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.
Sample of reported job titles: Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer, Financial Counselor, Loan Counselor, Loan Officer, Mortgage Loan Officer
Tasks | Technology Skills | Tools Used | Knowledge | Skills | Abilities | Work Activities | Detailed Work Activities | Work Context | Job Zone | Education | Credentials | Interests | Work Styles | Work Values | Related Occupations | Wages & Employment | Job Openings | Additional Information
- 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.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Handle customer complaints and take appropriate action to resolve them.
- Stay abreast of new types of loans and other financial services and products to better meet customers’ needs.
- Market bank products to individuals and firms, promoting bank services that may meet customers’ needs.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Compute payment schedules.
- Supervise loan personnel.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Authorize or sign mail collection letters.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Confer with underwriters to resolve mortgage application problems.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Establish payment priorities according to credit terms and interest rates to reduce clients’ overall costs.
- Inform individuals and groups about the financial assistance available to college or university students.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Match individuals’ needs and eligibility with available financial aid programs to provide informed recommendations.
- Review accounts to determine write-offs for collection agencies.
- Review billing for accuracy.
Find occupations related to multiple tasks
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- Accounting software — Bottom Line LoanMaster Loan Servicing; Financial Industry Computer Systems Loan Accountant; Tax software
- Compliance software — Wolters Kluwer Financial Services ComplianceOne
- Content workflow software — Equifax Application Engine; Experian Transact SM
- Customer relationship management CRM software — Microsoft Dynamics
- Data base user interface and query software — Data entry software; FileMaker Pro; Microsoft Access ; Sungard Higher Education PowerFAIDS (see all 10 examples)
- Development environment software — Common business oriented language COBOL
- Document management software — eOriginal eCore Business Suite
- Electronic mail software — IBM Notes ; Microsoft Outlook
- Enterprise resource planning ERP software — Datatel Colleague; Oracle PeopleSoft ; SAP
- Financial analysis software — Delphi Discovery; Experian Credinomics; VueCentric MortgageDashboard; White Clarke North America Credit Adjudication and Lending Management (see all 54 examples)
- Information retrieval or search software — CGI-AMS BureauLink Enterprise; LexisNexis
- Internet browser software — Microsoft Internet Explorer; Web browser software
- Office suite software — Experian Strategy Management; Microsoft Office
- Presentation software — Microsoft PowerPoint
- Spreadsheet software — Microsoft Excel
- Transaction server software — Customer information control system CICS
- Video conferencing software — Zoom
- Word processing software — Microsoft Word
Hot Technology — a technology requirement frequently included in employer job postings.
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- Customer and Personal Service — Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Sales and Marketing — Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
- Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Administration and Management — Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
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- Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Speaking — Talking to others to convey information effectively.
- Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Reading Comprehension — Understanding written sentences and paragraphs in work-related documents.
- Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
- Writing — Communicating effectively in writing as appropriate for the needs of the audience.
- Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Mathematics — Using mathematics to solve problems.
- Social Perceptiveness — Being aware of others’ reactions and understanding why they react as they do.
- Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
- Time Management — Managing one’s own time and the time of others.
- Service Orientation — Actively looking for ways to help people.
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- Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
- Written Comprehension — The ability to read and understand information and ideas presented in writing.
- Near Vision — The ability to see details at close range (within a few feet of the observer).
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
- Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
- Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
- Speech Clarity — The ability to speak clearly so others can understand you.
- Speech Recognition — The ability to identify and understand the speech of another person.
- Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
- Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
- Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
- Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.
- Fluency of Ideas — The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
- Selective Attention — The ability to concentrate on a task over a period of time without being distracted.
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- Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
- Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
- Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- Working with Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- Communicating with People Outside the Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
- Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
- Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
- Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Judging the Qualities of Objects, Services, or People — Assessing the value, importance, or quality of things or people.
- Performing for or Working Directly with the Public — Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members.
- Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
- Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
- Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Monitoring Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
- Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.
- Providing Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others.
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Detailed Work Activities
- Interview clients to gather financial information.
- Assess financial status of clients.
- Authorize financial actions.
- Interpret financial information for others.
- Submit financial applications.
- Verify accuracy of financial information.
- Examine financial records.
- Maintain data in information systems or databases.
