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