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Loan Officers

Under the title Loan Officers, workers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. The job can ask you to meet with applicants to obtain information for loan applications and to answer questions about the process. With a code of CES, this is mostly a job for people drawn to orderly work with data, records and clear procedures. Enterprising interests also help, rated 5.0 out of 7. Plan on a bachelor’s degree plus a period of work experience; O*NET labels this considerable preparation. Strength in speaking, active listening, and reading comprehension helps most here. People who want orderly work with data, records and clear procedures usually fit better here than those who need creative work with room for original expression.

What they do

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.

Main 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.

Skills

  • Speaking
  • Active Listening
  • Reading Comprehension
  • Judgment and Decision Making
  • Critical Thinking
  • Writing

Who this career fits

May suit you if

  • You like clear rules and getting the details right.
  • You like taking the lead and making the call.
  • You are ready to spend around four years on a degree, then build experience.
  • You are comfortable relying on speaking and active listening.

May not suit you if

  • You get restless with routine, records and exact procedures.
  • You need creative expression to be a big part of your day. Artistic rates 1.0 out of 7 here.
  • You want to avoid a four-year degree or its equivalent.

Interest profile

O*NET rates each occupation from 1 to 7 on six interest types. The code CES takes the three highest, and Conventional comes first here.

Preparation

Considerable preparation. Most jobs here ask for a bachelor’s degree, and employers usually expect a few years of related experience as well.

Most-reported requirement in the O*NET survey: Bachelor's Degree. This reflects what workers reported most often and is not a legal minimum. Licensing rules can differ by state or industry, so confirm what applies where you plan to work.

Also called

  • Commercial Banker
  • Commercial Loan Officer
  • Corporate Banking Officer
  • Financial Aid Advisor
  • Financial Aid Counselor

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This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.