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Become A Senior Loan Officer

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Working As A Senior Loan Officer

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $63,430

    Average Salary

What Does A Senior Loan Officer Do

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

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Senior 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.

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Senior Loan Officer jobs

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Senior Loan Officer Career Paths

Senior Loan Officer
Sales Manager General Manager
Account Manager
5 Yearsyrs
Loss Mitigation Specialist Loan Processor Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Underwriter Senior Underwriter Assistant Vice President
Credit Officer
5 Yearsyrs
Account Executive Sales Manager
Director Of Sales
10 Yearsyrs
Branch Manager Account Executive Sales Manager
General Manager
7 Yearsyrs
Account Executive Sales Consultant Sales Manager
General Sales Manager
8 Yearsyrs
Senior Loan Processor Underwriter Consumer Loan Underwriter
Lending Services Manager
7 Yearsyrs
Sales Consultant Personal Banker Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Account Manager Sales Manager Regional Sales Manager
National Account Manager
8 Yearsyrs
Operations Manager Branch Manager Regional Sales Manager
National Sales Director
10 Yearsyrs
Sales Manager Regional Sales Manager
National Sales Manager
10 Yearsyrs
Mortgage Consultant Sales Consultant Regional Sales Manager
Regional Accounts Manager
8 Yearsyrs
Senior Account Executive Regional Sales Manager
Regional Sales Director
10 Yearsyrs
Branch Manager General Manager Account Executive
Regional Sales Manager
9 Yearsyrs
Senior Account Executive Marketing Manager Regional Sales Manager
Senior Account Manager
7 Yearsyrs
Operations Manager Assistant Vice President
Senior Relationship Manager
10 Yearsyrs
Account Manager Account Executive
Senior Sales Executive
9 Yearsyrs
Sales Consultant Senior Sales Representative Account Manager
Territory Account Manager
8 Yearsyrs
Mortgage Consultant Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Underwriter Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
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Senior Loan Officer Demographics

Gender

  • Male

    67.0%
  • Female

    31.3%
  • Unknown

    1.8%

Ethnicity

  • White

    80.3%
  • Hispanic or Latino

    11.3%
  • Asian

    6.1%
  • Unknown

    1.8%
  • Black or African American

    0.4%
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Languages Spoken

  • Spanish

    61.9%
  • French

    5.1%
  • German

    4.0%
  • Portuguese

    3.4%
  • Russian

    2.8%
  • Arabic

    2.8%
  • Hindi

    2.3%
  • Italian

    2.3%
  • Tagalog

    2.3%
  • Polish

    2.3%
  • Carrier

    1.7%
  • Indonesian

    1.1%
  • Malay

    1.1%
  • Dari

    1.1%
  • Filipino

    1.1%
  • Serbian

    1.1%
  • Croatian

    1.1%
  • Chinese

    1.1%
  • Turkish

    0.6%
  • Cherokee

    0.6%
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Senior Loan Officer

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Senior Loan Officer Education

Senior Loan Officer

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Top Skills for A Senior Loan Officer

FinancialStatusLoanApplicationsRealEstateAgentsFHAEntireLoanProcessCustomerServicePurchaseLoanProgramsNewLoanOfficersLoanProductsLoanOriginationProcessEquityCreditReportsSub-PrimeTopProducerFannieMAELoanDocumentationPropertyEvaluationsMortgageProductsTitleCompanies

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Top Senior Loan Officer Skills

  1. Financial Status
  2. Loan Applications
  3. Real Estate Agents
You can check out examples of real life uses of top skills on resumes here:
  • Revitalized applicants' financial status, credit, and Real Estate equity to enhance feasibility for granting loans.
  • Evaluated loan applications and documentation by confirming credit worthiness.
  • Account development calling on real estate agents and brokers, financial planners, insurance agents, and other financially related contacts.
  • Locate FHA and Conventional lenders for financing.
  • Managed customer through entire loan process

Top Senior Loan Officer Employers

Senior Loan Officer Videos

A Day in the Life - Loan Officer

Loan Officer Job Description

How To Be a Successful Loan Officer

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