Loan Officers

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About the Job

Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

It is also Called

  • Agricultural Loan Officer
  • Banking Services Officer
  • Bank Officer
  • Bank Representative
  • Branch Account Executive
  • Branch Account Manager
  • Branch Banker
  • Branch Lending Officer
  • Branch Manager
  • Business Banker
View All

What They Do

  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Handle customer complaints and take appropriate action to resolve them.
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Review and update credit and loan files.

Interests

People who work in this occupation generally have the interest code: CES.

This means people who work in this occupation generally have Conventional interests, but also prefer Enterprising and Social environments.

Work Values

People who work in this occupation generally prize Relationships, but also value Independence and Support in their jobs.

Things They Need to Know

  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

Things They Need to Be Able to Do

  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Speaking - Talking to others to convey information effectively.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Service Orientation - Actively looking for ways to help people.
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.

Education Required

Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.

Wages

In 2017, the average annual wage in Ohio was $72,490 with most people making between $31,940 and $120,650

Outlook

0.71%
avg. annual growth

During 2014, this occupation employed approximately 12,550 people in Ohio. It is projected that there will be 13,440 employed in 2024.

This occupation will have about 89 openings due to growth and about 211 replacement openings for approximately 300 total annual openings.

Apprenticeship Opportunities

  • John Marshall High School
    3952 WEST 140TH ST
    CLEVELAND, OH 44111

Work Keys

This occupation requires a Silver certificate

Skill Level
Reading for Information4
Locating Information4
Observation4
Applied Mathematics3
Listening3
Writing2