Loan Officers
SOC Code: 13-2072 Job Zone 4: Considerable Preparation Needed
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, loan underwriters, and payday loan officers.
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Prevailing Wage Levels (National)
DOL/OFLC prevailing wage thresholds for Loan Officers. Hourly rates x 2,080 = annual.
FY2027 Weighted Lottery Impact
| Level | Lottery Entries | Est. Selection Rate |
|---|---|---|
| Level I (Entry) | 1 entry | ~16% |
| Level II (Qualified) | 2 entries | ~31% |
| Level III (Experienced) | 3 entries | ~45% |
| Level IV (Expert) | 4 entries | ~61% |
Prevailing Wages by Metro Area
| Metro Area | Level I | Level II | Level III | Level IV |
|---|---|---|---|---|
| Dayton-Kettering-Beavercreek, OH | $39,998 | $87,277 | $134,576 | $181,854 |
| Elmira, NY | $47,133 | $85,259 | $123,386 | $161,512 |
| New York-Newark-Jersey City, NY-NJ | $60,008 | $92,560 | $125,112 | $157,664 |
| New Haven, CT | $53,144 | $83,845 | $114,525 | $145,226 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | $53,144 | $82,493 | $111,842 | $141,190 |
| San Francisco-Oakland-Fremont, CA | $51,771 | $80,683 | $109,595 | $138,507 |
| Lawrence, KS | $59,280 | $85,301 | $111,301 | $137,322 |
| Boston-Cambridge-Newton, MA-NH | $65,354 | $87,984 | $110,594 | $133,224 |
| Wilmington, NC | $48,360 | $76,336 | $104,291 | $132,267 |
| Barnstable Town, MA | $60,840 | $84,635 | $108,451 | $132,246 |
Key Skills
| Skill | Importance | Level |
|---|---|---|
| Speaking | 4.0 | |
| Active Listening | 4.0 | |
| Judgment and Decision Making | 3.9 | |
| Reading Comprehension | 3.9 | |
| Critical Thinking | 3.8 | |
| Writing | 3.4 | |
| Mathematics | 3.2 | |
| Complex Problem Solving | 3.2 | |
| Social Perceptiveness | 3.2 | |
| Active Learning | 3.1 |
Knowledge Areas
| Knowledge | Importance |
|---|---|
| Customer and Personal Service | 4.7 |
| Economics and Accounting | 3.9 |
| English Language | 3.8 |
| Mathematics | 3.7 |
| Sales and Marketing | 3.5 |
| Law and Government | 3.3 |
| Administration and Management | 3.1 |
| Education and Training | 2.9 |
Education Requirements
| Education Level | % of Workers |
|---|---|
| Bachelor's degree | 68.7% |
| Post-secondary certificate | 12.8% |
| Associate's degree | 11.2% |
| High school diploma | 6.1% |
| Master's degree | 1.1% |
Typical Tasks
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- 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.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Review and update credit and loan files.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Compute payment schedules.
Technology Skills
Green = Hot Technology in demand
Microsoft Access Microsoft Excel Microsoft Office software Microsoft Outlook Microsoft PowerPoint Microsoft Word Oracle PeopleSoft SAP software Zoom 1003 Uniform Residential Loan Application Amortization loan software Bankers Systems Rembrandt Lending System Bottom Line LoanMaster Loan Servicing CGI-AMS BureauLink Enterprise CGI-AMS CACS Enterprise
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