Occupation Details
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, loan underwriters, and payday loan officers.
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Interests
Social
Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Enterprising
Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Conventional
Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Work Values
Relationships
Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
Support
Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
Independence
Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Salary & Job Outlook
Starting Salary
$53,580.00
New York StateMedian Salary
$98,350.00
New York StateExperienced Salary
$135,260.00
New York StateNational Average for Comparison
New York State Job Market Outlook
Jobs Right Now (2018)
13,650
professionals in NYFuture Job Growth (2030)
14,040
+39 jobs/yearNew Jobs Every Year
1,089
new opportunities yearlyGrowth Rate
0.0%
projected increasePreparation: Experience, Training, and Education
The list below outlines the prior educational experience required to perform in this occupation.
Degree Needed - Four-year college
Experience Requirements
A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Education Requirements
Most of these occupations require a four-year bachelor's degree, but some do not.
Training Details
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Transferrable Skills and Experience
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, conservation scientists, art directors, and cost estimators.
School Programs
The following lists school programs which are applicable to this occupation.
Licensing & Certification
State License and Certifications Requirements are not currently associated with this occupation.
Skills
The list below includes the skills required by workers in this occupation; skills are what allow you to learn more quickly and improve your performance.
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking
Talking to others to convey information effectively.
Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Writing
Communicating effectively in writing as appropriate for the needs of the audience.
Skill level is measured on a seven point scale, where one means 'some competence required for this occupation' and seven means 'a high level of expertise required for this occupation'.
Knowledge
The list below includes knowledge items, the principles and facts required by this occupation.
Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Sales and Marketing
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Knowledge level is measured on a seven point scale, where one means 'some competence required for this occupation' and seven means 'a high level of expertise required for this occupation'.
Work Environment
The list below includes the physical and social factors that influence the nature of work in this occupation.
Hover over or tap each factor to see its description.
Work Styles
Included in the list below are the personal work style characteristics that can affect how well a worker is likely to perform in this occupation.
Adaptability/Flexibility
Job requires being open to change (positive or negative) and to considerable variety in the workplace.
Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Cooperation
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Initiative
Job requires a willingness to take on responsibilities and challenges.
Integrity
Job requires being honest and ethical.
Persistence
Job requires persistence in the face of obstacles.
Self-Control
Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
Stress Tolerance
Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
Tools & Technology
This list below describes the machines, equipment, tools, software, and information technology that workers in this occupation will use.
Tools
- 10-key calculators
- Autodialers
- Desktop computers
- Notebook computers
- Personal computers
- Personal digital assistants PDA
- Scanners
Technology
- Bankers Systems Rembrandt Lending System
- Bottom Line LoanMaster Loan Servicing
- CGI-AMS BureauLink Enterprise
- Click1003 Online Mortgage Application
- Common business oriented language COBOL
- Credit underwriting software
- Customer information control system CICS
- Datatel Colleague
- Dynamic Loanledger
- EMT Applications CounselorMax
- Equifax Advanced Decisioning
- Equifax Application Engine
- Experian Retention Triggers
- Experian Strategy Management
- Experian Transact SM
- Fannie Mae Desktop Underwriter
Duties
Duties are job behaviors describing activities that occur on multiple jobs. The generalized and detailed work activities described in the list below apply to this occupation.
- maintain physical building or grounds of property
- monitor credit extension decisions
- collect overdue bills
- account for or dispense funds
- evaluate qualifications or eligibility of applicant for employment
- select applicants meeting qualifications
- advise clients or customers
- advise clients on financial matters
- advise clients on financial matters
- recommend customer payment plan
- advise families with household problems
- direct and coordinate financial activities
- direct and coordinate financial activities
- direct and coordinate activities of workers or staff
- monitor consumer or marketing trends
- negotiate payment arrangements with customers
- negotiate payment arrangements with customers
- file documents in court
- file documents in court
- explain credit application information
- explain credit application information
- provide customer service
- provide customer service
- identify potential markets
- identify potential markets
- maintain account records
- complete information on loan forms
- complete information on loan forms
- use interviewing procedures
- use interviewing procedures
- use knowledge of relevant laws
- use oral or written communication techniques
- use knowledge of investigation techniques
- use negotiation techniques
- consult with managerial or supervisory personnel
- approve or deny loans
- approve or deny loans
- determine program eligibility
- make decisions
- interview customers
- interview customers
- write legal correspondence
- make presentations on financial matters
- use computers to enter, access or retrieve data
- use spreadsheet software
- use word processing or desktop publishing software
- use computers to enter, access and retrieve financial data
- use computers to enter, access and retrieve financial data
- analyze financial data
- analyze financial data
- conduct market research
- evaluate degree of financial risk
- evaluate degree of financial risk
- conduct financial investigations
- analyze credit information gathered by investigation
- analyze applicant's financial status
- analyze applicant's financial status
- analyze market conditions
- compile information for court cases
- compute property equity
- compute property equity
- compute financial data
- compute financial data
- evaluate customer records
- evaluate customer records
- review loan applications
- review loan applications
- verify bank or financial transactions
- verify information for credit investigations
- verify information for credit investigations
- compute payment schedule
- compute payment schedule
- examine documents for completeness, accuracy, or conformance to standards
- obtain financial information from individuals
- obtain financial information from individuals
- obtain information from individuals
- gather relevant financial data
- review laws
Tasks
The list below outlines specific tasks that a worker in this occupation is called upon to do regularly.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Authorize or sign mail collection letters.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Confer with underwriters to resolve mortgage application problems.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Inform individuals and groups about the financial assistance available to college or university students.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations.
- Review accounts to determine write-offs for collection agencies.
- Review billing for accuracy.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- 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.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Review and update credit and loan files.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Handle customer complaints and take appropriate action to resolve them.
- Supervise loan personnel.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Compute payment schedules.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
Learning Resources
More information on this occupation may be found in the links provided below.
Loan counselors and officers
Visit this link for additional information on this career from the Occupational Outlook Handbook; a publication produced and maintained by the United States Department of Labor.
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