LOAN OFFICERS prepare, analyze, and verify loan applications. They make decisions about the extension of credit, and help borrowers fill out loan applications. Loan officers evaluate, authorize, or recommend commercial, real estate, or credit loans, or advise borrowers on financial status and methods of payment. They complete loan agreements for those who are accepted. Loan officers usually specialize in commercial, consumer, or mortgage loans. LOAN COUNSELORS contact borrowers who have delinquent accounts and help them find a method of repayment to avoid defaulting on the loan.
Salary, Size & Growth
- $46,500 average per year ($22.25 per hour)
- A large occupation (312,900 workers in 2010)
- Expected to grow moderately (1.1% per year)
LOAN OFFICER positions generally require a bachelor's degree in finance, economics, or a related field. Most employers prefer to hire those who are familiar with computers and their applications in banking. Educational requirements vary for LOAN COUNSELORS. Some are high school graduates while others have a college degree in economics, finance, or a related field. No special licensing or certification is required for loan officers/counselors.