[1] Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions.
In addition, many loan officers must market the products and services of their lending institution and actively solicit new business.
Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software.
However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances.
Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants.
The largest employers of loan officers were as follows:[4] The credit intermediation industry includes commercial banks, savings institutions, and mortgage companies.
[5] In May 2022, the median annual wages for loan officers in the top industries in which they worked were as follows:[5] The form of compensation varies widely by employer.
[5] In the United States, employment of loan officers is projected to grow three percent from 2022 to 2032, about as fast as the average for all occupations.
[6] Increased demand for loan officers is expected as both businesses and individuals seek credit to finance commercial investments and personal spending.
Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.