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Loan Officers

It's a bright outlook for

This career will grow rapidly in the next few years.

Learn more about what they do.

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, loan underwriters, and payday loan officers.

Related: Credit Analysts Credit Authorizers, Checkers, & Clerks Credit Counselors Loan Interviewers & Clerks Personal Financial Advisors

Industries: Finance & Insurance

Summary
Details

Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
Handle customer complaints and take appropriate action to resolve them.
Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
Review and update credit and loan files.
Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
Submit applications to credit analysts for verification and recommendation.
Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
Compute payment schedules.
Analyze potential loan markets and develop referral networks to locate prospects for loans.
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Meet with applicants to obtain information for loan applications and to answer questions about the process.
Review and update credit and loan files.
Supervise loan personnel.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Work with clients to identify their financial goals and to find ways of reaching those goals.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Review loan agreements to ensure that they are complete and accurate according to policy.

Learning Strategies
- Using the best training or teaching strategies for learning new things.
Complex Problem Solving
- Noticing a problem and figuring out the best way to solve it.
Technology Design
- Making equipment and technology useful for customers.
Operations Monitoring
- Watching gauges, dials, or display screens to make sure a machine is working.
Quality Control Analysis
- Testing how well a product or service works.
Time Management
- Managing your time and the time of other people.
Management of Personnel Resources
- Selecting and managing the best workers for a job.
Coordination
- Changing what is done based on other people's actions.
Monitoring
- Keeping track of how well people and/or groups are doing in order to make improvements.
Mathematics
- Using math to solve problems.
Science
- Using scientific rules and strategies to solve problems.
Negotiation
- Bringing people together to solve differences.
Social Perceptiveness
- Understanding people's reactions.
Reading Comprehension
- Reading work-related information.
Critical Thinking
- Thinking about the pros and cons of different ways to solve a problem.
Service Orientation
- Looking for ways to help people.
Equipment Selection
- Deciding what kind of tools and equipment are needed to do a job.
Judgment and Decision Making
- Thinking about the pros and cons of different options and picking the best one.
Systems Analysis
- Figuring out how a system should work and how changes in the future will affect it.
Systems Evaluation
- Measuring how well a system is working and how to improve it.
Management of Material Resources
- Managing equipment and materials.
Active Learning
- Figuring out how to use new ideas or things.
Operations Analysis
- Figuring out what a product or service needs to be able to do.
Installation
- Installing equipment, machines, wiring, or computer programs.
Programming
- Writing computer programs.
Operation and Control
- Using equipment or systems.
Equipment Maintenance
- Planning and doing the basic maintenance on equipment.
Troubleshooting
- Figuring out what is causing equipment, machines, wiring, or computer programs to not work.
Repairing
- Repairing machines or systems using the right tools.
Management of Financial Resources
- Making spending decisions and keeping track of what is spent.
Active Listening
- Listening to others, not interrupting, and asking good questions.
Writing
- Writing things for co-workers or customers.
Instructing
- Teaching people how to do something.
Persuasion
- Talking people into changing their minds or their behavior.
Speaking
- Talking to others.

