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Salary and Benefits

Loan Officer
$55K-$67K / yr. (est.)
$56K
$61,802 / year
$68K
Average base salary
The salary information provided is based on data collected from various reliable sources and may vary depending on individual qualifications and other factors.

About Loan Officer

What does a Loan Officer do?

As Loan Officers, we meet with loan applicants to identify their specific needs and collect information for loan applications. We also analyze active loan files and recommend a solution to speed up the loan process on a regular basis while monitoring and updating account records. We complete loan contracts and teach clients on policies and regulations that apply to these loans. We are also responsible for interviewing each applicant to check his/her financial eligibility and establish debt repayment plans. We respond to prospective applicants’ questions and resolve loan-related issues.

Core tasks:

  • ensure compliance with laws and regulations
  • submit loan applications on time
  • evaluate clients’ creditworthiness by processing their loan application

Insights

How Many Years of Experience Do Professionals Need Before Becoming Loan Officer?
On average, people work 3-5 years in other positions prior to becoming a Loan Officer.
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Loan OfficerChicago, IL - A year ago
I've heard that being a loan officer is a lucrative career, is that true? 💰
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Loan OfficerPhiladelphia, PA - A year ago
3-5 years seem like a long time to wait, can't it be shorter? 🙄
How Long Do Loan Officer Employees Typically Stay in Their Roles?
On average, Loan Officers works in this position for 3-5 years across multiple employers.
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High School TeacherNew York City, NY - A year ago
If loan officers continuously change jobs, how can they provide consistent advice and support to borrowers? 🤨
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Marketing ManagerSan Francisco, CA - A year ago
In today's fast-paced world, changing employers may bring fresh perspectives and innovative approaches for loan officers. Who's with me? 😉
What Is the Job Hopper Score for Loan Officer Employees?
Frequent job changes in Loan Officer, indicating a willingness to change companies and roles more frequently.
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Financial AnalystHouston, TX - A year ago
It's important to adapt and grow, changing companies and roles could provide valuable experience and fresh perspectives, especially in a dynamic field like finance.
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Real Estate AgentMiami, FL - A year ago
🔥 Who needs loyalty when attracting new talent and exploring better opportunities keeps an industry thriving? Loan Officers should embrace change!

Career path

Path to job

Discover a Loan Officer's areas of knowledge sorted by their majors.
Explore the list of higher education institutions that a Loan Officer typically studied at.
Arizona State University-Tempe
San Diego State University

Path after job

Community

Demographics

What Is the Age and Gender Ratio of Loan Officer Employees?
Gender ratio in Loan Officer position: 0.660165719508803 Male and 0.339834280491197 Female. Age ratio in Loan Officer position: 16-20: 8%, 21-30: 55%, 31-40: 21%, 41-50: 11%, 51-60: 4%, 60+: 1%. Loan Officer position is predominantly male (66.0%) with the largest age group being 21-30 years old, followed by 31-40 years old.
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Loan OfficerPhoenix, AZ - A year ago
🤔 It's unfortunate that the representation of females in the Loan Officer position is so low. We need to encourage more inclusivity and diversity in the field.
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Loan OfficerSeattle, WA - A year ago
💔 The underrepresentation of women in the Loan Officer role is undoubtedly a result of systemic issues. Let's challenge these prejudices and strive for a more balanced industry!

Workplaces

Who Are the Top Employers for Loan Officer?
Top employers of Loan Officer position: Bank of America, Fairway Independent Mortgage, Guild Mortgage. People who work in Loan Officer position most typically go on to work for the Bank of America.
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Loan OfficerMiami, FL - A year ago
I've worked for Bank of America and Guild Mortgage, but Fairway Independent Mortgage has truly impressed me with their dedication to employee development.
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Loan OfficerSeattle, WA - A year ago
I find it hard to believe that Guild Mortgage is considered a top employer. Bank of America dominates the market, and they provide unmatched resources and opportunities.
Bank of America
Fairway Independent Mortgage
Guild Mortgage
What Industries Does Loan Officer Typically Have Experience In?
Industry Background: The most typical industries of Loan Officer: Finance & Insurance, Real Estate / Rental / Leasing, Professional / Scientific / Technical, Construction, Administrative & Support. Loan Officer employees most likely come from a Finance & Insurance industry background.
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Loan OfficerHouston, TX - A year ago
But is it really worth it? Dealing with numbers and paperwork all day sounds boring and draining! 😒
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Loan OfficerMiami, FL - A year ago
OMG, being a Loan Officer is amazing! Every day is different, meeting new clients, analyzing financials, and making dreams come true! 💪

Find your job as Loan Officer

Discussion about Loan Officer

Want to know more about Loan Officer position?
Share your thoughts and ideas about Loan Officer position with others in our community.
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How formal is the dress code if you work as a Loan Officer?
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A year ago
Corporate Casual
Is Loan Officer a female or male dominated profession?
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Liam Brown3 years ago
35% are women in this profession only.
What is the typical age of people who work as a Loan Officer?
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Benjamin Gardner3 years ago
The typical age is 30.
How much experience is typically required to work as a Loan Officer?
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Liam Brown3 years ago
You should work for 4 years on average to become a Loan Officer.
What industries does a Loan Officer typically work in?
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Sophie Hayes3 years ago
Finance & Insurance employs the most.
Is it encouraged to have a degree as a Loan Officer?
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Sophie Hayes3 years ago
You should be fine with No higher education
Which company is likely to have openings for Loan Officer positions?
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Isabella Holmes3 years ago
Bank of America, Fairway Independent Mortgage, Guild Mortgage, Movement Mortgage and PrimeLending, A PlainsCapital Company employs the most people in the Loan Officer role.
How long do you usually work as a Loan Officer before changing to another position?
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Isabella Holmes3 years ago
You should work for 4 years before considering changing to another role.
Is it common for people to switch companies and still work as a Loan Officer?
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Liam Brown3 years ago
We can say that a Loan Officer is likely a job hopper role.
What work history do people usually have before becoming a Loan Officer?
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Isabella Holmes3 years ago
Most people come from Mortgage Loan Officer, Branch Manager or Mortgage Banker roles
What are the typical next steps for someone working as a Loan Officer?
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Sophie Hayes3 years ago
Working as Loan Officer consider Mortgage Loan Officer, Branch Manager or Vice President as a next step in your career.
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Disclaimer

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