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Loan Officers: Schools and Careers

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About Loan Officers

Loan Officers picture    Loan Officers image

Loan Officers

Loan officers act as an intermediary between borrowers and lending institutions. They help businesses and individuals obtain funds from lenders. A loan officer solicits loans and represents creditors to borrowers and vice versa. Loan officers often specialize in consumer, commercial and mortgage loans.

They're typically employed by banks and other types of financial institutions. They often act like salespersons. They study potential markets and develop referral networks to find potential customers for loans.

Some loan officers called loan underwriters, specialize in assessing the credit worthiness of a client and sometimes perform a financial analysis or other risk assessments. Loan officers called loan collection officers, assist borrowers with delinquent loans and help them from defaulting on their loan. Loan counselors help people applying for loans that have difficulty qualifying for traditional loans.

Loan Officers Responsibilities

  • Approve loans within specific limits
  • Obtain information and answer questions from loan applicants
  • Evaluate applicant's financial status, and credit and property evaluations to determine if they should be given a loan
  • Obtain copies of applicant's credit histories, corporate financial statements and other types of financial information
  • Examine and update credit and loan files
  • Compute payment schedules
  • Stay current with new types of loans and other financial services and products
  • Negotiate payment arrangements with customers that have delinquent loans
  • Market bank products to companies and individuals
  • Submit applications to credit analysts for verification and also for a recommendation

Qualities such as good interpersonal skills, sales ability, communication skills and a desire to succeed are important for the occupation. A loan officer also needs to be able to develop effective working relationships. Sometimes they go to community events as a representative of their employer.

The occupation typically involves a lot of travel. Mortgage and commercial loan officers frequently visit the homes or offices of their clients. Commercial loan officers sometimes need to travel to other cities in order to prepare complex loans. Consumer loan officers usually spend most of their time in an office. Most loan officers work 40 hours per week but some work more hours when they have a large number of clients and loans to work on.

Employment Outlook

Employment of loan officers is projected by the Bureau of Labor Statistics to increase by 11 percent from 2006 to 2016 which is about as fast as the average for all jobs. Those with college degrees and those with lending, banking or sales experience have the best job prospects.

The median annual earnings for loan officers in 2006 was $51,760. The top 10 percent earned over $107,040. Most loan officers receive a commission based on the number of loans they originate. Some companies only pay salaries and other companies provide a combination of a salary and commissions.

Loan officers have opportunities to advance to larger branches of the company or move up to managerial positions. Approximately 9 out of 10 loan officers work for commercial banks, credit unions, savings institutions and related financial institutions.

Loan Officers Education, Certification, and Licensing

Loan officers are often required to have a bachelor's degree in finance or economics or a related subject. Employers often seek those with experience in banking, sales or lending. Computer skills are also valued by employers.

Employees without college degrees sometimes advance into the position of loan officer after several years of experience in the company in occupations such as customer service representative or teller.

Banking-related associations and private schools provide classes and programs for people interested in lending occupations and also for experienced loan officers who want to update their skills.

The Bank Administration Institute provides the Loan Review Certificate program which is designed for those that review and approve loans. The Certified Mortgage Banker designation indicates the holder's comprehensive knowledge and competency in real estate finance.

In the United States there are no specific licensing requirements for loan officers employed by banks and credit unions. The training and licensing requirements for loan officers employed in mortgage banks and brokerages vary by state.

Resources for Loan Officers

Major Employers of Loan Officers

The major employers for loan officers are commercial banks, credit unions and savings institutions.

Schools for Loan Officers are listed in the column to the left.

The Top Cities tab shows employment statistics for Loan Officers by major metro area.

The Top Industries tab shows which industries have the most jobs for Loan Officers, along with salary data by industry.

The Find Schools tab lets you search for schools by field of study, degree level, and location.

Employment For:
All Jobs > Loan Officers

Schools for Loan Officers (including online schools)

These schools offer particularly quick info upon request, and we have written detailed profiles for each (click school names to see the profiles).

Request info from multiple schools, by clicking the Get Info links.

