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Occupational Employment Statistics


13-2072 Loan Officers

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.

Geography Click link for Career Profile EmploymentEmp SE*Percentiles
Central Minnesota 65044$44.61/hr$19.77/hr$29.08/hr$38.42/hr$55.59/hr$71.92/hr

IndustryOES Employment (Statewide)OES Median Wage (Statewide)
Trade, Transportation and Utilities280$38.19/hr
Financial Activities6,960$38.65/hr
Professional and Business Services600$40.02/hr
Education and Health ServicesN/AN/A
Other Services20$42.53/hr
Public Administration150$38.73/hr
Geography Click link for details EmploymentMedian WageProjections
% Change 2020-2030
Mankato-North Mankato MN MSA 110$36.57/hrN/A
Grand Forks ND-MN MSA 120$37.55/hrN/A
Northeast Balance of State 120$31.05/hrN/A
Duluth MN-WI MSA 180$31.12/hrN/A
La Crosse WI-MN MSA 190$31.27/hrN/A
Rochester MN MSA 200$37.83/hrN/A
Northeast Minnesota 240$30.99/hr8.6%
Southwest Balance of State 320$35.89/hrN/A
St Cloud MN MSA 340$39.16/hrN/A
Fargo ND-MN MSA 390$37.26/hrN/A
Southeast Balance of State 470$38.63/hrN/A
Southwest Minnesota 500$38.20/hr5.6%
Northwest Balance of State 500$36.14/hrN/A
Southeast Minnesota 520$38.20/hr5.0%
Northwest Minnesota 570$36.45/hr7.1%
Central Minnesota 650$38.42/hr5.4%
Seven County Mpls-St Paul, MN 4,960$39.57/hr0.9%
Minneapolis-St Paul-Bloomington MN-WI MSA 5,230$39.57/hrN/A
Minnesota 8,020$38.66/hr2.3%

Occupations Click link for details EmploymentMedian WageProjections
% Change 2020-2030
Securities, Commodities, and Financial Services Sales Agents 8,560$36.33/hr6.7%
Tax Preparers 1,430$30.00/hr1.7%
Tax Examiners and Collectors, and Revenue Agents 1,090$33.14/hr-2.5%
Insurance Underwriters 2,080$37.79/hr-5.5%
Insurance Sales Agents 9,540$30.34/hr2.6%
Credit Authorizers, Checkers, and Clerks 460$31.83/hr-7.9%
New Accounts Clerks 1,380$21.75/hr-12.4%
Loan Interviewers and Clerks 5,160$23.77/hr-2.0%
Credit Counselors 670$24.48/hr6.4%
Brokerage Clerks 1,570$25.31/hr-8.3%

  • 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.