Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.
Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Most commercial and consumer loan officers work full time, and many mortgage loan officers work extensive hours. Except for consumer loan officers, traveling to visit clients is common.
How to Become a Loan Officer
Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.
Employment of loan officers is projected to grow 8 percent from 2014 to 2024, about as fast as the average for all occupations. The need for loan officers fluctuates with the economy, generally increasing in times of economic growth, low interest rates, and population growth—all of which create demand for loans.
This occupation supported 296,900 jobs in 2012 and 303,200 jobs in 2014, reflecting an increase of 2.1%. In 2012, this occupation was projected to increase by 7.7% in 2022 to 319,800 jobs. As of 2014, to keep pace with prediction, the expected number of jobs was 301,400, compared with an observed value of 303,200, 0.6% higher than expected. This indicates current employment trends are about on track with the 2012 trend within this occupation. In 2014, this occupation was projected to increase by 8.3% in 2024 to 327,700 jobs. Linear extrapolation of the 2012 projection for 2022 results in an expected number of 324,300 jobs for 2024, 1.0% lower than the 2014 projection for 2024. This indicates expectations for future employment trends are about on track with the 2012 trend within this occupation.