Loan OfficerJob Description, Salary, Career Path, and Trends

Loan officers help customers research loans and handle the loan application, approval, and closing process. They recommend commercial and personal loan options to clients, explain their terms, and determine the risks of loaning to clients based on their credit and processing paperwork.

Many loan officers work for banks or other financial institutions. They meet with people who want to obtain a loan for a home, car, or to start a business, and help them acquire one based on the customer’s needs and qualifications. These individuals stay abreast of lending regulations and work with clients to gather the necessary financial documentation to move forward with an application. Then, they either recommend clients for approval or explain why a request was denied.

Sample job description #1

Essential responsibilities

  • Ensure proper management of the contact database for all business partners, including realtors, builders, financial planners, attorneys, accountants, etc.
  • Create and conduct general marketing tasks to assist in client relationships
  • Compile and update an annual calendar
  • Send out milestone cards for birthdays, anniversaries, congratulations, thinking of you, etc.
  • Send out thank you cards to clients post close
  • Create and distribute a monthly mailer to contacts
  • Create and distribute regular flyers to contacts
  • Create and maintain realtor presentation materials
  • Create and conduct a daily success plan to include personal touch points via handwritten note or phone calls
  • Maintain social media presence via Facebook, LinkedIn, Twitter, Instagram, and any other applicable social media medium
  • Coordinate video recordings for the mortgage team and share to social media
  • Support loan officer by performing additional responsibilities as business needs arise

Qualifications

  • High school graduate or equivalent
  • Minimum of one year of experience in marketing, ideally with social media emphasis
  • Minimum of one year of experience in mortgage preferred
  • Excellent organization and time management skills
  • Excellent verbal and written communication skills with positive attitude
  • Proficient in Word, Excel, Publisher, Outlook, and social media sites
  • Self-driven individual who can work well in team orientated atmosphere
  • Respect of highly confidential information

Personal characteristics

  • Self-motivated
  • Highly organized and excellent time management skills
  • Strong attention to great detail
  • Patient
  • Ability to get along with others in a team environment
  • Professional appearance
  • Positive attitude
  • Ability to follow instructions and direction

Sample job description #2

In this role you will

  • Solicit residential mortgages from various sources and produce high quality loans which are compliant and provide excellent customer service
  • Responsible for the offering of loans, negotiating of terms, and taking an application for a dwelling secured transaction
  • Analyze best mortgage loans based on client’s need in order to ensure compliance and maximum customer satisfaction
  • Present recommendations for producing loans and exercise some independent judgment while developing understanding of functional area, policies, procedures, compliance requirements, and generating loans
  • Provide information regarding the loans to consultants and functional colleagues
  • Interact with customers to understand their needs and provide them with a high-quality loan service

Required qualifications

  • 2+ years of Mortgage Retail Sales experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, or education

Desired qualifications

  • Basic Microsoft Office skills
  • Documented retail residential mortgage fundings over the past 12 months referred primarily from established, local, external sources
  • Excellent verbal, written, and interpersonal communication skills
  • Mortgage industry experience
  • Knowledge and understanding of sales prospecting and generating referrals
  • Experience developing and cultivating professional relationships
  • Customer service experience

Sample job description #3

Essential functions

  • Obtain an accurate and thorough 1003
  • Collect supporting documentation from borrower
  • 30 day paystubs
  • 2 years tax returns
  • Last 2 years W2’s
  • Award letters, disability, trust income, etc.
  • LOE for Gaps in jobs
  • At initial contact with borrower provide needs list and complete application
  • 2 months bank statements
  • Obtain executed disclosures within regulations time frame
  • Obtain accurate AUS findings
  • Analyze credit report and financial scenario, determining appropriate loan product(s)
  • Determine (price) a profitable loan and communicate fees to ops team
  • Submit a complete loan package to processing
  • Lock in rate
  • Review CD to ensure fees and cash at closing are consistent with commitment to customer
  • Issue Lender Credit if needed
  • If loan out of balance, work with processor and branch manager to request subsidy
  • Resolve file problems, bottlenecks and qualifying issues throughout production and underwriting process
  • Provide administrative support in the collection and preparation of submitting loan application with supporting documentation to processing
  • Coordinate, create, track, and distribute marketing materials
  • Manage client and referral partner databases
  • Answer customer inquiries involving rates, products, and loan application status to ensure quality customer service
  • Perform any other reasonable duties required by Guild Mortgage Company or Managing Loan Officer

Qualifications

  • High school diploma or equivalent required
  • At least two years of experience in Mortgage lending or related field
  • Active NMLS License
  • Ability to manage multiple priorities, strong detail orientation, and highly organized
  • Works with a strong sense of urgency and responsiveness
  • Passionate about delivering excellence in customer service
  • Demonstrated patience and professionalism when interacting with both internal and external customers
  • Proficiency with data entry, PDF software programs, Microsoft Word, and Excel required
  • Strong verbal and written communication skills

Requirements

  • Physical: Work is primarily sedentary; mobility in an office setting
  • Manual Dexterity: Frequent use of computer keyboard and mouse
  • Audio/Visual: Ability to accurately interpret sounds and associated meanings at a volume consistent with interpersonal conversation. Regularly required to accurately perceive, distinguish and interpret information received visually and through audio; e.g., words, numbers, and other data broadcasted aloud/viewed on a screen, as well as print and other media
  • Environmental: Office environment – no substantial exposure to adverse environmental conditions

Average salary and compensation

The average salary for a commercial loan officer is $58,350 per year in the United States. The average salary plus bonus is $68,500. Salary may vary due to level of experience, education, and geographical location. 

LocationSalary LowSalary High
Phoenix, Arizona$56,300$76,650
Los Angeles, California$63,950$86,500
Denver, Colorado$56,400$72,100
Washington, DC$68,700$87,800
Miami, Florida$56,150$71,750
Orlando, Florida$51,800$69,050
Tampa, Florida$52,300$69,700
Atlanta, Georgia$54,850$70,100
Chicago, Illinois$63,000$80,050
Boston, Massachusetts$68,200$87,100
Minneapolis-St. Paul, Minnesota$54,350$69,400
New York City, New York$71,800$91,750
Philadelphia, Pennsylvania$58,450$74,700
Dallas, Texas$56,900$72,750
Houston, Texas$56,650$72,400
Seattle, Washington$65,650$83,900
National Average$52,200$66,700

Sample interview questions

  • What are the roles of a loan officer?
  • How many years of customer service experience do you have?
  • What qualities make you a great loan officer?
  • What is your biggest accomplishment as a loan officer to date?
  • What was your most challenging loan file and how did you handle it?
  • What are your best closing techniques?
  • What qualities do you think a loan officer needs to be successful?
  • How do you begin evaluating a proposal?
  • Is it more important to meet your sales goals or to make your customers happy?
  • How would you inform someone that their loan has been denied?
  • How do you explain the loan process to a new customer?
  • How do you calculate risk assessment?
  • Which automated loan processing tools are you familiar with?
  • Can you tell me about a time you had to deal with a challenging customer? How did you approach them?
  • What are you most concerned with while reviewing a loan?
  • How would you approach teaching a coworker about a loan they are unfamiliar with?
  • Can you give an example of when you went above and beyond to help a customer obtain a loan?
  • How do you ensure the confidentiality of a customer’s financial information?
  • How would you sell a customer on a loan proposal they aren’t sure about?

Loan Officer Jobs in Ashburn

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