CareerGPS

Loan Officers
Summary Occupational Forecast Data for Loan Officers
Employment Employment Change Average Annual Job Openings Wage & Training Levels
2018 2023 Numerical Percent New Jobs Replacement Jobs Total Median Hourly Median Annual Training Levels
2,917 2,756 -162 -5.55% -32 224 192 $32.50 $67,600 Bachelor's degree
Description: Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
Staffing Pattern Data Forecast Data Source: EMSI (2nd Quarter 2018)

Occupation Details

The information in this section represents occupational characteristics included in O*NET which defines key features of an occupation as a standardized, measurable set of variables called "descriptors". These distinguishing characteristics of an occupation are described in greater detail in the O*NET Content Model. All items are listed in descending order of importance.

  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Review and update credit and loan files.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Compute payment schedules.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Submit applications to credit analysts for verification and recommendation.
  • Handle customer complaints and take appropriate action to resolve them.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Confer with underwriters to aid in resolving mortgage application problems.

Knowledge

80%
Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
78%
Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
72%
Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
68%
English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
58%
Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

Skills

78%
Speaking - Talking to others to convey information effectively.
72%
Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
72%
Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
69%
Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
65%
Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
60%
Service Orientation - Actively looking for ways to help people.
56%
Mathematics - Using mathematics to solve problems.
56%
Writing - Communicating effectively in writing as appropriate for the needs of the audience.
56%
Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
50%
Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
50%
Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.

Abilities

78%
Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
78%
Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
75%
Speech Clarity - The ability to speak clearly so others can understand you.
72%
Written Comprehension - The ability to read and understand information and ideas presented in writing.
69%
Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
66%
Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
66%
Speech Recognition - The ability to identify and understand the speech of another person.
62%
Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
62%
Near Vision - The ability to see details at close range (within a few feet of the observer).
60%
Written Expression - The ability to communicate information and ideas in writing so others will understand.
53%
Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
53%
Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.

Work Activities

80%
Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
79%
Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
78%
Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
77%
Performing for or Working Directly with the Public - Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
75%
Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
74%
Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
71%
Communicating with Persons Outside Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
70%
Judging the Qualities of Things, Services, or People - Assessing the value, importance, or quality of things or people.
68%
Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
67%
Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
67%
Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
66%
Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
65%
Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
63%
Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
62%
Performing Administrative Activities - Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
61%
Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
56%
Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
54%
Monitor Processes, Materials, or Surroundings - Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
50%
Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
Title Job Zone Three: Medium Preparation Needed
Overall Experience Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.
Job Training Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.
Job Zone Examples These occupations usually involve using communication and organizational skills to coordinate, supervise, manage, or train others to accomplish goals. Examples include food service managers, electricians, agricultural technicians, legal secretaries, interviewers, and insurance sales agents.
Education Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.

Interests

Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Social - Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.

Work Styles

Integrity - Job requires being honest and ethical.
Social Orientation - Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
Initiative - Job requires a willingness to take on responsibilities and challenges.
Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction.
Innovation - Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
Self Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
Persistence - Job requires persistence in the face of obstacles.
Concern for Others - Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high stress situations.

Work Values

Relationships - Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
Independence - Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Support - Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.