Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.Number of Jobs in 2010: 1,186
Number of Jobs in 2020: 1,330
Yearly Job Growth Rate: 12.1
Annual Openings: 44
Entry Wage: $15.80
Median Wage: $24.08
Education Requirement: High school diploma or equivalent
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- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Handle customer complaints and take appropriate action to resolve them.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Review and update credit and loan files.
- Submit applications to credit analysts for verification and recommendation.
- Compute payment schedules.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Confer with underwriters to aid in resolving mortgage application problems.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Negotiate payment arrangements with customers who have delinquent loans.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Supervise loan personnel.
- Interview, hire, and train new employees.
- Provide special services such as investment banking for clients with more specialized needs.
- Arrange for maintenance and liquidation of delinquent properties.
- Petition courts to transfer titles and deeds of collateral to banks.
Indivduals currently working as Loan Officers can easily transition into any of the occupations lisated below.
- Insurance Sales Agents*
- Customs Brokers*
- Tax Preparers
- Loan Interviewers and Clerks
- Brokerage Clerks
- Personal Financial Advisors
- Sales Agents, Financial Services*
- Real Estate Sales Agents
- Credit Authorizers
- Eligibility Interviewers, Government Programs
* The occupation mentioned is in demand in the state of Maine, and is projected to employ new workers each year.
Occupational data obtained from the Maine Department of Labor and O*NET
Last updated on January 29, 2013