- Gather financial records.
- Correspond with customers to answer questions or resolve complaints.
- Develop financial plans for clients.
- Supervise employees.
- Update professional knowledge.
- Market products, services, or events.
- Analyze market conditions or trends.
- Compute debt repayment schedules.
- Prepare financial documents, reports, or budgets.
- Establish organizational guidelines or policies.
- Advise others on financial matters.
- Confer with others about financial matters.
- Educate clients on financial planning topics.
- Inform individuals or organizations of status or findings.
- Recommend products or services to customers.
- Verify accuracy of records.
- Verify application data to determine program eligibility.
Find occupations related to multiple detailed work activities
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- Electronic Mail — 100% responded “Every day.”
- Indoors, Environmentally Controlled — 100% responded “Every day.”
- Telephone — 100% responded “Every day.”
- Face-to-Face Discussions — 94% responded “Every day.”
- Contact With Others — 84% responded “Constant contact with others.”
- Frequency of Decision Making — 84% responded “Every day.”
- Spend Time Sitting — 62% responded “Continually or almost continually.”
- Deal With External Customers — 66% responded “Extremely important.”
- Importance of Being Exact or Accurate — 56% responded “Extremely important.”
- Work With Work Group or Team — 68% responded “Extremely important.”
- Impact of Decisions on Co-workers or Company Results — 59% responded “Very important results.”
- Freedom to Make Decisions — 49% responded “A lot of freedom.”
- Structured versus Unstructured Work — 59% responded “A lot of freedom.”
- Letters and Memos — 44% responded “Every day.”
- Time Pressure — 45% responded “Every day.”
- Level of Competition — 38% responded “Extremely competitive.”
- Coordinate or Lead Others — 38% responded “Extremely important.”
- Duration of Typical Work Week — 51% responded “More than 40 hours.”
- Responsibility for Outcomes and Results — 36% responded “Very high responsibility.”
- Importance of Repeating Same Tasks — 31% responded “Extremely important.”
- Spend Time Using Your Hands to Handle, Control, or Feel Objects, Tools, or Controls — 56% responded “Continually or almost continually.”
- Deal With Unpleasant or Angry People — 38% responded “Once a week or more but not every day.”
- Degree of Automation — 50% responded “Moderately automated.”
- Frequency of Conflict Situations — 45% responded “Once a week or more but not every day.”
- Physical Proximity — 47% responded “I work with others but not closely (e.g., private office).”
- Consequence of Error — 35% responded “Serious.”
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|Title||Job Zone Four: Considerable Preparation Needed|
|Education||Most of these occupations require a four-year bachelor’s degree, but some do not.|
|Related Experience||A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.|
|Job Training||Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.|
|Job Zone Examples||Many of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.|
|SVP Range||(7.0 to < 8.0)|
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Percentage of Respondents
|Education Level Required|
|13||Some college, no degree|
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Interest code: CES Want to discover your interests? Take the O*NET Interest Profiler at My Next Move.
- Conventional — Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
- Enterprising — Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
- Social — Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
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- Integrity — Job requires being honest and ethical.
- Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
- Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
- Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
- Initiative — Job requires a willingness to take on responsibilities and challenges.
- Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
- Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
- Self-Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
- Persistence — Job requires persistence in the face of obstacles.
- Independence — Job requires developing one’s own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
- Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
- Concern for Others — Job requires being sensitive to others’ needs and feelings and being understanding and helpful on the job.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
- Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
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- Relationships — Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
- Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
- Support — Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
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Wages & Employment Trends
|Median wages (2020)||$30.75 hourly, $63,960 annual|
|Employment (2020)||322,100 employees|
|Projected growth (2020-2030)||Slower than average (1% to 5%)|
|Projected job openings (2020-2030)||25,000|
|Top industries (2020)||
Finance and Insurance
Source: Bureau of Labor Statistics 2020 wage data and 2020-2030 employment projections . “Projected growth” represents the estimated change in total employment over the projections period (2020-2030). “Projected job openings” represent openings due to growth and replacement.
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Job Openings on the Web
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Sources of Additional Information
Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.
- American Bankers Association
- Mortgage Bankers Association
- Occupational Outlook Handbook: Loan officers
- Risk Management Association
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