Ninety percent of all loan officers work for banks, savings and loan associations or credit unions. They represent the lending institution directly in a loan transaction; they are not freelance brokers. A loan officer may do some work soliciting borrowers, but the principal role is to work with potential borrowers who want to secure a loan.
Loan officers facilitate this lending by developing personal information about potential clients and businesses in order to ensure that his lending institution is fully informed on the client's credit history and reliability. In the customer service mode, loan officers go through the borrowing requirements and provide guidance on loan selection or how to deal with qualifying issues.
Applicants for a loan officer opening usually have a bachelors degree in finance, economics, business or a related field. Some people without bachelors degrees work their way up to loan officer status through years of experience in a bank working at lesser jobs - and often with the help of additional education.
There were 373,000 loan officers employed in 2006, according to the Department of Labor. As mentioned, almost all of them were employed in a bank or other lending institution either at the consumer level or for larger, more complex business loans and transactions such as lines of credit.
The loan officer job classification is expected to grow about as fast as the overall average rate for all job classifications - about 10% over the decade 2006 - 2016. College graduates and those with lending experience will have the best chances for these openings.
Lowest 10% $14.39 $30,340
Median Salary $25.48 $53,000
Highest 10% $51.03 $106,130