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Loan Officers

Loan officers evaluate applicants' financial backgrounds. They decide whether applicants will receive loans.

Very few people have the cash savings necessary to purchase a home outright. Instead, prospective homeowners rely on loan officers to approve financing through mortgages.

Loan Officers are in the Finance career cluster and the Banking Services pathway.

Quick Facts

Wages:

 Well above the statewide median

$29.47 / hour    Read more about wages

Outlook:

 Percent Growth   13.7%

Above statewide average    Read more about outlook

Education & Training:

 Moderate-term on-the-job training (1-12 months) is common.

On the Job:

 Work Activities
  • Interview loan applicants and request information needed for the application.
  • Analyze the applicants' financial status. Determine the value of property offered to secure the loan.
  • Ensure loan papers are complete and accurate.
Read more about the job

Assess your skills

Job Title Examples:

 Commercial Lending Vice President,  Commercial Loan Officer,  Financial Aid Administrator 
See more job title examples

Source: Minnesota Department of Education, Minnesota Department of Employment and Economic Development, and CareerOneStop.