Loan Officers

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About the Job

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.

It is also Called

  • Small Business Banking Officer
  • Relationship Manager
  • Real Estate Officer
  • Real Estate Loan Officer
  • Portfolio Manager
  • Personal Loan Specialist
  • Personal Banking Officer
  • Mortgage Underwriter
  • Mortgage Specialist
  • Mortgage Originator
show all

What They Do

  • Petition courts to transfer titles and deeds of collateral to banks.
  • Arrange for maintenance and liquidation of delinquent properties.
  • Provide special services such as investment banking for clients with more specialized needs.
  • Interview, hire, and train new employees.
  • Supervise loan personnel.
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
  • Negotiate payment arrangements with customers who have delinquent loans.
  • Work with clients to identify their financial goals and to find ways of reaching those goals.
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
  • Confer with underwriters to aid in resolving mortgage application problems.

Interests

People who work in this occupation generally have the interest code: CE.

This means people who work in this occupation generally have Conventional interests, but also prefer Enterprising environments.

Work Values

People who work in this occupation generally prize Relationships, but also value Independence and Support in their jobs.

Things They Need to Know

  • 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.

Things They Need to Be Able to Do

  • 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.

Education Required

Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.

Wages

In 2016, the average annual wage in Pennsylvania was $69,450 with most people making between $35,120 and $117,450

Outlook

0.20%
avg. annual growth

During 2014, this occupation employed approximately 12,240 people in Pennsylvania. It is projected that there will be 12,490 employed in 2024.

This occupation will have about 25 openings due to growth and about 205 replacement openings for approximately 230 total annual openings.



Pennsylvania Department of Education