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, loan underwriters, and payday loan officers.| Percentiles | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Geography | Employment | Emp SE* | Mean | Mean SE* | 10th | 25th | Median | 75th | 90th |
| Central Minnesota | 710 | 32 | $33.09/hr | $2.32/hr | $16.98/hr | $21.18/hr | $29.41/hr | $43.35/hr | $56.88/hr |
| Minnesota | 8,550 | 299 | $39.26/hr | $1.06/hr | $20.72/hr | $26.65/hr | $35.96/hr | $48.74/hr | $62.43/hr |
| U S | 308,370 | 3,700 | $36.99/hr | $0.22/hr | $15.80/hr | $21.76/hr | $30.71/hr | $45.11/hr | $64.39/hr |
| *SE = Standard error, a measure of the statistical reliability of the estimate. | |||||||||
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| Occupation (click title for details) | OES | Projections | |
|---|---|---|---|
| Employment | Median Wage | % Change 2020 - 2030 | |
| Tellers | 940 | $15.07/hr | -9.8% |
| Billing and Posting Clerks and Machine Operators | 740 | $20.15/hr | 1.2% |
| Loan Interviewers and Clerks | 410 | $20.70/hr | -0.3% |
| Credit Analysts | 230 | $30.10/hr | -4.8% |
| Personal Financial Advisors | 210 | $34.73/hr | -2.4% |
| New Accounts Clerks | 130 | $20.43/hr | -10.4% |
| Tax Preparers | 110 | $29.74/hr | 0.0% |
| Brokerage Clerks | 80 | $22.69/hr | -12.7% |
| Tax Examiners, Collectors, and Revenue Agents | 80 | $38.40/hr | N/A |
Tasks for Loan Officers
- Analyzes applicant's financial status, credit, and property evaluation to determine feasibility of granting loan.
- Ensures loan agreements are complete and accurate according to policy.
- Submits application to credit analyst for verification and recommendation.
- Confers with underwriters to aid in resolving mortgage application problems.
- Arranges for maintenance and liquidation of delinquent property.
- Analyzes potential loan markets to develop prospects for loans.
- Supervises loan personnel.
- Negotiates payment arrangements with customers for delinquent loan balance.
- Petitions court to transfer title and deeds of collateral to bank.
- Computes payment schedule.
- Contacts applicant or creditors to resolve questions regarding application information.
- Approves loan within specified limits.
- Interviews applicant and requests specified information for loan application.
- Refers loan to loan committee for approval.
