used instead of holding a bachelor's degree, completing a bachelor's degree in economics, accounting, and business management can also offer a more stable base of in-market expertise. Degrees can be completed online by approved institutions and can provide you with many of the qualifications and basic duties involved with working as a loan officer, such as experience in statistics, understanding of financial reporting and lending processes. In addition, students can complete research in fields such as financial accounting, strategic financial analysis, business statistics, and economics.
Avg. Salary $46,753
Avg. Salary $59,228
Growth rate 4%
Growth rate 0.3%
American Indian and Alaska Native 0.48%
Asian 6.45%
Black or African American 9.32%
Hispanic or Latino 16.21%
Unknown 4.64%
White 62.89%
Genderfemale 67.94%
male 32.06%
Age - 44American Indian and Alaska Native 3.00%
Asian 7.00%
Black or African American 14.00%
Hispanic or Latino 19.00%
White 57.00%
Genderfemale 47.00%
male 53.00%
Age - 44Stress level is high
7.1 - high
Complexity level is advanced
7 - challenging
Work life balance is fair
6.4 - fair
Loan officer/loan processor career paths
Key steps to become a loan officer/loan processor
Explore loan officer/loan processor education requirements
Start to develop specific loan officer/loan processor skills
Skills Percentages Customer Service 13.94% Escrow 5.97% Credit Reports 5.96% Lenders 5.85% FHA 5.71% Complete relevant loan officer/loan processor training and internships
Accountants spend an average of 6-12 months on post-employment, on-the-job training. New loan officers/loan processor learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan officer/loan processor based on U.S. Bureau of Labor Statistics data and data from real loan officer/loan processor resumes.Research loan officer/loan processor duties and responsibilities
- Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
- Experience includes conventional, non-conforming, conforming, FHA, VA, builder purchase and refinances.
- Originate conventional, FHA, and VA loans as a correspondent lender for loans to be sell on the secondary market.
- Comply with all of RESPA's requirements and guidelines.
Prepare your loan officer/loan processor resume
When your background is strong enough, you can start writing your loan officer/loan processor resume.
You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan officer/loan processor resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.
Choose from 10+ customizable loan officer/loan processor resume templates
Build a professional loan officer/loan processor resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your loan officer/loan processor resume.
Apply for loan officer/loan processor jobs
Now it's time to start searching for a loan officer/loan processor job. Consider the tips below for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you're interested in working for directly
- Watch out for job scams
How did you land your first loan officer/loan processor job
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Average loan officer/loan processor salary
The average loan officer/loan processor salary in the United States is $46,753 per year or $22 per hour. Loan officer/loan processor salaries range between $28,000 and $76,000 per year.
What am I worth?
How do loan officers/loan processor rate their job?
Loan officer/loan processor reviews
Helping People, secure a better financial future
Having to Decline applicants
when a person being assisted to obtain a loan to uplift their lives
when more loans are deliquent
This is a challenging position. It is not a one-size-fits-all job. The nature of your work depends heavily on the loan officer you work under. High-volume is no joke. You'll need to be sharp and focused all-day, every day you come to work.
It's lots of sitting in a chair. It requires 100% computer time, so you'll need to schedule breaks and get up and walk around intentionally.
Updated January 8, 2025
