What a loan officer really does
You turn messy financial lives into yes, no or not yet, then explain that answer to the person whose plans depend on it.
FieldBusiness
Preparation (O*NET Job Zone)Considerable preparation needed
What the work involves
What fills a typical week for loan officers, built from O*NET occupation data.
- Meeting applicants by phone, video and in person to collect application details and answer questions about the process
- Pulling credit reports, pay stubs, tax returns and bank statements and judging whether a loan makes sense
- Approving loans inside your lending limit and writing up the ones that must go to a manager or credit committee
- Explaining loan types, rates and terms in plain language and running payment scenarios
- Going back and forth with underwriters and processors to clear conditions before closing
- Calming borrowers who are frustrated by document requests or delays
- Building referral relationships with real estate agents, businesses and past customers
What the days are like
What people in the job know
- You make judgment calls all day, not once in a while. Every file is a small decision about someone's money. Frequency of decision making: 84% every day (O*NET Work Context)
- Conflict is a regular part of the week, usually around document requests, delays and denials. Conflict situations: 45% once a week or more; Dealing with unpleasant, angry, or discourteous people: 13% every day and 38% once a week or more (O*NET Work Context)
- It is a sales job as much as a finance job. Lenders compete hard for the same borrowers and referral partners. Level of competition: 38% extremely competitive, 37% highly competitive; Task 13 (Core, importance 69): build referral networks for prospects (O*NET)
- Long weeks are normal for about half of loan officers. Duration of typical work week: 51% more than 40 hours (O*NET Work Context)
- Precision matters more than people expect. A wrong income figure or missed document can sink a closing. Importance of being exact or accurate: 56% extremely important, 38% very important (O*NET Work Context)
How people get into it
Most loan officers hold a bachelor's degree (O*NET Job Zone 4), often in finance, business or economics, and learn the lender's products and policies through on the job training. Many start as loan processors, bank tellers or loan officer assistants. Mortgage loan originators in the US must be registered in the NMLS if they work for a bank or credit union, or licensed by the state if they work for a nonbank lender. New mortgage staff often start in processing or assistant roles that do not take applications or discuss terms.
The Firstday trial, easy to hard
Three simulated tasks at Harbor Point Community Bank, a fictional company, with AI coworkers who message you, react to your work and coach with questions. Nobody scores you.
What the trial can't show: The trial cannot show the slow build of a referral network over months, the pressure of a monthly production quota tied to commission pay, real loan origination software and credit bureau systems, or the legal weight of signing a real approval. Federal and state lending rules are simplified and all borrowers and figures are fictional.
Reading about it is one thing.
Find out how the work feels to you before you spend on a degree, course or job change. Your first trial is free.
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Job details on this page are built from O*NET OnLine, 13-2072.00. This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA.