Loan officers perform some or all of the following duties:
A. Interview applicants for personal, mortgage, student and business loans
B. Research and evaluate loan applicant's financial status, references, credit and ability to repay the loan
C. Complete credit and loan documentation
D. Submit credit and loan applications to management with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected
E. Promote the sale of credit and loan services
F. Review and update credit and loan files
G. Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action.
1. Finance and insurance - 83.0%
2. Wholesale trade - 4.0%
3. Public administration - 2.0%
4. Administrative and support waste management and remediation services - 2.0%
1. You usually need a high school diploma, extensive banking experience, and a bachelor's degree or college diploma related to commerce or economics.
2. You may also have to complete six- to twelve-month loan or credit training programs.
3. With experience, you may move up the ranks to become a credit or loan manager.
4. Most recent entrants have an undergraduate university degree, and almost 3 in 10 have a community college diploma.
The average hourly wages for Loan Officers is $19.40/HR, which is close to the average for occupations in the business, finance and administration sector and are close to average for all technical, professional, and skilled occupations. These wages grew at an average rate from 2002 to 2004.