What does a Loan Officer do?

Loan officers review, authorize, and recommend personal and commercial loans for approval. Loan officers meet with applicants in order to determine their creditworthiness. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions.

Most loan officers have a Bachelor's degree in business administration, finance, economics, or a related field, and are trained on the job. Residential mortgage loan officers must be licensed. Loan officers generally need strong sales and interpersonal skills.

  • Sell loan products and meet loan production targets
  • Perform business development tasks, including managing the pipeline by generating leads and referral business, and maintaining relationships with existing and past clients
  • Meet and communicate with applicants to explain the risks and benefits, as well as the terms of loan products and government regulations
  • Obtain relevant information and evaluate applicants' financial status, including credit history, debt-to-income ratio, and appraisal reports, to determine recommendation for loan approval
  • Ensure all necessary information and documentation is submitted to the loan underwriting department, and is recorded properly in electronic file format
  • Represent the employer at community events and host seminars
  • Maintain current knowledge of all applicable lending regulations, the economy, market rates, vendors, and competitors
  • Consistently deliver first-class customer service
  • Associate's degree or Bachelor's degree in business administration, finance, economics, or a related field
  • 2+ years of experience in the mortgage lending, banking, or real estate industry
  • Strong Microsoft Office skills and ability to use relevant industry-specific computer programs, as well as calculators
  • Exceptional interpersonal skills and strong customer service orientation
  • Excellent written and verbal communication skills
  • NMLS license required
  • Ability to work both in a team and independently
EducationBachelor's Degree
Work/Life Balance
3.5 ★
Salary Range--
Career Opportunity
3.6 ★
Avg. Experience2-4 years

Loan Officer Salaries

Average Base Pay

₹21,541 /month
Same as national average
Not including cash compensation
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₹12T
Median: ₹22T
₹53T
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Glassdoor Estimated Salary

Loan Officer Career Path

Learn how to become a Loan Officer, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.

L2
Loan Officer
₹2,65,634/yr
L3
Senior Loan Officer
₹1,41,785/yr
L4
Lead Loan Officer
No Salary Reports
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Loan Officer Insights

Read what Loan Officer professionals have to say about their job experiences and view top companies for this career.
ChaseChase
Home Lending Advisor
6 Jan 2020

“workers were amazing and helpful and I was lucky to have one of the better managers on the floor.”

Freedom Financial NetworkFreedom Financial Network
Loan Officer
19 Jul 2019

“I have a great TL and Sales Manager that help me be the best I can be!”

Innerworkings
Loan Officer
18 Nov 2021

“The culture and outreach programs make this one of the best companies I can imagine working for.”

CitiCiti
Loan Officer
2 Jul 2019

“Not easy to transition from one department to another if you want to change career.”

Network CapitalNetwork Capital
Mortgage Loan Officer
21 Oct 2021

“I was great with the trainings provided to us that helped me get licensed in a few states.”

ALCOVA MortgageALCOVA Mortgage
Mortgage Loan Officer
4 Sep 2021

“My branch manager is the best leader I’ve had in 20+ years of working in lending.”

OppFiOppFi
Loan Advocate
6 Apr 2021

“Our bonuses are based on the unfair metrics that we had complained about that they have sense updated.”

PrimeLendingPrimeLending
Loan Officer
19 Dec 2019

“I guess you could say that the snacks and candy are nice... I'd truly prefer better pay over that though.”

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Loan Officer Interviews

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Loan Officer jobs