Loan Officer Job Description: Salary, Duties, Skills
A loan officer is someone who works on behalf of a bank or a private business. They often are part of the evaluation process to determine whether or not a loan should be given to a commercial entity or person. For example, a commercial loan officer is someone who works as part of a bank issuing larger sized loans. While a loan officer who works as part of a mortgage group might be issuing home mortgages to a consumer.
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Loan Officer Job Description Sample
Here’s an example of a good Loan Officer job description:
We are seeking to hire Loan Officers who have a good grasp of what good credit and risk looks like. Our Loan Officers are a vital part of the process when it comes to issuing loans. They are part of the business or personal analysis team and are the last line of defense in terms of the institution issuing a potentially risky loan.
Loan Officer Salary
A Loan Officer salary and pay looks roughly like the following:
The US National Average for a Loan Officer is roughly $94,150. Loan Officers can absolutely earn commissions and annual bonuses for the number of loans they issue and what quality of loans those are.
Loan Officer Job Description For Resume
A Loan Officer position may have a description similar to this one in an executive summary, professional summary, or resume:
Previous experience in financial institutions that deal with lending. Comfortable with both commercial and consumer-related loan issuing. A firm believer in analysis.
Loan Officer Skills
In this section, you’re detailing what skill requirements you have for the candidate’s role as a Loan Officer. These skills have more to do with how they’ll perform on the job, as well as other skills that will support their position.
- Business analysis skills
- Risk management skills
- Finance skills
- Market condition analysis skills
- Math skills
Loan Officer Duties & Responsibilities
Duties and responsibilities will change from company to company. However, you must be including the core details regarding this position in this section. That way, there’s no confusion regarding the candidate’s expectations.
- Work with customers who are seeking mortgages and perform either business analysis or personal analysis to understand their creditworthiness.
- Work directly with underwriting teams to ensure all business analysis is being provided to them in order to identify risk factors before issuing loans.
- Understand our market conditions and what might be perceived as a potentially risky loan.
- Issue, track and report on all loans being given out by territory or by type.
- Work closely with executive leadership as it pertains to their lending department.
Loan Officer Requirements
Use this section for diving further into detail regarding the requirements you have for this job regarding education, certifications, and other experience. If you have specific computer or software background requirements, list them here as well.
- Bachelor's Degree in Finance, preferred.
- Previous experience in a financial institution, preferred.
- Previous experience in lending, preferred.
- Ability to pass a state background check, drug test, and have a valid state drivers license.
- Ability to pass all training certifications as required by state and federal regulation.
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