Business and finance
Loan officer
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.
Median pay
$76,690
Growth to 2035
+1%
little or no change
Openings a year
17,100
Time to qualify*
2.5 years
* From a bachelor's degree in an unrelated field.
Pay
Loan officer
Getting in
- Typical entry education
- Bachelor's degree
- On-the-job training
- Moderate-term on-the-job training
- Prior experience
- Less than 5 years
What the work is like
Dealing with the public
Unpleasant or angry people
Time pressure
Cost of a mistake
Freedom to make decisions
Repeating the same tasks
Time sitting
Time standing
Outdoors in all weather
Loan officer: 51% usually work over 40 hours a week
Core 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.
Also called: Commercial Banker · Commercial Loan Officer · Corporate Banking Officer · Financial Aid Advisor · Financial Aid Counselor · Financial Aid Officer · Financial Counselor · Loan Counselor
Outlook and AI
Loan officers held 283,000 jobs in 2025. BLS projects 286,000 by 2035 (+1%, little or no change; all jobs: +3.5%).
Compare with
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- Loan officer vs. Credit counselor
- Loan officer vs. Credit analyst
- Loan officer vs. Credit authorizers, checkers, and clerks
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