Loan Officer
Loan officers evaluate, authorize, or recommend approval of loan applications for individuals and businesses. They analyze applicants' financial status, credit history, and property evaluations to determine risk. The BLS reports a median salary of $69,990 with 3% projected growth. A bachelor's degree is typically preferred, and mortgage loan officers must be licensed through the NMLS.
A Day in the Life
A typical day starts with reviewing new loan applications and checking for completeness. The morning involves meeting with a first-time homebuyer to explain mortgage options and rate locks. After lunch, the loan officer pulls credit reports, verifies employment and income documents, and submits a file to underwriting. Late afternoon includes following up with a realtor about a closing timeline and attending a community networking event to generate new business.
Key Stats
Education
Bachelor's Degree
Salary Range
Entry: $44,000
Median: $69,990
Senior: $120,000
Job Growth