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 2020

Geography	Employment	Emp SE*	Percentiles
Geography	Employment	Emp SE*	Mean	10th	25th	Median	75th	90th
Southeast Minnesota	600	73	$38.85/hr	$21.63/hr	$26.19/hr	$34.95/hr	$48.82/hr	$62.90/hr

Leading Industries for Loan Officers

Industry	OES Employment (Statewide)	OES Median Wage (Statewide)
Manufacturing	N/A	N/A
Trade, Transportation and Utilities	370	$34.23/hr
Information	N/A	N/A
Financial Activities	7,620	$36.18/hr
Professional and Business Services	350	$32.82/hr
Education and Health Services	N/A	N/A
Other Services	30	$32.21/hr
Public Administration	160	$34.66/hr

Other Regional Data for Loan Officers

Geography	Employment	Median Wage	Projections % Change 2016-2026
Grand Forks ND-MN MSA	110	$32.65/hr	N/A
Mankato-North Mankato MN MSA	110	$29.84/hr	N/A
Northeast Balance of State	140	$28.69/hr	N/A
Rochester MN MSA	220	$36.76/hr	N/A
Duluth MN-WI MSA	250	$29.54/hr	N/A
La Crosse WI-MN MSA	290	$25.62/hr	N/A
Northeast Minnesota	310	$30.07/hr	-5.6%
Southwest Balance of State	390	$35.92/hr	N/A
St Cloud MN MSA	410	$26.21/hr	N/A
Fargo ND-MN MSA	420	$33.20/hr	N/A
Southeast Balance of State	490	$34.50/hr	N/A
Southwest Minnesota	590	$36.74/hr	6.4%
Northwest Balance of State	590	$30.15/hr	N/A
Southeast Minnesota	600	$34.95/hr	0.0%
Northwest Minnesota	670	$30.63/hr	-4.6%
Central Minnesota	710	$29.41/hr	3.2%
Seven County Mpls-St Paul, MN	5,590	$37.77/hr	10.0%
Minneapolis-St Paul-Bloomington MN-WI MSA	5,920	$38.05/hr	N/A
Minnesota	8,550	$35.96/hr	8.1%

Related Occupations

Occupations	Employment	Median Wage	Projections % Change 2016-2026
Securities, Commodities, and Financial Services Sales Agents	9,240	$41.58/hr	4.0%
Tax Preparers	1,350	$26.02/hr	10.7%
Tax Examiners and Collectors, and Revenue Agents	1,170	$28.87/hr	2.6%
Insurance Underwriters	1,750	$35.09/hr	-8.4%
Credit Authorizers, Checkers, and Clerks	570	$23.91/hr	-0.5%
Loan Interviewers and Clerks	5,760	$20.35/hr	6.3%
New Accounts Clerks	980	$19.45/hr	-3.7%
Insurance Sales Agents	8,090	$29.13/hr	9.0%
Personal Financial Advisors	3,900	$38.76/hr	17.4%
Brokerage Clerks	2,050	$24.24/hr	1.6%

Task for Loan Officers

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.