Loan Officers and Counselors
Description OES Code: 21108
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Include Mortgage Loan Officers or Agents, Collection Analysts, and Loan Servicing Officers.

Wages, California
Entry-Level Hourly Wage $13.01
25th Percentile $14.43
50th Percentile $19.70
75th Percentile $26.19

Wages, San Joaquin County
Entry-Level Hourly Wage $15.26
25th Percentile $17.37
50th Percentile $20.86
75th Percentile $30.96

Wages by California County
• OES Survey
• CCOIS Survey

Hours & Benefits
Most loan officers and counselors work a standard 40-hour week, but many work longer, depending on the number of clients and the demand for loans. Mortgage loan officers can work especially long hours, because they are free to take on as many customers as they choose. Loan officers usually carry a heavy caseload and sometimes cannot accept new clients until they complete current cases. They are especially busy when interest rates are low, triggering a surge in loan applications.

Employment Trends, California
Employment 1998 22,900
Projected Employment 2008 27,300
Percent Change 1998-2008 19.2%
Separations 1998-2008 5,500

Employment Trends, San Joaquin County
Employment 1999 380
Projected Employment 2006 450
Percent Change 1999-2006 18.4%
Separations 1999-2006 60

Employment Trends by California County

Working Conditions
Working as a loan officer usually involves considerable travel. For example, commercial and mortgage loan officers frequently work away from their offices and rely on laptop computers, cellular phones, and pagers to keep in contact with their offices and clients. Mortgage loan officers often work out of their home or car, visiting offices or homes of clients while completing loan applications. Commercial loan officers sometimes travel to other cities to prepare complex loan agreements. Consumer loan officers and loan counselors, however, are likely to spend most of their time in an office.

Advancement
Capable loan officers and counselors may advance to larger branches of the firm or to managerial positions, while less capable workers and those having inadequate academic preparation could be assigned to smaller branches and might find promotion difficult. Advancement beyond a loan officer position usually includes supervising other loan officers and clerical staff.

Getting the Job & Other Information
Persons planning a career as a loan officer or counselor should be willing to work with others, confident in their abilities, and highly motivated. For public relations purposes, loan officers must be willing to attend community events as a representative of their employer.

For a list of current job listing, browse CalJOBS or America's Job Bank.

Education and Training
Loan officer positions generally require a bachelor's degree in finance, economics, or a related field. Most employers prefer applicants who are familiar with computers and their applications in banking. For commercial or mortgage loan officer jobs, training or experience in sales is highly valued by potential employers. Loan officers without college degrees usually have reached their positions by advancing through the ranks of an organization and acquiring several years of work experience in various other occupations, such as teller or customer service representatives.

Skills & Other Requirements
Among skills that rank high for Loan Officers and Counselors are the ability to analyze credit data, apply advanced business math, apply financial management principles and interviewing skills, compute equity, compute and record fiscal data, evaluate degree of financial risk, monitor credit extension decisions, provide financial consultations, review loan applications, computer skills including spreadsheet software, using marketing techniques, sales techniques, and written communication skills, customer service skills, and training staff.

References
US Bureau Of Labor Statistics Occupational Outlook Handbook

Related Occupations: Real Estate Agents, Insurance Agents

Training: California Training and Education Providers (CTEP)