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, and loan underwriters.
- Nearly 9 out of 10 loan officers work for commercial banks, savings institutions, credit unions, and related financial institutions.
- Educational requirements range from a high school diploma for many loan officers to a bachelor's degree for commercial loan officers; previous banking, lending, or sales experience is highly valued.
- Good job opportunities are expected for mortgage and consumer loan officers and excellent opportunities are expected for commercial loan officers.
- Earnings often fluctuate with the number of loans generated, rising substantially when the economy is strong and interest rates are low.