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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
Southwest Minnesota 56038$41.18/hr$23.96/hr$29.55/hr$38.72/hr$50.79/hr$63.35/hr


IndustryOES Employment (Statewide)OES Median Wage (Statewide)
Trade, Transportation and Utilities210$31.28/hr
Financial Activities6,640$39.79/hr
Professional and Business Services490$51.62/hr
Education and Health ServicesN/AN/A
Other Services10$40.72/hr
Public Administration170$38.44/hr
 
Geography Click link for details EmploymentMedian WageProjections
% Change 2020-2030
Mankato-North Mankato MN MSA 110$31.95/hrN/A
Northeast Balance of State 110$38.39/hrN/A
Grand Forks ND-MN MSA 120$39.10/hrN/A
Duluth MN-WI MSA 210$31.72/hrN/A
Rochester MN MSA 220$39.81/hrN/A
Northeast Minnesota 250$32.05/hr8.6%
La Crosse WI-MN MSA 250$30.41/hrN/A
Fargo ND-MN MSA 360$38.44/hrN/A
Southwest Balance of State 390$39.19/hrN/A
St Cloud MN MSA 410$28.96/hrN/A
Northwest Balance of State 450$38.63/hrN/A
Southeast Balance of State 470$38.71/hrN/A
Northwest Minnesota 530$38.63/hr7.1%
Southeast Minnesota 530$38.71/hr5.0%
Southwest Minnesota 560$38.72/hr5.6%
Central Minnesota 740$31.80/hr5.4%
Seven County Mpls-St Paul, MN 4,620$40.37/hr0.9%
Minneapolis-St Paul-Bloomington MN-WI MSA 4,930$40.37/hrN/A
Minnesota 7,520$39.79/hr2.3%


Occupations Click link for details EmploymentMedian WageProjections
% Change 2020-2030
Securities, Commodities, and Financial Services Sales Agents 7,530$40.46/hr6.7%
Tax Preparers 1,360$28.17/hr1.7%
Tax Examiners and Collectors, and Revenue Agents 1,440$31.90/hr-2.5%
Insurance Underwriters 2,410$34.02/hr-5.5%
Insurance Sales Agents 8,520$32.24/hr2.6%
Credit Authorizers, Checkers, and Clerks 220$24.83/hr-7.9%
New Accounts Clerks 1,530$19.39/hr-12.4%
Loan Interviewers and Clerks 4,500$24.46/hr-2.0%
Credit Counselors 690$24.31/hr6.4%
Brokerage Clerks 1,790$24.98/hr-8.3%


  • 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.