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 Click link for Career Profile EmploymentEmp SE*Percentiles
Southeast Minnesota 60073$38.85/hr$21.63/hr$26.19/hr$34.95/hr$48.82/hr$62.90/hr

IndustryOES Employment (Statewide)OES Median Wage (Statewide)
Trade, Transportation and Utilities370$34.23/hr
Financial Activities7,620$36.18/hr
Professional and Business Services350$32.82/hr
Education and Health ServicesN/AN/A
Other Services30$32.21/hr
Public Administration160$34.66/hr
Geography Click link for details EmploymentMedian WageProjections
% Change 2016-2026
Grand Forks ND-MN MSA 110$32.65/hrN/A
Mankato-North Mankato MN MSA 110$29.84/hrN/A
Northeast Balance of State 140$28.69/hrN/A
Rochester MN MSA 220$36.76/hrN/A
Duluth MN-WI MSA 250$29.54/hrN/A
La Crosse WI-MN MSA 290$25.62/hrN/A
Northeast Minnesota 310$30.07/hr-5.6%
Southwest Balance of State 390$35.92/hrN/A
St Cloud MN MSA 410$26.21/hrN/A
Fargo ND-MN MSA 420$33.20/hrN/A
Southeast Balance of State 490$34.50/hrN/A
Southwest Minnesota 590$36.74/hr6.4%
Northwest Balance of State 590$30.15/hrN/A
Southeast Minnesota 600$34.95/hr0.0%
Northwest Minnesota 670$30.63/hr-4.6%
Central Minnesota 710$29.41/hr3.2%
Seven County Mpls-St Paul, MN 5,590$37.77/hr10.0%
Minneapolis-St Paul-Bloomington MN-WI MSA 5,920$38.05/hrN/A
Minnesota 8,550$35.96/hr8.1%

Occupations Click link for details EmploymentMedian WageProjections
% Change 2016-2026
Securities, Commodities, and Financial Services Sales Agents 9,240$41.58/hr4.0%
Tax Preparers 1,350$26.02/hr10.7%
Tax Examiners and Collectors, and Revenue Agents 1,170$28.87/hr2.6%
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/hr6.3%
New Accounts Clerks 980$19.45/hr-3.7%
Insurance Sales Agents 8,090$29.13/hr9.0%
Personal Financial Advisors 3,900$38.76/hr17.4%
Brokerage Clerks 2,050$24.24/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.