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Occupational Employment Statistics


DETAILED OCCUPATION DATA

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
Mean10th25thMedian75th90th
Northwest Minnesota 56035$41.01/hr$21.98/hr$28.13/hr$37.90/hr$49.04/hr$65.42/hr


IndustryOES Employment (Statewide)OES Median Wage (Statewide)
Trade, Transportation and Utilities340$48.92/hr
Financial Activities6,480$40.53/hr
Professional and Business Services270$41.16/hr
Education and Health ServicesN/AN/A
Other Services30$49.85/hr
Public Administration140$40.60/hr
 
Geography Click link for details EmploymentMedian WageProjections
% Change 2022-2032
Northeast Balance of State 110$31.92/hrN/A
Grand Forks ND-MN MSA 120$41.76/hrN/A
Mankato-North Mankato MN MSA 120$35.34/hrN/A
La Crosse WI-MN MSA 180$32.80/hrN/A
Rochester MN MSA 180$40.18/hrN/A
Duluth MN-WI MSA 200$32.18/hrN/A
Northeast Minnesota 260$31.93/hr0.0%
St Cloud MN MSA 300$39.30/hrN/A
Southwest Balance of State 380$36.29/hrN/A
Southeast Balance of State 400$44.26/hrN/A
Fargo ND-MN MSA 410$46.80/hrN/A
Southeast Minnesota 450$41.34/hr1.0%
Northwest Balance of State 480$37.90/hrN/A
Northwest Minnesota 560$37.90/hr1.6%
Southwest Minnesota 570$39.03/hr0.5%
Central Minnesota 610$39.50/hr1.9%
Seven County Mpls-St Paul, MN 4,160$41.43/hr0.3%
Minneapolis-St Paul-Bloomington MN-WI MSA 4,430$41.43/hrN/A
Minnesota 7,270$40.54/hr0.7%


Occupations Click link for details EmploymentMedian WageProjections
% Change 2022-2032
Securities, Commodities, and Financial Services Sales Agents 7,830$36.43/hr6.2%
Tax Preparers 1,100$23.71/hr1.7%
Tax Examiners and Collectors, and Revenue Agents 1,050$35.29/hr3.4%
Insurance Underwriters 1,970$38.92/hr-3.0%
Insurance Sales Agents 8,840$38.23/hr7.4%
Credit Authorizers, Checkers, and Clerks 180$23.65/hrN/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/hr5.3%
Brokerage Clerks 1,170$27.90/hr-9.2%


  • 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.