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Loan Officers
Description
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.
Common Tasks
- 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.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Required Education
Bachelor's degree
Wages
In 2016 the mean hourly wage in the Greater Sacramento area was $35.89 . The hourly rate for this occupation typically paid between $14.05 and $62.90 .
In 2016 the mean annual salary in the Greater Sacramento area was $74,653.34 . The annual salary for this occupation typically paid between $29,216.63 and $130,814.76 .
Occupation Outlook
This occupation employed 1,960 people in the Greater Sacramento area during 2014.
By 2024, there is expected to be an increase of 14.8% in the number of jobs in the Greater Sacramento area for this occupation, bringing to total number to 2,250.
By 2024, in the Greater Sacramento area, the median hourly rate for this occupation is expected to be $31.00 with the median annual salary reaching $66,139.
