Loan officers review loanword applications and analyze an applicant ‘s finances to determine who is eligible for a loanword. They besides educate consumers on loans, verify fiscal information, and contact individuals and companies to see if they apply for a loanword .
Key Takeaways
- Loan officers work with a lending institution and their borrowers to provide consultation, application, underwriting, approval, and deal-closing services on loans.
- The median annual wage for loan officers in 2020 (the most recent figure, as of Sept. 20) is $63,960.
- Most loan officers work 40-hour work weeks for an annual salary, plus benefits.
- A loan officer may work with individuals. Others work only with businesses for commercial loans.
- These financial professionals usually have a bachelor’s degree in business or finance.
Loan Officer Salaries
The median annual engage for a loan officer in 2020 is $ 63,960. The lowest 10 % of engage earners in this field earn a annually wage of fair under $ 32,820, but earners in the top 10 % earn an modal wage of over $ 132,290 .
Wages vary based on the employer vitamin a well as caper performance. Some lend officers are paid a flat wage or an hourly pace, but others earn commission on top of their regular compensation. Commissions are based on the number of loans these professionals originate or on how their loans are repaid .
Loan Officer Benefits
Most full-time lend officers receive standard benefits like health, vacation, and access to retirement accounts. Most lend officers work for a bank or private company, so the benefits vary depending on their employer.
Loan Officer Duties and Requirements
loanword officers communicate with numerous individuals to facilitate the lend process for bank clients. lend products that may involve a loan officer can include personal loans, mortgage loans, and lines of credit. They work with a wide diverseness of lend products and have a comprehensive examination awareness of them and banking industry protocols, giving borrowers greater confidence in executing a lending deal .
loanword officers are a direct generator of contact for borrowers seeking loans from fiscal institutions. many borrowers prefer working with a loan officeholder directly to ensure that all of their needs are met. While traditional bank lend procedures can be more time-intensive, personal interaction often gives borrowers greater confidence in executing a lend manage .
This fiscal career requires a bachelor ‘s degree, and most applicants earn a degree in occupation, finance, account, or a related field. In some cases, people who have experience in a associate business career can enter this field without a bachelor ‘s degree .
many employers offer a great deal of on-the-job educate, but mortgage lenders must take classes and pass a test to get their mortgage originator ‘s license.
Loan Officer Job Prospects
Because many unlike industries need loanword officers, from very estate to trust, jobs are much available. however, according to the U.S. Bureau of Labor Statistics, the job commercialize for loanword officers will hold sweetheart in the ten between 2020 to 2030. The BLS reports that approximately 25,000 openings for loanword officers are projected each year, on average, over the decade .
These jobs will most likely happen because many loanword officers may hit retirement age or leave the british labour party force for early reasons .
Salaries of similar Professions
There are like professions to loanword officers, including loan processors, mortgage lend originators, and underwriters .
loan Processors
Working as a lend central processing unit means a base wage of $ 53,934 a year, plus benefits. Loan processors, like loan officers, work for banks, mortgage lenders, and other loan-related services .
mortgage Loan Orginators
This occupation earns a slightly higher wage than a lend processor. The average wage nationally is about $ 75,000 a year. A mortgage loanword originator works in the real estate industry and, depending on a few factors, like the company where the originator is employed, they may earn a commission .
policy Underwriters
According to the BLS, the average wage for an investment banker as of May 2020 is $ 71,790, and indemnity underwriters with know could earn upwards of $ 129,550.
What Is the Salary of a Mortgage Loan Officer?
The average wage of a mortgage lend officer is approximately $ 73,756 .
What Is the Salary of an Agricultural Loan Officer?
The modal wage of an agrarian loan officeholder is approximately $ 68,633 .
What Is the Average Salary for a Loan Officer Assistant?
There is n’t an average wage for a loan officer assistant, as it depends on besides many factors from the ship’s company where the adjunct is employed, if they work hourly or for an annual wage, and feel. According to the BLS, fiscal clerks who may do similar sour as an adjunct to a loanword officer earn a median wage of $ 41,520 .
What Are the Highest Paying Cities in the U.S. for Loan Officers?
According to data from ZipRecruiter, the three top-paying cities in the U.S. for loanword officers are San Jose, CA, Oakland, CA, and Tanaina, AK .
The Bottom Line
lend officers work in versatile fields and areas. Some loanword officers work in substantial estate, others in bank or policy as underwriters. commercial loanword officers specialize in business loans, whereas mortgage loan officers may handle residential and commercial mortgage loans, depending on their specialization .
Most loanword officers have at least a bachelor ‘s degree in finance or occupation. Some loanword officers will need special designations or certifications, such as a mortgage loan military officer, who must earn a mortgage loanword originator license .
