Loan Officer

Quick Facts: Loan Officers
2012 Median Pay $59,820 per year
$28.76 per hour
Entry-Level Education Bachelor’s degree
Work Experience in a Related Occupation None
On-the-job Training Moderate-term on-the-job training
Number of Jobs, 2012 296,900
Job Outlook, 2012-22 8% (As fast as average)
Employment Change, 2012-22 22,900

What Loan Officers Do

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

Work Environment

Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Most commercial and consumer loan officers work full time, and many mortgage loan officers work very long hours. Except for consumer loan officers, traveling to visit clients is common.

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.

Pay

The median annual wage for loan officers was $59,820 in May 2012. Some loan officers are paid a flat salary; others are paid on commission.

Job Outlook

Employment of loan officers is projected to grow 8 percent from 2012 to 2022, about as fast as the average for all occupations. The need for loan officers fluctuates with the economy, generally increasing in times of economic growth, low interest rates, and population growth—all of which create demand for loans.