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 2025

Geography	Employment	Emp SE*	Percentiles
Geography	Employment	Emp SE*	Mean	10th	25th	Median	75th	90th
Northwest Minnesota	560	34	$40.39/hr	$23.61/hr	$28.63/hr	$39.06/hr	$47.86/hr	$62.62/hr

Leading Industries for Loan Officers

Industry	OES Employment (Statewide)	OES Median Wage (Statewide)
Construction	N/A	N/A
Trade, Transportation and Utilities	280	$55.29/hr
Financial Activities	6,120	$40.75/hr
Professional and Business Services	200	$43.43/hr
Education and Health Services	30	$28.15/hr
Other Services	70	$40.25/hr
Public Administration	250	$42.20/hr

Other Regional Data for Loan Officers

Geography	Employment	Median Wage	Projections % Change 2022-2032
Grand Forks ND-MN MSA	100	$42.03/hr	N/A
Northeast Balance of State	120	$36.03/hr	N/A
Mankato-North Mankato MN MSA	150	$45.25/hr	N/A
La Crosse WI-MN MSA	190	$38.26/hr	N/A
Rochester MN MSA	200	$39.49/hr	N/A
Duluth MN-WI MSA	250	$35.23/hr	N/A
St Cloud MN MSA	280	$41.31/hr	N/A
Northeast Minnesota	300	$34.93/hr	0.0%
Southwest Balance of State	300	$38.33/hr	N/A
Southeast Balance of State	310	$39.75/hr	N/A
Fargo ND-MN MSA	380	$43.65/hr	N/A
Southeast Minnesota	410	$39.72/hr	1.0%
Southwest Minnesota	490	$38.86/hr	0.5%
Northwest Balance of State	490	$38.82/hr	N/A
Central Minnesota	560	$40.53/hr	1.9%
Northwest Minnesota	560	$39.06/hr	1.6%
Seven County Mpls-St Paul, MN	4,120	$44.64/hr	0.3%
Minneapolis-St Paul-Bloomington MN-WI MSA	4,360	$44.64/hr	N/A
Minnesota	6,950	$41.05/hr	0.7%

Related Occupations

Occupations	Employment	Median Wage	Projections % Change 2022-2032
Securities, Commodities, and Financial Services Sales Agents	7,690	$38.70/hr	6.2%
Tax Preparers	1,330	$31.83/hr	1.7%
Tax Examiners and Collectors, and Revenue Agents	290	$31.70/hr	3.4%
Insurance Underwriters	2,670	$38.36/hr	-3.0%
Insurance Sales Agents	9,470	$38.21/hr	7.4%
Credit Authorizers, Checkers, and Clerks	100	$24.30/hr	N/A
New Accounts Clerks	1,360	$23.36/hr	-16.5%
Loan Interviewers and Clerks	3,300	$24.35/hr	-3.2%
Credit Counselors	590	$28.49/hr	5.3%
Brokerage Clerks	1,300	$29.35/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.