What does a Lead Loan Officer do?
Loan officers review, authorize, and recommend personal and commercial loans for approval. Loan officers meet with applicants in order to determine their creditworthiness. They usually work at mortgage companies, commercial banks, credit unions, and other financial institutions.
Most loan officers have a Bachelor's degree in business administration, finance, economics, or a related field, and are trained on the job. Residential mortgage loan officers must be licensed. Loan officers generally need strong sales and interpersonal skills.
What responsibilities are common for Lead Loan Officer jobs?
- Sell loan products and meet loan production targets
- Perform business development tasks, including managing the pipeline by generating leads and referral business, and maintaining relationships with existing and past clients
- Meet and communicate with applicants to explain the risks and benefits, as well as the terms of loan products and government regulations
- Obtain relevant information and evaluate applicants' financial status, including credit history, debt-to-income ratio, and appraisal reports, to determine recommendation for loan approval
- Ensure all necessary information and documentation is submitted to the loan underwriting department, and is recorded properly in electronic file format
- Represent the employer at community events and host seminars
- Maintain current knowledge of all applicable lending regulations, the economy, market rates, vendors, and competitors
- Consistently deliver first-class customer service
What are the typical qualifications for Lead Loan Officer jobs?
- Associate's degree or Bachelor's degree in business administration, finance, economics, or a related field
- 2+ years of experience in the mortgage lending, banking, or real estate industry
- Strong Microsoft Office skills and ability to use relevant industry-specific computer programs, as well as calculators
- Exceptional interpersonal skills and strong customer service orientation
- Excellent written and verbal communication skills
- NMLS license required
- Ability to work both in a team and independently
Education--
Work/Life Balance
3.5 ★
Total Pay--
Career Opportunity
3.5 ★
Avg. Experience2-4 years
How much does a Lead Loan Officer make?
Confident
$113,799 /yr
Total Pay$79,227
+ /yr
Base Pay
$34,572
/yr
Additional Pay
$113,799
/ yr$50K$401K
Most Likely Range
Possible Range
Lead Loan Officer Career Path
Learn how to become a Lead Loan Officer, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
L4
Lead Loan Officer
$113,799/yr
L5
Principal Loan Officer
$199,121/yr
L7
Director of Loan Origination
$131,838/yr
L4
Average Years of Experience
0 - 1
6%
2 - 4
75%
5 - 7
4%
8+
15%
Not including years spent in education and/or training
Lead Loan Officer Insights
Read what Lead Loan Officer professionals have to say about their job experiences and view top companies for this career.
ChaseHome Lending AdvisorJan 6, 2020
“workers were amazing and helpful and I was lucky to have one of the better managers on the floor.”
loanDepotLoan OfficerFeb 28, 2022
“Initial ACEs training was good but didn't prepare you for the actual job duties.”
fiber.mortgageMortgage Loan OfficerAug 24, 2020
“But the best part is helping people and all of the fun we have in the process.”
Texana BankMortgage Loan OfficerJun 28, 2022
“I don't believe there are any pros working here besides the culture and good people.”
Innerworkings
Loan OfficerNov 18, 2021
“The culture and outreach programs make this one of the best companies I can imagine working for.”
My Mortgage, Inc.Post CloserFeb 28, 2022
“I have a great team and we work hard to make sure we keep it that way.”
New American FundingMortgage Loan OfficerFeb 17, 2022
“Training is based on real life client interactions and can be applied to everyday activities.”
UpEquityLoan OfficerMar 31, 2022
“Promotion was not based on merit but rather who the manager at the time liked.”
Frequently asked questions about the roles and responsibilities of a Lead Loan Officer
The most similar professions to Lead Loan Officer are:
- Underwriting Consultant
- Loan Processor
- Underwriter
- Credit Analyst