SchoolLocationsDegreesQuick Info
AIU OnlineOnlineAssociate, Bachelor, MasterGet Info
ATI Career Training CenterFL, NM, OK, TXDiplomaGet Info
Allied Medical & Technical InstitutePADiplomaGet Info
Alvernia CollegePAMasterGet Info
American InterContinental UniversityGA, TXAssociate, Bachelor, MasterGet Info
American Sentinel UniversityOnlineBachelor, MasterGet Info
Andover CollegeMEAssociateGet Info
Angley CollegeOnlineBachelorGet Info
Argosy UniversityAZ, CA, CO, FL, GA, HI, IL, MN, TN, TX, UT, VA, WABachelor, Doctorate, MasterGet Info
Argosy University OnlineOnlineBachelor, Doctorate, MasterGet Info
Ashford UniversityOnlineAssociate, Bachelor, MasterGet Info
Ashworth CollegeOnlineDiplomaGet Info
Baker College CampusMIAssociate, Bachelor, CertificateGet Info
Baker College OnlineOnlineAssociate, Bachelor, MasterGet Info
Bauder CollegeGAAssociate, BachelorGet Info
Berkeley CollegeNJ, NYAssociate, BachelorGet Info
Berkeley College OnlineOnlineAssociate, BachelorGet Info
Bethel UniversityMNMasterGet Info
Bohecker CollegeOHAssociateGet Info
Boston University OnlineOnlineMasterGet Info
Briarcliffe CollegeNYAssociate, BachelorGet Info
Brookline CollegeAZ, NMAssociate, Bachelor, DiplomaGet Info
Brown Mackie CollegeAZ, FL, GA, ID, IL, IN, KS, KY, OH, OKAssociate, Bachelor, Certificate, DiplomaGet Info
California College San DiegoCAAssociate, Bachelor, MasterGet Info
Capella UniversityOnlineDoctorate, MasterGet Info
Career Centers of TexasTXDiplomaGet Info
Career Point CollegeOK, TXDiplomaGet Info
Career Technical CollegeLAAssociateGet Info
Central Pennsylvania CollegePABachelorGet Info
Champlain CollegeOnlineBachelorGet Info
Charter CollegeAKAssociate, BachelorGet Info
Coleman CollegeOnlineMasterGet Info
CollegeAmericaAZ, CO, WYAssociate, Bachelor, MasterGet Info
Colorado Technical UniversityCO, MO, SDAssociate, Bachelor, Doctorate, MasterGet Info
Colorado Technical University OnlineOnlineAssociate, Bachelor, Doctorate, MasterGet Info
Computer Career CenterNM, TXAssociate, DiplomaGet Info
Cornerstone UniversityMIBachelor, MasterGet Info
Creighton University OnlineOnlineMasterGet Info
DeVry Institute of TechnologyABBachelorGet Info
DeVry UniversityOnlineBachelorGet Info
DeVry UniversityAZ, CA, CO, FL, GA, IL, IN, KY, MD, MN, MO, NC, NJ, NV, NY, OH, OK, OR, PA, TN, TX, UT, VA, WA, WIAssociate, BachelorGet Info
Dover Business CollegeNJDiplomaGet Info
ECPI College of TechnologyNC, SC, VABachelor, CertificateGet Info
ECPI OnlineOnlineBachelor, CertificateGet Info
Ellis UniversityOnlineAssociate, Bachelor, MasterGet Info
Everest CollegeNV, ONAssociate, DiplomaGet Info
Everest InstituteFL, NYAssociateGet Info
Everest UniversityFLAssociate, Bachelor, MasterGet Info
Everest University OnlineOnlineMasterGet Info
Florida Tech University OnlineOnlineBachelor, MasterGet Info
Florida Technical CollegeFLAssociateGet Info
Gibbs SchoolsMAAssociateGet Info
Golden Gate UniversityCABachelor, Doctorate, MasterGet Info
Golden Gate University OnlineOnlineBachelor, MasterGet Info
Goodwin CollegeCTAssociateGet Info
Grand Canyon UniversityOnlineBachelor, MasterGet Info
Grantham UniversityOnlineBachelor, MasterGet Info
Harrison CollegeINAssociate, Bachelor, DiplomaGet Info
Heald CollegeCA, HI, ORAssociateGet Info
Herzing CollegeON, QCCoursework, DiplomaGet Info
Herzing UniversityAL, FL, GA, LA, MN, OH, WIAssociate, BachelorGet Info
Herzing University OnlineOnlineAssociate, Bachelor, Diploma, MasterGet Info
Hesser CollegeNHAssociate, BachelorGet Info
ICS CanadaOnlineDiplomaGet Info
ITT Technical InstituteAL, AR, AZ, CA, CO, FL, GA, ID, IL, IN, KY, LA, MD, MI, MO, NC, NE, NM, NV, OH, OK, OR, SC, TN, UT, VA, WA, WIAssociate, Bachelor, Diploma, MasterGet Info
Independence UniversityOnlineAssociate, Bachelor, MasterGet Info
Jones CollegeFLAssociate, BachelorGet Info
Jones International UniversityOnlineBachelor, Doctorate, MasterGet Info
Kaplan Career InstitutePAAssociateGet Info
Kaplan CollegeIN, MDAssociate, Bachelor, CertificateGet Info
Kaplan UniversityIA, NEAssociate, Bachelor, Certificate, MasterGet Info
Keiser UniversityFLAssociate, Bachelor, MasterGet Info
Keiser University eCampus OnlineOnlineAssociate, Bachelor, MasterGet Info
Keller Graduate School of Management of DeVry UniversityAZ, CA, CO, FL, GA, IL, IN, MD, MN, MO, NC, NV, NY, OH, OK, OR, PA, TN, TX, UT, VA, WA, WICertificate, MasterGet Info
Keller Graduate School of Management of DeVry University OnlineOnlineCertificate, MasterGet Info
Kendall CollegeILBachelorGet Info
Lamson CollegeAZAssociateGet Info
Le Tourneau UniversityOnlineBachelor, MasterGet Info
Liberty UniversityOnlineAssociate, Bachelor, MasterGet Info
Lincoln College of TechnologyFL, GAAssociate, Bachelor, CourseworkGet Info
Lincoln Tech®NJCourseworkGet Info
Marylhurst UniversityOnlineBachelor, MasterGet Info
McCann School of Business & TechnologyPAAssociateGet Info
Miami-Jacobs Career CollegeOHAssociateGet Info
Miller-Motte Technical CollegeNC, SC, TN, VAAssociate, BachelorGet Info
Minnesota School of BusinessMNAssociate, Bachelor, Diploma, MasterGet Info
Missouri CollegeMOAssociateGet Info
Morrison UniversityNVAssociate, Bachelor, MasterGet Info
National American UniversityOnlineAssociate, Bachelor, MasterGet Info
National American University CampusCO, KS, MN, MO, NM, SDAssociate, Bachelor, MasterGet Info
National CollegeIN, KY, OH, TN, VAAssociate, Bachelor, DiplomaGet Info
National Institute of Technology OhioOHAssociateGet Info
New England Culinary InstituteOnlineBachelorGet Info
Northeastern University OnlineOnlineMasterGet Info
Northwestern CollegeILAssociate, CertificateGet Info
Norwich UniversityOnlineMasterGet Info
Penn Foster Career SchoolOnlineAssociate, DiplomaGet Info
Penn Foster CollegeOnlineAssociateGet Info
Pioneer Pacific CollegeORBachelorGet Info
Pittsburgh Technical InstitutePAAssociateGet Info
Plaza CollegeNYAssociate, BachelorGet Info
Post UniversityCTAssociate, BachelorGet Info
RETS CollegeOnlineAssociateGet Info
Rasmussen CollegeFL, IL, MN, ND, WIAssociate, BachelorGet Info
Regis UniversityOnlineBachelor, MasterGet Info
Remington CollegeLA, OH, TN, TXAssociateGet Info
Salem University OnlineOnlineAssociate, Bachelor, MasterGet Info
Salter CollegeMAAssociateGet Info
Sanford-Brown CollegeIL, MOAssociate, BachelorGet Info
Sanford-Brown InstituteNY, PAAssociateGet Info
South UniversityOnlineAssociate, Bachelor, MasterGet Info
South University CampusAL, FL, GA, SCAssociate, Bachelor, MasterGet Info
Southern Technical CollegeFLAssociateGet Info
Southwest Florida CollegeFLAssociate, BachelorGet Info
Southwestern CollegeKY, OHCourseworkGet Info
Spencerian CollegeKYAssociateGet Info
Stevens-Henager CollegeID, UTAssociate, Bachelor, Certificate, MasterGet Info
Stratford Career InstituteOnlineDiplomaGet Info
Strayer UniversityAL, DC, DE, FL, GA, KY, MD, NC, NJ, PA, SC, TN, UT, VA, WVAssociate, Bachelor, Certificate, Diploma, MasterGet Info
Strayer University OnlineOnlineAssociate, Bachelor, Certificate, Diploma, MasterGet Info
Sullivan UniversityKYAssociate, Diploma, MasterGet Info
TESST College of TechnologyMDCertificateGet Info
TUI UniversityOnlineBachelor, MasterGet Info
Technical Career InstituteFLAssociateGet Info
The College of WestchesterNYAssociateGet Info
The Edinburgh Business SchoolOnlineDoctorate, MasterGet Info
The George Washington University OnlineONMasterGet Info
The University of LiverpoolOnlineMasterGet Info
Tri-State Business InstitutePAAssociateGet Info
University of PhoenixAL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, NC, NJ, NM, NV, OH, OK, OR, PA, PR, SC, TN, TX, UT, VA, WA, WIBachelor, MasterGet Info
University of Phoenix OnlineOnlineAssociate, Bachelor, Doctorate, MasterGet Info
University of ScrantonOnlineMasterGet Info
Utah Career CollegeUTAssociateGet Info
Utica CollegeOnlineMasterGet Info
Villanova University Professional Certificate Online ProgramsOnlineCertificateGet Info
Virginia College OnlineOnlineAssociate, Bachelor, MasterGet Info
Vista CollegeUTCertificateGet Info
Walden UniversityOnlineBachelor, Doctorate, MasterGet Info
Western International UniversityAZBachelor, MasterGet Info
Westwood CollegeCA, CO, GA, IL, TXBachelor, MasterGet Info

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Additional Details

We have some additional detailed pages at the state level for Loan Officers. These pages include maps focused on the particular state, among other details.

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