Occupational Employment Statistics

DETAILED OCCUPATION DATA

13-2072 Loan Officers

Occupational Description:
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.

Occupational Employment Statistics(OES) Wage Data
First Quarter 2024

Geography	Employment	Emp SE*	Percentiles
Geography	Employment	Emp SE*	Mean	10th	25th	Median	75th	90th
Minnesota	7,270	334	$47.21/hr	$22.53/hr	$29.88/hr	$40.54/hr	$56.92/hr	$75.58/hr

Leading Industries for Loan Officers

Industry	OES Employment (Statewide)	OES Median Wage (Statewide)
Trade, Transportation and Utilities	340	$48.92/hr
Financial Activities	6,480	$40.53/hr
Professional and Business Services	270	$41.16/hr
Education and Health Services	N/A	N/A
Other Services	30	$49.85/hr
Public Administration	140	$40.60/hr

Other Regional Data for Loan Officers

Geography	Employment	Median Wage	Projections % Change 2022-2032
Northeast Balance of State	110	$31.92/hr	N/A
Grand Forks ND-MN MSA	120	$41.76/hr	N/A
Mankato-North Mankato MN MSA	120	$35.34/hr	N/A
La Crosse WI-MN MSA	180	$32.80/hr	N/A
Rochester MN MSA	180	$40.18/hr	N/A
Duluth MN-WI MSA	200	$32.18/hr	N/A
Northeast Minnesota	260	$31.93/hr	0.0%
St Cloud MN MSA	300	$39.30/hr	N/A
Southwest Balance of State	380	$36.29/hr	N/A
Southeast Balance of State	400	$44.26/hr	N/A
Fargo ND-MN MSA	410	$46.80/hr	N/A
Southeast Minnesota	450	$41.34/hr	1.0%
Northwest Balance of State	480	$37.90/hr	N/A
Northwest Minnesota	560	$37.90/hr	1.6%
Southwest Minnesota	570	$39.03/hr	0.5%
Central Minnesota	610	$39.50/hr	1.9%
Seven County Mpls-St Paul, MN	4,160	$41.43/hr	0.3%
Minneapolis-St Paul-Bloomington MN-WI MSA	4,430	$41.43/hr	N/A
Minnesota	7,270	$40.54/hr	0.7%

Related Occupations

Occupations	Employment	Median Wage	Projections % Change 2022-2032
Securities, Commodities, and Financial Services Sales Agents	7,830	$36.43/hr	6.2%
Tax Preparers	1,100	$23.71/hr	1.7%
Tax Examiners and Collectors, and Revenue Agents	1,050	$35.29/hr	3.4%
Insurance Underwriters	1,970	$38.92/hr	-3.0%
Insurance Sales Agents	8,840	$38.23/hr	7.4%
Credit Authorizers, Checkers, and Clerks	180	$23.65/hr	N/A
New Accounts Clerks	1,440	$23.09/hr	-16.5%
Loan Interviewers and Clerks	4,320	$24.06/hr	-3.2%
Credit Counselors	710	$28.85/hr	5.3%
Brokerage Clerks	1,170	$27.90/hr	-9.2%

Task for Loan Officers

Supervise loan personnel.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Compute payment schedules.
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.
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
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.
Work with clients to identify their financial goals and to find ways of reaching those goals.