Deductive Reasoning
- Using rules to solve problems.
Near Vision
- Seeing details up close.
Depth Perception
- Deciding which thing is closer or farther away from you, or deciding how far away it is from you.
Visualization
- Imagining how something will look after it is moved around or changed.
Speed of Limb Movement
- Quickly moving your arms and legs.
Far Vision
- Seeing details that are far away.
Glare Sensitivity
- Seeing something even if there is a glare or very bright light.
Explosive Strength
- Jumping, sprinting, or throwing something.
Night Vision
- Seeing at night or under low light.
Written Comprehension
- Reading and understanding what is written.
Inductive Reasoning
- Making general rules or coming up with answers from lots of detailed information.
Problem Sensitivity
- Noticing when problems happen.
Finger Dexterity
- Putting together small parts with your fingers.
Visual Color Discrimination
- Noticing the difference between colors, including shades and brightness.
Hearing Sensitivity
- Telling the difference between sounds.
Gross Body Equilibrium
- Keeping your balance or staying upright.
Sound Localization
- Noticing the direction that a sound came from.
Speech Recognition
- Recognizing spoken words.
Speech Clarity
- Speaking clearly.
Written Expression
- Communicating by writing.
Information Ordering
- Ordering or arranging things.
Number Facility
- Adding, subtracting, multiplying, or dividing.
Speed of Closure
- Quickly knowing what you are looking at.
Arm-Hand Steadiness
- Keeping your arm or hand steady.
Multilimb Coordination
- Using your arms and/or legs together while sitting, standing, or lying down.
Flexibility of Closure
- Seeing hidden patterns.
Static Strength
- Lifting, pushing, pulling, or carrying.
Oral Comprehension
- Listening and understanding what people say.
Manual Dexterity
- Holding or moving items with your hands.
Response Orientation
- Quickly deciding if you should move your hand, foot, or other body part.
Time Sharing
- Doing two or more things at the same time.
Dynamic Strength
- Exercising for a long time without your muscles getting tired.
Reaction Time
- Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.
Wrist-Finger Speed
- Making fast, simple, repeated movements of your fingers, hands, and wrists.
Gross Body Coordination
- Moving your arms, legs, and mid-section together while your whole body is moving.
Peripheral Vision
- Seeing something to your side when your are looking ahead.
Oral Expression
- Communicating by speaking.
Category Flexibility
- Grouping things in different ways.
Mathematical Reasoning
- Choosing the right type of math to solve a problem.
Originality
- Creating new and original ideas.
Memorization
- Remembering words, numbers, pictures, or steps.
Auditory Attention
- Paying attention to one sound while there are other distracting sounds.
Fluency of Ideas
- Coming up with lots of ideas.
Spatial Orientation
- Knowing where things are around you.
Trunk Strength
- Using your lower back and stomach.
Selective Attention
- Paying attention to something without being distracted.
Rate Control
- Changing when and how fast you move based on how something else is moving.
Stamina
- Exercising for a long time without getting out of breath.
Extent Flexibility
- Bending, stretching, twisting, or reaching with your body, arms, and/or legs.
Perceptual Speed
- Quickly comparing groups of letters, numbers, pictures, or other things.
Control Precision
- Quickly changing the controls of a machine, car, truck or boat.
Dynamic Flexibility
- Quickly and repeatedly bending, stretching, twisting, or reaching out with your body, arms, and/or legs.

Production and Processing
- Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
Mathematics
- Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Geography
- Knowledge of principles and methods for describing the features of land, sea, and air masses, including their physical characteristics, locations, interrelationships, and distribution of plant, animal, and human life.
Medicine and Dentistry
- Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
Engineering and Technology
- Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
Chemistry
- Knowledge of the chemical composition, structure, and properties of substances and of the chemical processes and transformations that they undergo. This includes uses of chemicals and their interactions, danger signs, production techniques, and disposal methods.
Computers and Electronics
- Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Public Safety and Security
- Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.
Transportation
- Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
Foreign Language
- Knowledge of the structure and content of a foreign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.
History and Archeology
- Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
English Language
- Knowledge of the structure and content of the English language including the meaning and spelling of words, and rules of composition and grammar.
Fine Arts
- Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
Philosophy and Theology
- Knowledge of different philosophical systems and religions. This includes their basic principles, values, ethics, ways of thinking, customs, practices, and their impact on human culture.
Communications and Media
- Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.
Education and Training
- Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Telecommunications
- Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.
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.
Biology
- Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
Personnel and Human Resources
- Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
Building and Construction
- Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
Psychology
- Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
Mechanical
- Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
Design
- Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
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.
Administration and Management
- Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Therapy and Counseling
- Knowledge of principles, methods, and procedures for diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and for career counseling and guidance.
Law and Government
- Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Sociology and Anthropology
- Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.
Economics and Accounting
- Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
Physics
- Knowledge and prediction of physical principles, laws, their interrelationships, and applications to understanding fluid, material, and atmospheric dynamics, and mechanical, electrical, atomic and sub-atomic structures and processes.
Administrative
- Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
Food Production
- Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.

Education

Bachelor's degree

Work Experience

Less than 5 years work experience

Training

1 to 12 months on-the-job training

Education and Training Opportunities

Washington Annual Salary

77040/yr

Washington Hourly Wage

37.04/hr

Currently Employed

8,250

Yearly Projected Openings

540

Conventional: People interested in this work like activities that include data, detail, and regular routines. They do well at jobs that need:

Integrity
Dependability
Cooperation
Attention to Detail
Adaptability/Flexibility
Initiative

Autodialers
Desktop calculator
Desktop computers
Notebook computers
Personal computers
Personal digital assistant PDAs or organizers
Scanners
Tablet computers

Accounting software
Compliance software
Content workflow software
Customer relationship management CRM software
Data base user interface and query software
Development environment software
Document management software
Electronic mail software
Enterprise resource planning ERP software
Financial analysis software
Information retrieval or search software
Internet browser software
Office suite software
Presentation software
Spreadsheet software
Transaction server software
Video conferencing software
Word processing software

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