Loan OfficerLoan Officers salary statistic
Loan Officer Salary Report: Job Description
In most instances, a loan officer is employed by a bank, credit union, home lender, or other institution. However, in some places they work directly with borrowers to help them qualify for loans at a variety of institutions. The loan officer provides interested borrowers with information on the various loan and financing packages that are available to them.
The process of borrowing money from a bank or financial institution is intimidating. The loan officer's job is to help borrowers navigate that process and to instill a sense of confidence and competence in the borrower. One of their main goals is to convince creditworthy borrowers to come to their employer or client organizations for their lending needs. In many cases, a loan officer might have to reach sales goals or quotas.
Depending on the lending market, these officers may have plenty of applicants to reach their goals. However, there will likely be a need for them for them to reach out to potential borrowers within the community, or to approach previous clients to see if they are interested in new loans.
Loan officers may work in one or several of the following areas:
- Commercial Loans
- Real Estate And Mortgage Loans
- Personal Lending
- Small Business Loans
- Student Loans
- FHA HUD And Other Government Programs
Some specialists work for organizations that specifically target those with credit difficulties in order to help them to get loans.
Loan Officers Salary Report: Common Tasks And Duties
During any given work day, they may interact with both lending customers and people from other areas in the bank or financial institution. They may meet with an applicant to tell them they have been rejected, and to counsel them on what they need to do to qualify for financing in the future. Such officer will also spend quite a bit of time interacting with loan processing employees to determine the status of ongoing applications. In addition to this, part of a typical work day might include explaining a new loan product to retail banking staff or the marketing department. They will also examine documents for accuracy, submit and review credit reports, and follow up on borrowers who are in arrears.
Salary of a Loan Officer: Educational Requirements
There are a few paths to obtaining as and earning a mortgage loan officer salary. The first is to obtain a bachelor’s or associate’s degree in finance, business, banking, or related field. Then the loan officer may begin their career in an internship or entry level position at a bank, credit union, or other institution. In many cases, these officers simply begin in entry level banking positions without a degree and worth their way up through the ranks. However, in order to do this, they must attain certain certifications and obtain continuing education credits relating to the lending industry. You can also ask for details from a cv editing service that specializes in it.
Mortgage and other lending officers earn a median salary of 44K. The average range is from 30K to 77K. The ability to earn commissions and close loans plays a significant part in a loan officer’s earning potential. The types of loans that an officer specializes in is also important. For example, a Wells Fargo lender on the East Coast will likely sell larger loan packages for higher commissions than a small, personal lender in the Midwest.