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What is a Loan Officer/Loan Processor

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.

There is more than meets the eye when it comes to being a Loan Officer/Loan Processor. For example, did you know that they make an average of $21.71 an hour? That's $45,158 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 Officer/Loan Processor Do

There are certain skills that many Loan Officers/Loan Processor 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.

Learn more about what a Loan Officer/Loan Processor does

How To Become a Loan Officer/Loan Processor

If you're interested in becoming a Loan Officer/Loan Processor, one of the first things to consider is how much education you need. We've determined that 49.9% of Loan Officers/Loan Processor have a bachelor's degree. In terms of higher education levels, we found that 6.6% of Loan Officers/Loan Processor have master's degrees. Even though most Loan Officers/Loan Processor 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 Officer/Loan Processor. When we researched the most common majors for a Loan Officer/Loan Processor, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Loan Officer/Loan Processor resumes include High School Diploma degrees or Master's Degree degrees.

You may find that experience in other jobs will help you become a Loan Officer/Loan Processor. In fact, many Loan Officer/Loan Processor jobs require experience in a role such as Loan Officer. Meanwhile, many Loan Officers/Loan Processor also have previous career experience in roles such as Loan Processor or Customer Service Representative.

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. Citigroup Jobs (13)
  2. JPMorgan Chase & Co. Jobs (7)
  3. U.S. Bank Jobs (5)
  4. Comerica Jobs (5)
  5. Wells Fargo Jobs (33)
Average Salary
$45,158
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
83,480
Job Openings
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Loan Officer/Loan Processor Career Paths

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Average Salary for a Loan Officer/Loan Processor

Loan Officers/Loan Processor in America make an average salary of $45,158 per year or $22 per hour. The top 10 percent makes over $71,000 per year, while the bottom 10 percent under $28,000 per year.
Average Salary
$45,158
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5 Loan Officer/Loan Processor Resume Examples

Learn How To Write a Loan Officer/Loan Processor Resume

At Zippia, we went through countless Loan Officer/Loan Processor 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/Loan Processor Resume Examples And Templates

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

  1. Citigroup Jobs (13)
  2. JPMorgan Chase & Co. Jobs (7)
  3. U.S. Bank Jobs (5)
  4. Comerica Jobs (5)
  5. Wells Fargo Jobs (33)

Choose From 10+ Customizable Loan Officer/Loan Processor Resume templates

Zippia allows you to choose from different easy-to-use Loan Officer/Loan Processor templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Loan Officer/Loan Processor 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/Loan Processor Demographics

Loan Officer/Loan Processor Gender Distribution

Male
Male
32%
Female
Female
68%

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

  • Among Loan Officers/Loan Processor, 67.9% of them are women, while 32.1% are men.

  • The most common race/ethnicity among Loan Officers/Loan Processor is White, which makes up 67.2% of all Loan Officers/Loan Processor.

  • The most common foreign language among Loan Officers/Loan Processor is Spanish at 67.5%.

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Loan Officer/Loan Processor Education

Loan Officer/Loan Processor Majors

34.3 %
9.4 %

Loan Officer/Loan Processor Degrees

Bachelors

49.9 %

Associate

20.0 %

High School Diploma

14.8 %

Top Colleges for Loan Officer/Loan Processors

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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Top Skills For a Loan Officer/Loan Processor

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, 24.5% of Loan Officers/Loan Processor listed Loan Portfolio on their resume, but soft skills such as Detail oriented and Initiative are important as well.

Best States For a Loan Officer/Loan Processor

Some places are better than others when it comes to starting a career as a Loan Officer/Loan Processor. The best states for people in this position are New Jersey, Maryland, Rhode Island, and New York. Loan Officers/Loan Processor make the most in New Jersey with an average salary of $55,265. Whereas in Maryland and Rhode Island, they would average $51,515 and $49,335, respectively. While Loan Officers/Loan Processor would only make an average of $48,905 in New York, 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 Officer/Loan Processor Jobs:
1,436
Highest 10% Earn:
$92,000
Location Quotient:
1.24
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. Rhode Island

Total Loan Officer/Loan Processor Jobs:
220
Highest 10% Earn:
$80,000
Location Quotient:
1.24
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. Maine

Total Loan Officer/Loan Processor Jobs:
239
Highest 10% Earn:
$72,000
Location Quotient:
1.23
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/Loan Processor

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Top Loan Officer/Loan Processor Employers

Most Common Employers For Loan Officer/Loan Processor

RankCompanyZippia ScoreAverage Loan Officer/Loan Processor SalaryAverage Salary
1$156,806
2$110,504
3$91,076
4$85,408
5$85,006
6$84,195

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