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 EmploymentEmp SE*Percentiles
Northwest Minnesota 57053$34.44/hr$20.71/hr$23.99/hr$32.46/hr$44.05/hr$50.43/hr

IndustryOES Employment (Statewide)OES Median Wage (Statewide)
Trade, Transportation and Utilities440$35.02/hr
Financial Activities6,460$35.66/hr
Professional and Business Services320$31.50/hr
Education and Health Services20$22.07/hr
Other ServicesN/AN/A
Public Administration150$35.30/hr
Geography EmploymentMedian WageProjections
% Change 2016-2026
Grand Forks ND-MN MSA 110$31.60/hrN/A
Northeast Balance of State 120$28.20/hrN/A
Mankato-North Mankato MN MSA 130$28.83/hrN/A
La Crosse WI-MN MSA 240$26.61/hrN/A
Rochester MN MSA 250$34.00/hrN/A
Duluth MN-WI MSA 250$28.14/hrN/A
St Cloud MN MSA 270$29.47/hrN/A
Northeast Minnesota 290$28.62/hr-5.6%
Southwest Balance of State 370$35.15/hrN/A
Fargo ND-MN MSA 420$30.22/hrN/A
Southeast Balance of State 460$34.23/hrN/A
Northwest Minnesota 570$32.46/hr-4.6%
Northwest Balance of State 580$30.80/hrN/A
Southeast Minnesota 590$33.11/hr0.0%
Central Minnesota 610$32.06/hr3.2%
Southwest Minnesota 610$35.60/hr6.4%
Seven County Mpls-St Paul, MN 4,900$36.84/hr10.0%
Minneapolis-St Paul-Bloomington MN-WI MSA 5,300$37.36/hrN/A
Minnesota 7,740$35.30/hr8.1%

Occupations EmploymentMedian WageProjections
% Change 2016-2026
Securities, Commodities, and Financial Services Sales Agents 9,470$39.36/hr4.0%
Tax Preparers 990$25.12/hr10.7%
Tax Examiners, Collectors, and Revenue Agents 1,080$29.99/hr2.6%
Insurance Underwriters 1,620$31.27/hr-8.4%
Credit Authorizers, Checkers, and Clerks 720$23.79/hr-0.5%
Loan Interviewers and Clerks 5,530$20.02/hr6.3%
New Accounts Clerks 1,170$18.76/hr-3.7%
Insurance Sales Agents 7,120$29.76/hr9.0%
Personal Financial Advisors 3,720$38.72/hr17.4%
Brokerage Clerks 2,470$23.88/hr1.6%

  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Review and update credit and loan files.
  • Submit applications to credit analysts for verification and recommendation.
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Compute payment schedules.
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.