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 2023

Geography	Employment	Emp SE*	Percentiles
Geography	Employment	Emp SE*	Mean	10th	25th	Median	75th	90th
Northwest Minnesota	570	36	$38.62/hr	$20.96/hr	$24.78/hr	$36.45/hr	$47.85/hr	$65.47/hr

Leading Industries for Loan Officers

Industry	OES Employment (Statewide)	OES Median Wage (Statewide)
Trade, Transportation and Utilities	280	$38.19/hr
Financial Activities	6,960	$38.65/hr
Professional and Business Services	600	$40.02/hr
Education and Health Services	N/A	N/A
Other Services	20	$42.53/hr
Public Administration	150	$38.73/hr

Other Regional Data for Loan Officers

Geography	Employment	Median Wage	Projections % Change 2020-2030
Mankato-North Mankato MN MSA	110	$36.57/hr	N/A
Grand Forks ND-MN MSA	120	$37.55/hr	N/A
Northeast Balance of State	120	$31.05/hr	N/A
Duluth MN-WI MSA	180	$31.12/hr	N/A
La Crosse WI-MN MSA	190	$31.27/hr	N/A
Rochester MN MSA	200	$37.83/hr	N/A
Northeast Minnesota	240	$30.99/hr	8.6%
Southwest Balance of State	320	$35.89/hr	N/A
St Cloud MN MSA	340	$39.16/hr	N/A
Fargo ND-MN MSA	390	$37.26/hr	N/A
Southeast Balance of State	470	$38.63/hr	N/A
Southwest Minnesota	500	$38.20/hr	5.6%
Northwest Balance of State	500	$36.14/hr	N/A
Southeast Minnesota	520	$38.20/hr	5.0%
Northwest Minnesota	570	$36.45/hr	7.1%
Central Minnesota	650	$38.42/hr	5.4%
Seven County Mpls-St Paul, MN	4,960	$39.57/hr	0.9%
Minneapolis-St Paul-Bloomington MN-WI MSA	5,230	$39.57/hr	N/A
Minnesota	8,020	$38.66/hr	2.3%

Related Occupations

Occupations	Employment	Median Wage	Projections % Change 2020-2030
Securities, Commodities, and Financial Services Sales Agents	8,560	$36.33/hr	6.7%
Tax Preparers	1,430	$30.00/hr	1.7%
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/hr	2.6%
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/hr	6.4%
Brokerage Clerks	1,570	$25.31/hr	-8.3%

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.