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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, and loan underwriters.   (O'Net 13-2072.00)

 
Reported job titles:   Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Account Executive, Branch Account Manager   (view all job titles)
 
  • Career Video
  • Wages
  • Employment Trends
  • Industries of Employment
  • Tasks
  • Knowledge
  • Skills
  • Abilities
  • Work Activities
  • Interests
  • Work Styles
  • License Information
  • Education & Training Requirements
  • Schools
  • Other Resources
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    Career Video
    related to Loan Officers
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    Wages
    for Loan Officers
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     Location Pay
    Period
    2015
    Percentile Wages Average
    Wage
    10% 25% 50%
    Median
    75% 90%
     Vermont Hourly $ 17.96   $ 22.01   $ 29.04   $ 43.88   $ 58.49   $ 34.71  
    Yearly $37,360   $45,780   $60,410   $91,270   $121,650   $72,200  
     
     Burlington-South Burlington, VT Metropolitan NECTA Hourly $ 17.70   $ 21.34   $ 27.94   $ 48.14   $ 63.47   $ 36.39  
    Yearly $36,820   $44,390   $58,120   $100,130   $132,020   $75,680  
     
     Southern Vermont Balance of State Hourly $ 16.56   $ 20.73   $ 26.99   $ 35.84   $ 47.29   $ 29.10  
    Yearly $34,440   $43,110   $56,150   $74,540   $98,370   $60,520  
     
     Northern Vermont Balance of State Hourly $ 24.53   $ 28.48   $ 37.13   $ 46.51   $ 55.21   $ 38.04  
    Yearly $51,030   $59,240   $77,220   $96,730   $114,840   $79,120  
     
    What are Percentile Wages?
    source: Occupational Employment Statistics, Vermont Labor Market Information, U.S. Bureau of Labor Statistics, released April 2016.
    Note: 2015 release includes new geographic definitions based on 2010 Census.
     


    Employment Trends
    for Loan Officers
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    Location Employment Annual % change
    (compounded)
    Annual job openings
    (due to growth and
    net replacements)
    2014 2024
    Vermont 571 571 0.0% 10
    source: Employment Projections, Vermont Economic & Labor Market Information, in cooperation with U.S. Bureau of Labor Statistics, statewide estimates released July 2016.
     


    Industries of Employment
    for Loan Officers
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    Industry Percent of Total
    2014
    Credit intermediation and related activities 82.6%
    Management of companies and enterprises 5.1%
    Motor vehicle and parts dealers 3.8%
    Securities, commodity contracts, and other financial investments and related activities 1.7%
    Insurance carriers and related activities 1.5%
    source: Employment Projections, U.S. Bureau of Labor Statistics, National Employment Matrix, released July 2016.
     


    Tasks
    for Loan Officers
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  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
     
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
     
  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
     
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
     
  • Review loan agreements to ensure that they are complete and accurate according to policy.
     
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
     
  • Handle customer complaints and take appropriate action to resolve them.
     
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
     
  • Review and update credit and loan files.
     
  • Submit applications to credit analysts for verification and recommendation.
     
    source: Occupational Information Network: Loan Officers  updated July 2011
     


    Knowledge
    for Loan Officers
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  • 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.
     
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
     
  • 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.
     
  • 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.
     
  • Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
     
  • Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
     
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
     
    source: Occupational Information Network: Loan Officers  updated July 2011
     


    Skills
    for Loan Officers
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  • 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.
     
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
     
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
     
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
     
  • Service Orientation - Actively looking for ways to help people.
     
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
     
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
     
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
     
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
     
    source: Occupational Information Network: Loan Officers  updated July 2011
     


    Abilities
    for Loan Officers
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  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
     
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
     
  • Speech Clarity - The ability to speak clearly so others can understand you.
     
  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
     
  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
     
  • Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
     
  • Speech Recognition - The ability to identify and understand the speech of another person.
     
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
     
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
     
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
     
    source: Occupational Information Network: Loan Officers  updated July 2011
     


    Work Activities
    for Loan Officers
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  • Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
     
  • Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
     
  • Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
     
  • Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
     
  • Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
     
  • Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
     
  • Performing for or Working Directly with the Public - Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
     
  • Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
     
  • Communicating with Persons Outside Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
     
  • Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
     
    source: Occupational Information Network: Loan Officers  updated July 2011
     


    Interests
    for Loan Officers
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  • 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.
     
  • 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.
     
  • Social - Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
     
    source: Occupational Information Network: Loan Officers  updated June 2008
     


    Work Styles
    for Loan Officers
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  • Integrity - Job requires being honest and ethical.
     
  • Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
     
  • Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high stress situations.
     
  • Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
     
  • Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
     
  • Initiative - Job requires a willingness to take on responsibilities and challenges.
     
  • Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
     
  • Self Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
     
  • Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
     
  • Persistence - Job requires persistence in the face of obstacles.
     
    source: Occupational Information Network: Loan Officers  updated July 2011
     


    State of Vermont License Information
    that may be required for Loan Officers
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    No state licenses listed for this occupation.
     


    Education and Training Requirements
    for Loan Officers
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  • Job Zone Three: Medium Preparation Needed
  •  
  • Education: Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.
  •  
  • Training: Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.
  •  
  • Experience: Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.
  •  
    source: Occupational Information Network: Loan Officers  updated July 2011
     


    Schools
    offering instructional programs related to Loan Officers
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      Related Instructional Programs
     
    • Credit Management.
     
    • Finance, General.
     
     Search for schools offering these programs at
     
     
     
    source: National Center for Education Statistics 2000 Classification of Instructional Programs .
     


    Other Resources
    for Loan Officers
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  • Labor Exchange Information
  • A source for occupational characteristics, such as age, gender, race, and years of education and an alternative source for occupational wage rates. Limited to people looking for jobs and the jobs advertised through VDOL Vermont Job Link.
  • Look for statewide information over the latest 12 months for Loan Officers.
  •  
  • Occupational Outlook Handbook
  • The Occupational Outlook Handbook is a nationally recognized source of career information, designed to provide valuable assistance to individuals making decisions about their future work lives. Revised every two years, the Handbook describes what workers do on the job, working conditions, the training and education needed, earnings, and expected job prospects in a wide range of occupations.
    Go to Occupational Outlook Handbook
    Handbook occupations related to Loan Officers :
  • Loan Officers
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    Related Occupations
    Occupations with skill requirements similar to Loan Officers
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  • Brokerage Clerks
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  • Claims Examiners, Property and Casualty Insurance
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  • Compensation and Benefits Managers
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  • Customs Brokers
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  • First-Line Supervisors of Office and Administrative Support Workers
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  • Insurance Sales Agents
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  • Loan Interviewers and Clerks
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  • New Accounts Clerks
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  • Sales Agents, Securities and Commodities
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  • Tax Preparers
  •  
    source: Occupational Information Network: Loan Officers 
     

     
     
     
    Vermont.gov State of Vermont Department of Labor