What does a Principal 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.
- 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
- 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
How much does a Principal Loan Officer make?
There are no current reports for Principal Loan Officer salaries. You can add additional job titles in your job preferences to see related salary information.
Principal Loan Officer Career Path
Learn how to become a Principal Loan Officer, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Principal Loan Officer Insights
loanDepot“Initial ACEs training was good but didn't prepare you for the actual job duties.”
fiber.mortgage“But the best part is helping people and all of the fun we have in the process.”
Texana Bank“I don't believe there are any pros working here besides the culture and good people.”
My Mortgage, Inc.“I have a great team and we work hard to make sure we keep it that way.”
“The culture and outreach programs make this one of the best companies I can imagine working for.”
New American Funding“Training is based on real life client interactions and can be applied to everyday activities.”
Network Capital Funding Corporation“I was great with the trainings provided to us that helped me get licensed in a few states.”
UpEquity“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 Principal Loan Officer
- Underwriting Consultant
- Loan Processor
- Underwriter
- Credit Analyst