What does a Loan Officer/Senior 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 Loan Officer/Senior 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 Loan Officer/Senior 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
EducationBachelor's Degree
Work/Life Balance
3.5 ★
Total Pay--
Career Opportunity
3.5 ★
Avg. Experience5-7 years

How much does a Loan Officer/Senior Loan Officer make?

Confident
$209,434 /yr
Total Pay
$143,067
 /yr

Base Pay

+
$66,367
 /yr

Additional Pay

$209,434

 / yr
$91K$766K
Most Likely Range
Possible Range
See More Insights

Loan Officer/Senior Loan Officer Career Path

Learn how to become a Loan Officer/Senior Loan Officer, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.

L3
Senior Loan Officer
$209,434/yr
L4
L3

Average Years of Experience

0 - 1
25%
2 - 4
27%
5 - 7
39%
8+
9%
Not including years spent in education and/or training
See Career Path

Loan Officer/Senior Loan Officer Insights

Read what Loan Officer/Senior Loan Officer professionals have to say about their job experiences and view top companies for this career.
ChaseChase
Home Lending Advisor
Jan 6, 2020

“workers were amazing and helpful and I was lucky to have one of the better managers on the floor.”

loanDepotloanDepot
Loan Officer
Feb 28, 2022

“Initial ACEs training was good but didn't prepare you for the actual job duties.”

fiber.mortgagefiber.mortgage
Mortgage Loan Officer
Aug 24, 2020

“But the best part is helping people and all of the fun we have in the process.”

My Mortgage, Inc.My Mortgage, Inc.
Post Closer
Feb 28, 2022

“I have a great team and we work hard to make sure we keep it that way.”

Innerworkings
Loan Officer
Nov 18, 2021

“The culture and outreach programs make this one of the best companies I can imagine working for.”

New American FundingNew American Funding
Mortgage Loan Officer
Feb 17, 2022

“Training is based on real life client interactions and can be applied to everyday activities.”

UpEquityUpEquity
Loan Officer
Mar 31, 2022

“Promotion was not based on merit but rather who the manager at the time liked.”

Network CapitalNetwork Capital
Mortgage Loan Officer
Oct 21, 2021

“I was great with the trainings provided to us that helped me get licensed in a few states.”

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Loan Officer/Senior Loan Officer Interviews

Frequently asked questions about the roles and responsibilities of a Loan Officer/Senior Loan Officer

When working as a Loan Officer/Senior Loan Officer, the most common skills you will need to perform your job and for career success are Spreadsheets, Programmatic, Computer Literate, Problem Solving, and Disclosures.

The most similar professions to Loan Officer/Senior Loan Officer are:
  • Underwriting Consultant
  • Loan Processor
  • Underwriter
  • Credit Analyst

The most common qualifications to become a Loan Officer/Senior Loan Officer include a minimum of a Bachelor's Degree and an average of 0 - 1 years of experience not including years spent in education and/or training.

Related Careers

Underwriting Consultant
$81,314
25% skills overlap
Loan Processor
$59,607
No skills overlap
Underwriter
$69,060
No skills overlap
Credit Analyst
$81,003
25% skills overlap

Loan Officer/Senior Loan Officer Jobs