Median pay
$74,180
Median annual pay for Loan Officers.
U.S. Bureau of Labor Statistics · 2024
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Business and Finance
Loan Officers
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
10-year growth
1.7%
Projected employment growth from 2024 to 2034.
U.S. Bureau of Labor Statistics · 2024–2034 projections
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Annual openings
20,300
Projected annual openings, including growth and replacement demand.
U.S. Bureau of Labor Statistics · 2024–2034 projections
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Employment
301,400
Estimated U.S. employment for Loan Officers in 2024.
U.S. Bureau of Labor Statistics · 2024
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Jobs added or lost
+5,000
Projected numeric employment change from 2024 to 2034.
U.S. Bureau of Labor Statistics · 2024–2034 projections
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Entry preparation
Bachelor's degree
Typical additional preparation: Less than 5 years of related work experience; Moderate-term on-the-job training.
U.S. Bureau of Labor Statistics · 2024 profile
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O*NET occupation profile
What the work involves
Strongest O*NET signals first.
Essential skills
- 1Active Listening
- 2Speaking
- 3Reading Comprehension
- 4Critical Thinking
- 5Writing
- 6Mathematics
Knowledge areas
- 1Customer and Personal Service
- 2Economics and Accounting
- 3English Language
- 4Mathematics
- 5Sales and Marketing
- 6Law and Government
Abilities
- 1Oral Comprehension
- 2Oral Expression
- 3Written Comprehension
- 4Near Vision
- 5Written Expression
- 6Deductive Reasoning
Career interests
- 1Conventional
- 2Enterprising
- 3Social
- 4Investigative
- 5Realistic
- 6Artistic
Work styles
- 1Integrity
- 2Dependability
- 3Attention to Detail
- 4Cautiousness
- 5Social Orientation
- 6Achievement Orientation
Work activities
- 1Getting Information
- 2Evaluating Information to Determine Compliance with Standards
- 3Establishing and Maintaining Interpersonal Relationships
- 4Processing Information
- 5Analyzing Data or Information
- 6Working with Computers
Work context
- 1E-Mail
- 2Indoors, Environmentally Controlled
- 3Telephone Conversations
- 4Face-to-Face Discussions with Individuals and Within Teams
- 5Contact With Others
- 6Frequency of Decision Making
Representative tasks
- 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.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Submit applications to credit analysts for verification and recommendation.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Review and update credit and loan files.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Software and tools
Microsoft Outlook · in demandMicrosoft Office software · in demandMicrosoft Excel · in demandZoom · hot technologyOracle PeopleSoft · hot technologyMicrosoft Access · hot technologySAP software · hot technologyMicrosoft PowerPoint · hot technologyMicrosoft Word · hot technologyLexisNexisIntegra Destiny Loan OriginationIndus Lending Solutions
Sources
BLS provides national pay, employment, and projections. O*NET provides skills, interests, preparation, tasks, work context, and tools.