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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

Work with clients to identify their financial goals and to find ways of reaching those goals.
Review and update credit and loan files.
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
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.
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.
Analyze potential loan markets and develop referral networks to locate prospects for loans.
Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Supervise loan personnel.
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.
Review and update credit and loan files.
Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
Review loan agreements to ensure that they are complete and accurate according to policy.
Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
Compute payment schedules.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.

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

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

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.
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.
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.
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.
Law and Government
- Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
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.
Design
- Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
Mechanical
- Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
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.
Transportation
- Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
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.
Sociology and Anthropology
- Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.
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.
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.
Fine Arts
- Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
Telecommunications
- Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.
English Language
- Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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.
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.
Computers and Electronics
- Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
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.
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.
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.
Economics and Accounting
- Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
Food Production
- Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.
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.
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.
Biology
- Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
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.
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.
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.

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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